The Road to Net Zero: How Venom Blockchain Bolsters Sustainability Efforts in the UAE
With global warming causing extreme weather events and rising sea levels that threaten biodiversity and human livelihoods, the race to combat climate change has never been more pressing. The primary culprit — greenhouse gases, in particular, carbon dioxide. It goes without saying that everyone has a part to play in reducing greenhouse emissions, be it on an individual, enterprise, or international level.
At Venom Foundation, we take the issue of climate change seriously. While our zero-emission policy guides our business strategy for sustainable growth, we also aim to drive eco-friendly initiatives with our next-generation blockchain. On this note, we are proud to partner with the United Arab Emirates Ministry of Climate Change and Environment (MCCE) to develop a national carbon credit system built on the Venom blockchain.
This landmark partnership opens a new paradigm in sustainability efforts, enabling the UAE to fast-track its ambitious goal of achieving net zero carbon emissions by 2050. How does Venom blockchain make this a possibility? Let’s break it down.
The Rise of the Carbon Market
As part of the 1997 Kyoto Protocol, the carbon market and carbon credit system was launched as a means to reduce greenhouse emissions by providing economic incentives. Essentially, it applies a laissez-faire approach by allowing companies or countries to trade carbon credits, which represent the right to emit a certain amount of carbon dioxide or other greenhouse gases.
Under the carbon credit system, a cap is established on the total amount of greenhouse gases that can be emitted. Each company gets a fixed amount of carbon credits, which can be bought and sold on the carbon market. Companies that exceed their allocated emissions would have to buy more carbon credits, making business operations costly. This in turn encourages them to invest in cleaner technologies and practices to reduce costs. On the other hand, companies that emit less can sell their excess carbon credits for financial value, ultimately creating a win-win situation.
That being said, the existing carbon market and carbon credit system face several challenges. One major issue is the lack of standardized methodologies for measuring and verifying emissions reductions — how do companies actually know if their practices are effective in reducing emissions?
Then, there are multiple complexities surrounding carbon credit trading. For buyers, they may face issues of regulatory uncertainty, or double counting. As for sellers, they may experience accessibility issues, technical challenges, and time-consuming processes. Collectively, these factors undermine the good intentions behind the carbon credit system, necessitating solutions to refine its mechanisms.
Carbon Market x Blockchain Technology: A Perfect Pairing
Sustainability ranks high on the list of UAE’s priorities as it transitions toward a green economy. As part of the Paris Agreement, the UAE government announced a series of strategies in July 2023 to reduce carbon emissions and reaffirm its national climate pledge. Taking the challenges of the carbon market into consideration, blockchain technology emerged as the most viable solution, more specifically, Venom blockchain.
Blockchain technology is inherently decentralized, providing a transparent digital ledger that securely records transactions. By building its national carbon credit system on Venom blockchain, the UAE can ensure the traceability and immutability of carbon credits, making it easier to track emissions reductions and prevent fraud. At the same time, smart contracts can automate the verification and transfer of credits, reducing administrative burdens and operational costs. Overall, this improves the transparency and efficiency of the UAE’s carbon credit system, building trust and credibility among stakeholders across various sectors.
On a global scale, a carbon credit system backed by blockchain technology can also facilitate international collaborations. With Venom blockchain’s cross-chain protocol, the bottleneck of interoperability is no longer an issue. This means that data, assets, and transactions can be easily exchanged in its Layer-1 workchains without the need for a third-party bridge. Now, the UAE can trade carbon credits globally and support other countries in their emission reduction efforts.
Toward a Greener Future
In the 21st Century, we stand at one of the most complicated crossroads in the history of humanity — rapid technological advancements countered by the deteriorating health of our planet. Yet, we remain hopeful. Blockchain technology is a powerful tool that can be leveraged in the fight against climate change. Our partnership with the UAE reflects our shared commitment to protecting Mother Earth, and this is just our first step.
At the end of the day, we are passionate advocates of blockchain innovations that can positively impact the lives of billions. With Venom’s leading-edge technology, the possibilities are endless. This sustainability use case of Venom blockchain is one of the many ways we can build a better tomorrow, and we look forward to seeing a greener future unfold.
To find out more about Venom, check out the links below:
Website: https://venom.foundation/
Whitepaper: https://venom.foundation/Venom_Whitepaper.pdf
Documentation: https://docs.venom.foundation/
Medium: https://medium.com/@venom.foundation
Twitter: https://twitter.com/venomfoundation
