Mumbai, 9th July 2025 – The Hashgraph Group (THG), a Swiss-based international business, venture-building, and technology company specialized in the design, development, and deployment of enterprise solutions on the Hedera network globally, has partnered with Mahatma Phule Backward Class Development Corporation Ltd. (MPBCDC), a government enterprise that supports the social and economic development of marginalized communities, to build a first-of-its-kind Hedera-powered State Carbon Bank in India. MPBCDC will be supported by its technical partner, Aaryahub Technologies Pvt. Ltd., a systems integrator providing ERP system development, integration, and digital transformation support to clients globally.
Signing ceremony held on July 3, 2025, at Sofitel Mumbai with government officials, partners, and industry leaders./ Photo Courtesy of Hashgraph Group.
In April 2025, the Indian government introduced legislation on Greenhouse Gas Emission Intensity (GEI) targets under the Carbon Credit Trading (CCT) scheme, establishing an official Indian Carbon Market (ICM) and setting the standards for both compliance and voluntary offset for emissions. Under this scheme, entities that overachieve their targets will be able to issue carbon credit certificates that can be traded on the market, while underachieving entities will have to pay a penalty of two times the average credit price within the trading cycle.
As per various industry estimates, India’s carbon market size could reach $50 billion in the next five years. The new regulation has created an immediate necessity for setting up a digital carbon bank platform that enables entities to freely and seamlessly buy and sell carbon credits in a compliant manner. The State Carbon Bank will be developed on the Hedera network, providing it with unique functionalities like traceability, tokenization, immutable, and auditable digital certificates. In close collaboration with The Hashgraph Association (THA) and Hedera, this initiative will contribute to the development of a global ecosystem of ESG projects powered on Hedera. THG brings extensive experience and engineering expertise in the development, integration, and management of ESG solutions and carbon banks built on Hedera’s distributed ledger technology (DLT) across many geographies, including EU, MENA, and APAC regions.
Stefan Deiss, Co-Founder & CEO of The Hashgraph Group, said, “The Hashgraph Group is excited to build a robust, secure, and scalable State Carbon Bank for the Government of Maharashtra, while empowering social and economic development to enhance the livelihoods of marginalized communities. Hedera has a proven track record of powering carbon banks as the world’s greenest DLT network. With THG’s established Indian presence under Hashgraph Labs India Pvt Ltd., this partnership is another step in our mission to set new standards for ESG compliance in India and across the globe.”
Prashant Gedam, General Manager of MPBCDC said, “This is a pivotal milestone for MPBCDC, and will enhance the livelihood of Maharashtra’s agricultural and marginalized communities by creating extra income through the carbon credits generated by them, which is currently lost in the system due to the lack of adequate traceability mechanisms. We welcome our technology partners THG and Aaryahub to build our Carbon Bank, leveraging Hedera’s technology for a traceable and transparent carbon credit system.”
Hemant Kambli, Founder-CEO of Aaryahub Technologies Pvt. Ltd., said, “We are proud to serve as the technology backbone for this pioneering initiative by the state and The Hashgraph Group. At Aaryahub, we have the legacy of building equity trading platforms for India, and will leverage our expertise in SAP-ERP, blockchain, and digital integration to ensure that the State Carbon Bank platform is secure, scalable, and user-friendly. Our goal is to empower the marginalized communities and the Government of Maharashtra as a whole with cutting-edge tools for transparent and efficient carbon credit trading in line with global best practices, enabling inclusive climate action.”
Anindya Roychowdhury, Head of Global Partnerships at THG said, “The India carbon market is at its cusp and will explode in the coming years. I am delighted that THG and Hedera are part of this story as it unfolds; along with all our other ongoing and upcoming strategic initiatives in India, this will take Hedera a step further towards becoming the country’s preferred enterprise DLT.”
The signing ceremony took place on 3rd July 2025 at the Sofitel Mumbai in the Bandra Kurla Complex and was attended by senior government officials, key partners, and leading industry representatives.
