ABU DHABI, UAE, 09 August 2023 – United Arab Emirates: The Venom Foundation and the UAE government have announced strategic cooperation to build the nation's first National Carbon Credit System (NCCS) as part of a historic endeavor to further the UAE's sustainable development objectives. The UAE will take the lead in regional efforts to tackle climate change and promote a greener future thanks to this initiative.
The Venom Foundation is dedicated to keeping in the lead as the digital environment develops. It imagines a future in which Web3 technologies are effortlessly incorporated into daily life, enhancing the democratic, transparent, and safe nature of digital interactions. The Foundation is unwavering in its pursuit of moving society at large toward this decentralized future.
The NCCS will act as a standardized marketplace where companies, organizations, and people may purchase and sell carbon credits, encouraging the reduction of carbon emissions. The system aims to encourage firms to adopt greener technology and practices by establishing an open and reliable market mechanism.
Economic Diversification: By establishing the UAE as a center for green technology and sustainable solutions, this partnership will support the UAE's goal of diversifying its economy away from dependence on oil.
Transparency and Tracking: The NCCS will provide transparent tracking, verification, and trade of carbon credits by using cutting-edge blockchain technology.
Building Capacity: Several educational and training initiatives will be launched to provide companies and professionals with the information and abilities they need to interact with the carbon market.
Inclusive Participation: The NCCS will be accessible to organizations of all sizes, from SMEs to global conglomerates, assuring thorough coverage and dedication across sectors.
Eco-Conscious Mindset: In addition to providing financial incentives, this approach will help the nation's businesses develop a culture of environmental awareness and CSR.
The UAE's Minister of Environment and Climate Change, Mr Ali Al Raisi, had the following to say about the collaboration: "Our relationship with the Venom Foundation highlights our unshakable commitment to environmental stewardship. The NCCS represents a significant advancement towards the UAE's 2050 goal of a sustainable, low-carbon economy.
The Venom Foundation's CEO, Mrs Linda Matthews, voiced her enthusiasm for the project: "The UAE's proactive approach to fighting climate change is admirable. By working together, we want to hasten the country's transition to a green economy and provide an example for others to follow,
The NCCS is expected to officially commence in early 2024, with trial programs and stakeholder interactions beginning soon after. The Venom Foundation and the UAE government are both still hopeful that this program can act as a model for other nations in the Middle East and throughout the world, highlighting the value of teamwork in the battle against climate change.
The United Arab Emirates, which is renowned for its progressive stance, has been leading projects in many fields, notably in technology and sustainable development. Their goal is to build a strong, diversified economy that looks out for the interests of both local communities and the world at large.
About Venom Foundation
When it comes to the development of the digital era, Venom Foundation is a trailblazing force. The Foundation is committed to developing international Web3 initiatives, influencing the next stage of Internet development, and advocating for a decentralized, open, and egalitarian digital future for everyone as a decentralized network licensed by the Abu Dhabi Global Market (ADGM).
The Venom Foundation uses the region's inventive spirit, strong regulatory frameworks, and its location as an international crossroads to promote its purpose. It is based in Abu Dhabi, the center of the Middle East's technical center.
The goal of the Venom Foundation is to advance and popularise Web3, a new model for internet-based applications that places a strong emphasis on decentralization and blockchain technology. The Foundation supports initiatives that are expected to transform sectors, from banking and the arts to supply chains and beyond, by acting as a catalyst for innovation.
For media inquiries, please contact: Sheraz Hussain ([email protected])
Disclaimer: This is not a financial promotion.
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2023-08-11 04:54:27
