India is making significant strides in its commitment to environmental, social, and governance (ESG) goals with the launch of its first State Carbon Bank, powered by the Hedera network. This groundbreaking initiative will facilitate secure and transparent carbon credit trading, marking a pivotal moment in the nation’s journey towards a robust climate framework.
This development signals a firm transition from climate planning to active implementation, aligning with the new Carbon Credit Trading (CCT) Scheme introduced in April 2025.
Maharashtra Leads the Way
The Government of Maharashtra is at the forefront of this national initiative. Their collaboration with Mahatma Phule Backward Class Development Corporation Ltd. (MPBCDC) partnering with The Hashgraph Group (THG) to deliver this essential blockchain-backed infrastructure.
This bank will serve as a secure and transparent marketplace for carbon credits. Under the CCT Scheme, industries like power, steel, and cement must reduce greenhouse gas emissions, purchasing credits if they fall short. The Hedera network ensures every transaction—from creation to trading—is verified and recorded in real-time, building trust and significantly reducing fraud risk.
Beyond large corporations, a key innovation of this bank is its inclusive approach, opening the carbon credit market to rural and small-scale generators. This fosters wider participation and delivers economic benefits to communities often overlooked.
The Hashgraph Group (THG), known for its work in digital public infrastructure worldwide, is the architect behind the bank’s blockchain system. Operating in India as Hashgraph Labs India Pvt. Ltd., THG is creating a unified platform for carbon verification, credit issuance, and trading. This system is designed to be both open and governable, allowing the government and verified participants to conduct secure transactions. Its compatibility with global markets ensures flexibility in the evolving climate finance landscape.
