The United Arab Emirates Ministry of Climate Change and Environment (MCCE) in collaboration with the Industrial Innovation Group and the Venom Foundation, is creating a carbon credit system, stated Cointelegraph.
It is believed that the collaboration will allow such as the UAE’s MCCE, to sell or issue credits to businesses. It might also allow users to spend the credits and emit a specific amount of carbon over a given period of time or sell and trade them to other organisations looking to offset their own emissions, Cointelegraph added.
Furthermore, “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, to reduce its emissions by 40 per cent compared to a business-as-usual scenario, an increase of 9 per cent over its previous pledge,” Mariam Al Mheiri, Minister of Climate Change and Environment, UAE, told Cointelegraph.
(With insights from Cointelegraph)