The Technology Innovation Institute (TII), an Abu Dhabi government-affiliated research center, has introduced a blockchain-driven carbon tracking and trading platform in line with the United Arab Emirates’ commitment to reducing emissions and achieving net-zero targets.
Unveiled during the United Nations Climate Change Conference (COP28) on Dec. 5, the blockchain platform aims to enable the global exchange of carbon tokens associated with investments in eco-friendly projects like reforestation and carbon capture.
About Technology Innovation Institute (TII)
Emphasizing the significance of the platform, TII, a key global scientific research center and part of Abu Dhabi’s Advanced Technology Research Council (ATRC), aligns its efforts with the UAE Vision 2021’s objective of expediting environmental sustainability and reaching net-zero goals. Additionally, the initiative corresponds with COP28’s overarching goal of accelerating a transition towards a new low-carbon, high-growth, and sustainable economic model.
Dr. Ray O. Johnson, CEO of TII, announced the digitized platform’s launch at COP28 in Dubai, highlighting the UAE’s commitment to facilitating secure and environmentally beneficial trading practices.
In contrast to other organizations developing digital carbon trading platforms, TII distinguishes itself by being the first to implement a blockchain-enabled Proof-of-Concept—this strategic move positions TII as a pioneer in developing a platform prepared for global trading. The blockchain technology accurately tracks carbon emissions by recording emissions from any global public or private entity. Auditors can establish a trustworthy chain of transactions from emission capture to storage to trading. Importantly, these audited transactions offer transparency while preserving user privacy, whether they are emitters, buyers, or third parties. TII’s initiative signifies a progressive step towards fostering sustainable and responsible carbon trading practices in the global arena.
