The Ministry of Climate Change and Environment of the UAE has pioneered the groundbreaking initiative to establish the first national system for carbon credits in history, selecting market leader INDUSTRIAL INNOVATION GROUP as strategic partner
INDUSTRIAL INNOVATION GROUP is a global leader in building unique, high-tech, multi-level national registries based on proprietary intellectual developments, and in conceptualizing global initiatives for carbon removal and climate change mitigation
United Arab Emirates, Dubai, August 8, 2023
The Ministry of Climate Change and Environment of the UAE has initiated the creation of the first-ever blockchain based national system for carbon creditsin the world that will propel the nation towards a more sustainable future. As part of its unwavering commitment to environmental stewardship, the Ministry has established a strategic collaboration with technological partner INDUSTRIAL INNOVATION GROUP LLC – company with extensive and unprecedented experience in implementing global-scale innovative projects.
The collaboration aims to establish a system that will provide an unprecedented level of transparency, reliability, efficiency, and security in managing the issuance, transfer, calculation, and accurate tracking of carbon credits.
The official commencement of this strategic collaboration took place on July 20, 2023, during the signing of the Memorandum of Understanding between the Ministry of Climate Change and Environment of the United Arab Emirates, INDUSTRIAL INNOVATION GROUP – a global systems integrator implementing projects on all continents with unique expertise in managing decarbonization projects, and Venom Foundation – the owner of an unparalleled Blockchain solution with ultra-high transaction speed and unlimited scalability.
The Memorandum of Understanding was signed by His Excellency Mohammed Saeed Al Nuaimi, Undersecretary of the Ministry of Climate Change and Environment, Mr. Taryam Matar Taryam, Chief Executive Officer of INDUSTRIAL INNOVATION GROUP LLC, and Mr. Peter Knez, Chairman of Venom Foundation, at the MoCCAE office in Dubai. In presence of Her Excellency Mariam bint Mohammed Saeed Hareb Almheiri, Minister of Climate Change and Environment.
Her Excellency Mariam bint Mohammed Saeed Hareb Almheiri, said: “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. The UAE believes in its ability to make a difference in this field and has pledged, through the Third Update of its second Nationally Determined Contributions (NDCs), to reduce its emissions by 40 percent compared to a business-as-usual scenario, an increase of 9 percent over its previous pledge.”
Her Excellency Mariam bint Mohammed Saeed Hareb Almheiri, emphasized: “This requires working according to a scientific approach based on modern technology and the highest levels of transparency to monitor carbon credits to work according to realistic data, achieve tangible results on the ground, and achieve climate neutrality by 2050.”
“The collaboration with the Industrial Innovation Group and Venom Foundation to establish the national system for carbon credits using blockchain is an important step in this field and reflects our determination to enhance the UAE’s climate action for a more sustainable future for us and future generations.”
The national system for carbon credits, created by leaders in innovative solutions, will facilitate digitization and streamline the process of issuance, transfer, and retirement of carbon credits. This innovation will further demonstrate the United Arab Emirates’ commitment to sustainable values and solidify its position as an unwavering leader in environmental conservation.
The national system for carbon credits powered by blockchain technology will play a pivotal role in facilitating the flow of financing from emitters to carbon removal projects at both national and international levels and incentivize and reward businesses that implement sustainable practices and invest in emission reducing projects. By creating a credible framework for carbon credits generation, verification, traceability, the register system will empower organizations to offset their emissions while promoting a low-carbon economy.
The United Arab Emirates’ adoption of such a robust regulatory initiative, coupled with their status as one of the first major oil-producing countries to ratify the Kyoto Protocol and the first Middle Eastern nation to sign the Paris Agreement, once proves the status of UAE as a Global phenomenon and sets an exemplary precedent for responsible economic growth, unlike anything the world has seen before.
Mr. Taryam Matar Taryam, Chief Executive Officer of INDUSTRIAL INNOVATION GROUP, states: “For Industrial Innovation Group, it is a great honor to contribute to the creation of the United Arab Emirates’ first national system for carbon credits. Industrial Innovation Group steadfastly adheres to sustainable development goals and endeavors to reduce environmental impact, including through decarbonization, as global climate change is closely linked to the increasing concentration of CO2 in the atmosphere. With over 30 years of experience, Industrial Innovation Group has a long history of creating large-scale national registries related to identification processes and excels in developing sustainable pathways for various business sectors, conceptualizing carbon removal initiatives, generating project documentation for different carbon credit registries, and effectively managing, monitoring, and reporting on carbon utilization projects.”
Mr. Peter Knez, Chairman of Venom Foundation, said: “Venom Foundation built an unrivalled Blockchain solution that function as the main infrastructure for a global ecosystem of Web3 applications, possessing ultra-fast transaction speeds and infinite scalability to meet the needs of governments.”
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The Ministry of Climate Change and Environment of the United Arab Emirates manages all aspects related to international and domestic climate change affairs, actively intensifying efforts to address the issue of climate change. The Ministry implements a comprehensive policy for climate change mitigation and adaptation.
Industrial Innovation Group is a transnational group of companies headquartered in the United Arab Emirates. It has unparalleled 30 years of experience in creating complex, high-tech, and highly intellectual architectures, designing and constructing large-scale industrial innovation complexes. Industrial Innovation Group LLC has immense expertise in creating large-scale national registries related to identification processes and excels in developing sustainable pathways for various business sectors, conceptualizing carbon removal initiatives, generating project documentation for different carbon credit registries, and effectively managing, monitoring, and reporting on subsequent carbon removal projects. Industrial Innovation Group has 402 intellectual property assets and unique advanced technologies of its own.
Venom Foundation has created an unrivaled Blockchain solution that functions as the main infrastructure for a global Web3 application ecosystem, offering ultra-high transaction speeds to meet the needs of governments and the corporate sector. The Venom Blockchain holds a unique license N°000008382 from the Abu Dhabi Global Market (ADGM), allowing Venom Foundation to conduct blockchain operations, including issuing utility tokens.
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Emirates News Agency WAM – https://www.wam.ae/en/details/1395303184757
Official post from the MoCCAE office LinkedIn -–https://www.linkedin.com/posts/moccaeuae_moccae-yearofsustainability-todayfortomorrow-activity-7094353803843371008-0tGg/
Gulf Business – https://gulfbusiness.com/uae-to-develop-national-system-carbon-credits/
Al Khaleej – https://www.alkhaleej.ae/2023-08-08/ البيئة-تنشئ-نظاماً-لأرصدة-الكربون-بـ-البلوك-تشين/أخبار-من-الإمارات/أخبار-الدار
