The Ministry of Climate Change and Environment (MCCE) of the United Arab Emirates (UAE) has signed an agreement Memorandum of Understanding (MoU) with Industrial Innovation Group and Venom Foundation, for the development of a national carbon credit system based on blockchain technology.

Venom Foundation is a leading organization in blockchain technology adoption in regulated markets. Industrial Innovation Group has experience creating national identification registries, developing carbon removal initiatives, managing carbon utilization projects, and producing project documentation for various carbon credit registries. The agreement has four strategic objectives: i) reducing emissions, ii) promoting sustainable agriculture, iii) enhancing environmental health and iv) conserving biodiversity.

In July 2023, the UAE Government had announced stricter emission reduction targets of up to 40% by 2030 compared to the 2019 baseline (previously the target was 31% by 2030). In addition, it maintains its net zero emissions goal by 2050.