August 9, 2023 – Abu Dhabi, United Arab Emirates
Venom Foundation, a leader in blockchain technology adoption in regulated markets, is thrilled to announce the signing of a momentous MoU (Memorandum of Understanding) with the UAE Government to develop and implement the National Carbon Credit System.
This landmark partnership represents a significant step towards leveraging blockchain technology to address environmental challenges and promote sustainability on a national scale.
This revolutionary collaboration underscores the UAE’s unwavering commitment to bolstering transparency, reliability and efficiency in carbon emission management, while using the next-generation blockchain technology of Venomand in doing so, propelling the nation toward its ambitious climate targets of 40% reduction in carbon emissions by 2030. The Venom blockchain itself is carbon neutral.
The MoU signed between the MCCE (Ministry of Climate Change and Environment), the Industrial Innovation Group and Venom Foundation outlines four strategic objectivesreducing emissions, promoting sustainable agriculture, enhancing environmental health and conserving biodiversity.
As part of this partnership, Venom will be actively participating in realizing a greener future.
Affirming their dedication to sustainable development, Taryam Matar Taryam, CEO of Industrial Innovation Group, said,
“For Industrial Innovation Group, it is a great honor to contribute to the creation of the United Arab Emirates’ first National Carbon Credit Registry System together with Venom.
“Industrial Innovation Group steadfastly adheres to sustainable development goals and endeavors to reduce environmental impactincluding through decarbonization, as global climate change is closely linked to the increasing concentration of CO2 in the atmosphere.
“With over 30 years of experience, Industrial Innovation Group has a long history of creating large-scale national registries related to identification processes and excels in developing sustainable pathways for various business sectors, conceptualizing carbon removal initiatives, generating project documentation for different carbon credit registries and effectively managing, monitoring and reporting on carbon utilization projects.”
Peter Knez, chair of the foundation council at Venom Foundation, said,
“We are honored and excited to join hands with the UAE Government to build the National Carbon Credit System. At Venom, we believe that blockchain technology has the potential to drive real-world impact, and this initiative perfectly embodies that vision. Together, we are committed to creating a sustainable future and pioneering solutions that positively influence the global climate.”
Venom’s success is driven by its groundbreaking technology, strict regulatory compliance and a scalable and secure platform that serves a wide range of use cases.
As the MoU between Venom and the UAE Government comes into effect, both entities eagerly anticipate the successful launch and implementation of the National Carbon Credit System.
This historic partnership exemplifies the potential of blockchain technology in advancing environmental initiatives and reinforces the commitment to building a more sustainable and eco-friendly future.
About Venom Foundation
Venom Foundation, operating as a decentralized network licensed by the ADGM (Abu Dhabi Global Market), is at the forefront of driving the advancement of global Web 3.0 projects.
As the world’s first compliant blockchain, Venom provides a secure environment for investors and financial services firms, offering the freedom to build, innovate and expand.
Under the jurisdiction of the ADGM, Venom serves as a trusted platform for authorities and enterprises, ensuring compliance with regulatory requirements.
To enhance its capabilities, Venom has developed a range of in-house DApps and protocols on its blockchain.
With features such as dynamic sharding, low fees, high-speed transactions and scalability, Venom has the potential to serve as the foundational infrastructure for a thriving global ecosystem of Web 3.0 applications.
Its exceptional transaction speeds and limitless scalability enable it to meet the evolving needs of a rapidly growing user base.
Disclaimerhis is not a financial promotion.