Venom Foundation, the first crypto foundation licensed in UAE’s ADGM, has signed a Memorandum of Understanding (MOU) with the UAE government to help develop and implement the National Carbon Credit System.
This partnership marks a significant step towards solving some environmental challenges and promoting stainability within the region.
The partnership will harness the Venom blockchain to provide reliability, transparency, and efficiency in carbon emission management. Notably, the partnership aligns with the UAE’s ambitious target of attaining a 40% reduction in carbon emissions by 2030.
In addition to carbon emission, the MOU also seeks to foster environmental health, promote sustainable agriculture, and conserve biodiversity. The Ministry of Climate Change and Environment (MCCE), Venom Foundation and The Industry Innovation Group signed the MOU.
While commenting on the partnership, Peter Knez, Chairperson of the Foundation Council at Venom Foundation, stated:
“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 Foundation is a decentralized network regulated by the Abu Dhabi Global Market (ADGM) framework. Venom Foundation seeks to promote the widespread of blockchain technology by offering innovative technologies and frameworks that adhere to the rules and create a secure environment for a broad range of users, from retail customers to institutional and sovereign nations.
In addition, Venom is designed to handle the scalability issues and poor user experiences that currently hinder the mass adoption of decentralized applications. To help achieve this mission, Venom Foundation focuses on several key areas, including research and development, Partnerships, and governance. By partnering with UAE, Venom will actively participate in realizing a greener future for the UAE.
Venom Foundation also hopes to bring innovation and transparency to different industries by becoming a leading global blockchain company.