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. "The Road to Net Zero: How Venom Blockchain Bolsters Sustainability Efforts in the UAE" is a new article from Venom Foundation.
☀️ Goal — Zero Emissions
Venom Foundation's business strategy is driven by a zero-emission policy through collaboration with the UAE Ministry of Climate Change and Environment. The goal is to develop a national carbon trading system built on Venom blockchain. This will enable the UAE to move closer to its target of achieving zero carbon emissions by 2050.
🔅 About Carbon Credits
Within the carbon credit system, a limit is set on the total amount of greenhouse gases that can be emitted by individual companies. 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. Companies that emit less can sell their excess carbon credits for financial value
↔️ Blockchain — The Best Solution
One major issue is the lack of standardized methodologies for measuring and verifying emissions reductions. Blockchain provides a transparent digital ledger that securely records transactions, automatic verification, and issuance of credits through smart contracts. With the cross-chain protocol of Venom, the UAE can trade carbon credits globally and support other countries in their emission reduction efforts.