The Ministry of Climate Change and Environment has set four goals to establish a national system of carbon credits using “blockchain”, including reducing greenhouse gas emissions and sequestering them to achieve climate neutrality, promoting agricultural businesses, and responsible investment in agriculture and sustainable food systems. , improving economic value from ecosystem health programs and conserving biodiversity and promoting the use of ecosystem services in sustainable development.
The establishment of a national carbon balance system, based on a scientific approach based on modern technology and at the highest level of transparency, enables us to monitor the carbon balance based on realistic data and achieve concrete results on the ground. Climate neutrality by 2050.
In detail, the ministry is establishing the world’s first national system of carbon credits using the “Blockchain” in collaboration with the Industrial Innovation Group and the “Phenom Foundation”, where the three parties signed a memorandum of understanding. Cooperation in reducing emissions, sustainable agriculture, environmental health and biodiversity, in the United Arab Emirates.
The development of basic principles and technical solutions for the project of a global carbon registration and certification platform in the United Arab Emirates, within the regulatory framework of government decisions related to the project of the national organization, are the most important areas of cooperation between the three parties. Issuance and registration of carbon certificates.
The ministry will work to create a legislative and regulatory platform to establish a national system for issuing and registering carbon certificates, and to establish a platform licensed by “blockchain” technology for safe and efficient production of carbon documents. Certificate Enrollment System.
Areas of cooperation include air quality, biodiversity and environmental protection, monitoring changes in natural habitats and their threats, conservation of natural reserves, conducting any innovation, research and scientific studies that create sustainable development policy and food security, and education, training and rehabilitation in the fields of the Ministry’s work.
As the UAE hosts the COP28 Conference of the Parties next November – it seeks to redouble its efforts to reduce carbon emissions in various sectors and highlight its encouraging experience to the world in tackling climate change. The country believes in its ability to make a difference in this sector, and through the third edition of its second report of nationally determined contributions, it has committed to reducing its emissions by 40% compared to a business-as-usual scenario. 9% increase over previous commitment.
Areas of cooperation
The Ministry of Climate Change and Environment has confirmed that the MoU with Industrial Innovation Group and “Phenom Foundation” covers several areas such as green investment, adaptation to climate change, reduction of carbon emissions, reduction of environmental pollution. Preparation and implementation of the climate neutrality strategy and development of opportunities, development of partnerships with the private sector, improvement of waste treatment systems and development of activities and services, exchange of technical information, laws, experiences, courses and visits and implementation of government obligations related to international agreements.
