Carbon credit registration system
The Ministry of Climate Change and Environment will also create a legislative and regulatory framework to issue and register carbon credits nationwide. Using a licenced platform and blockchain technology to produce carbon credit registration system papers safely and efficiently. System integration meets all needs for business development and carbon credit issuance and registration. To provide process openness and environmental integration, it evaluates carbon reduction and removal programmes. This partnership intends to achieve the UAE’s NDCs.
World’s first blockchain-based national carbon credit system
Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment, witnessed the signing of a Memorandum of Understanding between MoCCAE, Industrial Innovation Group LLC, and Venom Foundation to establish the world’s first blockchain-based national carbon credit system.
The alliance aims to cut emissions and improve UAE agriculture, environmental health, and biodiversity. The highest levels of openness, dependability, efficiency, and security in administering the issuance, transfer, computation, and precise tracking of carbon credits and facilitating digitalisation will achieve this.
At MoCCAE’s Dubai headquarters, Mohammed Said Al Nuaimi, Acting Under-Secretary, Taryam Matar Taryam, CEO of Industrial Innovation Group, and Peter Knez, Chair of Venom Foundation’s Foundation Council, signed the MoU.
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The MoU aims to achieve four strategic objectives:
The objectives are reducing greenhouse gas emissions to achieve climate neutrality, developing agribusiness, promoting responsible investment in agriculture and sustainable food systems, enhancing the economic value of the Environmental Health Programme, and conserving biodiversity to improve ecosystem services for sustainable development.
The main areas of cooperation between the three parties are developing basic approaches and specific technological solutions for the project of a global platform for registering and issuing carbon credits in the UAE, within the regulatory frameworks of government decisions related to the project of the national system for issuing and registering carbon credits, and providing a blockchain-based solution for safe and effective management of the national system for issue.
MoU investments
The MoU invests in agriculture, innovative agrarian technologies, the food industry, food safety, beekeeping, aquaculture, and fish farming.
It also involves activating and implementing plant and animal quarantine regulations and laws, as well as laws to prevent epidemics, infectious animal diseases, and agricultural pests; facilitating trade, developing the country’s agricultural and animal wealth, and enhancing good agricultural and animal practises and palm sector development; promoting energy efficiency, renewable energy, waste-to-energy, and green technology management.
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It also covers improving air quality, biodiversity, and environmental protection, monitoring changes in natural habitats and their threats, preserving natural reserves, and any innovation that develops sustainable development policy and food security, scientific research and studies, education and training, and qualification in the Ministry’s work.
Conclusion
The MoU also covers green investment, adaptation to climate change, reducing carbon emissions, reducing environmental pollution, preparing and implementing a climate neutrality strategy, enhancing partnership opportunities with the private sector, developing waste treatment methods, improving and developing processes and services, exchanging technical information, laws, experiences, courses, and visits, and applying the state’s international obligations.
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