The United Arab Emirates Ministry of Climate Change and Environment (MCCE) signed a preliminary partnership with the Industrial Innovation Group and the Venom Foundation for the development of a carbon credit system using blockchain technology.
For the tracking of carbon credits, blockchain technology is used by organizations and countries. The immutable nature of data on the blockchain can ensure that these credits can be securely sold or traded with total transparency for all parties.
This authorizes government organizations of UAE like MCCE, to sell or issue credits to businesses. Credit holders can spend the credits to emit a specific amount of carbon with a time limit or trade them with other organizations to offset their emissions.
Recently, the UAE leaders announced a more detailed plan concerning climate change and carbon offsetting, the main goal of this to achieve carbon neutrality by 2050.
Also Read: EY’s Carbon Emission Tracking Platform Brings Transparency to Carbon Credits
