According to Cointelegraph, the UAE Ministry of Climate Change and Environment (MCCE) is working with the Industrial Innovation Group and the Venom Foundation to initially develop a carbon credit system. Blockchain technology is used by organizations and countries to track carbon credits. Due to the immutability of on-chain data, these credits can be sold or traded securely with full transparency to all stakeholders. This allows government organizations, such as the UAE's MCCE, to sell or issue credits to businesses. Credit holders can spend credits - which allow them to emit a specific amount of carbon within a certain period of time, or sell and trade them to other organizations that want to offset their emissions. UAE leaders recently announced changes to the country's agenda on climate change and carbon offsets, with the ultimate goal of achieving carbon neutrality by 2050.