The United Arab Emirates (UAE) plans to launch a national registration system for carbon credits based on blockchain. The Ministry of Climate Change and Environment (MoCCAE) has signed a deal with the Industrial Innovation Group to develop the solution using the Venom public blockchain infrastructure.
“As the UAE prepares to host COP28 in November, the country is striving to double its efforts and showcase its inspiring experience to the world in addressing climate change by reducing carbon emissions across different sectors,” said Mariam bint Mohammed Almheiri, the MoCCAE minister. She also said the country planned to commit to cutting emissions by 40% which is 9% more than its previous commitment.
The UAE has embraced blockchain and launched several systems using the technology. Banks use a shared Know Your Customer platform and some of the same institutions also use the UAE Trade Connect blockchain for trade finance.
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