- Venom Foundation joins hands with the United Arab Emirates government to introduce the National Carbon Credit System.
- UAE seeks to achieve a 40 percent emission reduction by 2030, and Venom is expected to play a role.
Blockchain companies have in the past few years contributed immensely to the fight against climate change. The latest to do that is the first blockchain company regulated by Abu Dhabi, the Venom Foundation. According to an announcement, Venom has signed a Memorandum of Understanding with the United Arab Emirates (UAE) government to introduce a National Carbon Credit System.
Venom is pleased to announce the signing of a momentous Memorandum of Understanding (MOU) with the UAE Government. Together, we will develop a National Carbon Credit System, taking significant steps toward addressing environmental challenges.
Recently, the Ministry of Climate Change and Environment (MOCCAE) announced that it would achieve a 40 percent reduction in emissions by 2030. By 2050, the UAE seeks to achieve a net zero emission. According to Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, UAE is more committed to ambitious climate actions.
It seeks to reduce its net greenhouse gas emission by 23 percent from 208 MtCO2e to 182 MtCO2e by 2030. It also seeks to ensure that the emission reduction initiative is transparent and easy to track. This would lead to a more profitable outcome in line with the UN Sustainable Development Goal. The collaboration with the Venom Foundation is meant to fast-track the process and achieve its target.
Venom Foundation to Enhance Eco-friendly Economy
Venom Foundation would also work hand in hand with the Ministry of Climate Change and Environment (MCCE) and Industrial Innovation Group to ensure a more eco-friendly economy within the region. In addition, the potential of blockchain technology would be harnessed to promote transparency, reliability, and efficiency in carbon emission management.
Peter Knez, Chair of the Foundation Council at Venom Foundation commented on the partnership:
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.
The Venom blockchain is said to have a carbon-neutral status which enables it to play a huge role in global climate initiatives. Some of its objectives are to reduce emissions, enhance environmental health, promote sustainable agriculture, and conserve biodiversity.
The Foundation also has plans to onboard a billion users onto the blockchain.
Venom Foundation is on a mission to be the first to onboarding a billion users onto the blockchain and transform the financial landscape before 2026. In this thread, we’ll explore the three key pillars that drive this vision.
In June, Venom recorded 277 million transactions, a 46 percent increase from the previous month. The number of accounts with smart contracts also saw a 65 percent increase. The progress of Venom since its inception has been exceptional. Christopher Louis Tsu, acting CTO and CEO of Venom Foundation, disclosed that 250,000 users were recorded in their first six days. Earlier this year, it collaborated with DoraHacks, Developer DAO, and Hacken to conduct its first Hackathon with the winner taking home a prize pool of $225,000.
