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The United Arab Emirates Ministry of Climate Change and Environment (MOCCAE) will launch a national carbon credit system that leverages blockchain technology, the Emirates News Agency (WAM), the UAE's official news organization, reported Aug. 7.
According to the report, a memorandum of understanding was signed between an official from the ministry and government solutions provider Industrial Innovation Group (IIG) and Abu Dhabi blockchain platform Venom Foundation to create the new climate action solution.
According to what was mentioned, the cooperation aims to reduce emissions and promote sustainable agriculture, environmental health and biodiversity in the UAE, which will be achieved by managing the issuance, transfer, calculation and facilitation of accurate tracking of carbon credits and their digitization process.