Mumbai – Hashgraf Group (THG) has partnered with Mahatma Phule Backward Class Development Corporation Ltd. (MPBCDC) to establish India’s first Hedera-powered state carbon bank. The initiative aims to support the country’s climate action goals while promoting economic development in marginalized communities.
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THG, a Swiss-based international technology company specializing in Hedera Network’s enterprise solutions, will work with MPBCDC and its technology partner Aaryahub Technologies Pvt. Ltd.The latter is known for its expertise in ERP system development and digital conversion.
THG co-founder and CEO Stefan Deiss has expressed his enthusiasm for the partnership.
“We are thrilled to be able to create a safe and scalable state carbon bank that will contribute to the social and economic uplift of marginalized communities. Our collaboration with Hedera, recognized as the world’s most environmentally friendly DLT network, is a crucial step to strengthening India’s standards of ESG compliance.”
Stefan Deiss, co-founder & THG
New law paves the way for carbon margin trading
The Indian government recently introduced legislation focusing on greenhouse gas emission intensity (GEI) targets within the framework of the Carbon Credit Trading (CCT) scheme. The purpose of this new regulations is to establish an official Indian Carbon Market (ICM) and will allow entities that exceed emissions targets to issue tradable carbon credit certificates. Conversely, those who are lacking face penalties.
The need for digital carbon banks is urgent due to industry forecasts that India’s carbon market could reach $50 billion within the next five years. The state’s carbon banks leverage Hedera’s technology to promote compliant carbon credit transactions and ensure traceability and transparency through immutable digital certificates. This initiative is consistent with THG’s expertise in developing ESG solutions in various regions, including the EU, MENA and APAC.
Empowering the community through carbon credit trading
Prashant Gedam, general manager of MPBCDC, emphasized the importance of the initiative.
“This milestone empowers farming and marginalized communities in Maharashtra and generates additional revenue through carbon credits, which have been previously lost due to insufficient traceability.”
Hemant Kambli, founder CEO of Aaryahub Technologies, highlighted their role in the project. “We are proud to provide the technical foundation for this pioneering initiative. Our goal is to equip the Maharashtra government and marginalized communities with cutting-edge tools for efficient carbon credit trading.”
The partnership was officially announced at the signature ceremony in Mumbai on July 3, 2025, with government officials, industry leaders and key partners present. For more information, please visit www.hashgraph-group.com.
