Mumbai – The Hashgraph Group (THG) has partnered with the Mahatma Phule Backward Class Development Corporation Ltd. (MPBCDC) to establish India’s inaugural Hedera-powered State Carbon Bank. This initiative aims to support the country’s climate action goals while promoting the economic development of marginalized communities.
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THG, a Swiss-based international technology firm specializing in enterprise solutions on the Hedera network, will work alongside MPBCDC and its technical partner, Aaryahub Technologies Pvt. Ltd. The latter is known for its expertise in ERP system development and digital transformation.
Stefan Deiss, Co-Founder & CEO of THG, expressed enthusiasm for the partnership:
“We are thrilled to create a secure and scalable State Carbon Bank that contributes to the social and economic upliftment of marginalized communities. Our collaboration with Hedera, recognized as the world’s greenest DLT network, is a pivotal step toward enhancing ESG compliance standards in India.”
Stefan Deiss, Co-Founder & CEO of THG
New Legislation Paves the Way for Carbon Credit Trading
The Indian government recently introduced legislation focused on Greenhouse Gas Emission Intensity (GEI) targets within the framework of the Carbon Credit Trading (CCT) scheme. This new regulation aims to establish an official Indian Carbon Market (ICM), allowing entities that surpass their emissions targets to issue tradable carbon credit certificates. Conversely, those that fall short will face penalties.
With industry predictions estimating that India’s carbon market could reach $50 billion within the next five years, the need for a digital carbon bank is urgent. The State Carbon Bank will leverage Hedera’s technology to facilitate compliant carbon credit trading, ensuring traceability and transparency through immutable digital certificates. This initiative aligns with THG’s expertise in developing ESG solutions across various regions, including the EU, MENA, and APAC.
Empowering Communities Through Carbon Credit Trading
Prashant Gedam, General Manager of MPBCDC, highlighted the initiative’s significance:
“This milestone will empower Maharashtra’s agricultural and marginalized communities by generating additional income through carbon credits, which have previously been lost due to inadequate traceability.”
Hemant Kambli, Founder-CEO of Aaryahub Technologies, emphasized their role in the project: “We are proud to provide the technological foundation for this pioneering initiative. Our goal is to equip the Government of Maharashtra and marginalized communities with state-of-the-art tools for efficient carbon credit trading.”
The partnership was formally announced on July 3, 2025, at a signing ceremony in Mumbai, attended by government officials, industry leaders, and key partners. For more details, visit www.hashgraph-group.com.