The world’s first national carbon credits registration system is coming: The UAE’s Climate Change and Environment Ministry (MoCCAE) has signed an agreement with UAE’s the Industrial Innovation Group and US blockchain firm Venom Foundation to set up the world’s first national carbon credits system using blockchain technology, Wam reports. The partnership aims to help slash emissions and boost sustainability through a transparent and reliable carbon credits platform.

The details: Under the MoU, the three parties will develop basic approaches and specific technological solutions to establish a global platform for the registration and issuance of carbon credits in the UAE. The collaboration will focus on developing a legislative and regulatory framework by the MoCCAE to set up a national system for issuing and registering carbon credits, including the creation of a licensed platform and leveraging blockchain technology to ensure a reliable production of carbon credit registration system documents. It will also guarantee system integration to help with the process of issuing and registering carbon credits. The platform will also allow for the evaluation of projects to lower carbon emissions to help achieve the country’s recently updated NDCs.

The trio will also work on other areas: The MoU also covers work on green investments, climate change adaptation, a climate neutrality strategy and more, Wam reports. It will also seek to promote energy efficiency, renewable energy, waste-to-energy facilities, green technology, and green transport.

The UAE is on board with carbon credit trading: The UAE said it plans to launch regulating carbon credit trading exchanges and clearing houses ahead of COP28. In June, the UAE Independent Climate Change Accelerators launched the UAE Carbon Alliance in partnership with Singapore-based carbon trading exchange AirCarbon Exchange (ACX) in a bid to establish a framework for carbon markets. The alliance was launched a year after the Abu Dhabi Global Market said it was working with ACX on launching the world’s first fully regulated carbon trading exchange.

And it’s part of a growing regional trend: Earlier this month, Doha-based Global Carbon Council (GCC) signed an MoU with the Climate Change Center (CCC), a South Korean non-profit organization specializing in climate change responses, to expand the voluntary carbon market (VCM) in South Korea and MENA. Saudi Arabia’s Regional Voluntary Carbon Market Company (RVCMC) — established by the Saudi sovereign wealth fund and the Saudi Tadawul Group — plans to launch a carbon trading exchange early next year. The announcement came as the RVCMC sold 2 mn tons of carbon credits in June in what the company described as the largest-ever voluntary carbon credit auction. A carbon market in Egypt is also in the works, with the Financial Regulatory Authority forming in April a committee to supervise and regulate the country’s soon-to-be launched voluntary carbon market.

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