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- India’s first State Carbon Bank will run on the Hedera network, enabling secure carbon credit trading.
- Maharashtra leads the national push under the new CCT Scheme, with THG and Hedera delivering blockchain-backed carbon finance infrastructure.
India’s new State Carbon Bank will run on the Hedera network. This marks a significant milestone in the country’s transition towards a more robust ESG framework. With the recent rollout of the Carbon Credit Trading (CCT) Scheme in April 2025, the bank represents a clear step from planning to execution.
Maharashtra Leads with First State Carbon Bank on Hedera
The State Carbon Bank, a project driven by the Government of Maharashtra, is the first of its kind in India. It is being built through a partnership between the Mahatma Phule Backward Class Development Corporation Ltd. (MPBCDC) and The Hashgraph Group (THG), a Swiss technology firm. This move places Maharashtra ahead of other states in developing digital tools that meet India’s national climate targets.
India’s CCT Scheme requires industries such as power, steel, and cement to reduce their greenhouse gas emissions. If unable to meet these limits, companies must buy carbon credits.
The State Carbon Bank will provide a secure and traceable platform where these credits can be created, stored, and traded. The use of the Hedera network ensures that every transaction is verified and recorded in real time. Ultimately, this increases trust and reduces the likelihood of fraud.
It is essential to note that this initiative is not exclusive to large corporations. One of its key features is the inclusion of rural and small-scale carbon credit generators. By giving them access to the carbon credit market, it opens the door for wider participation and benefits for communities that are often left out.
Meanwhile, this will be another landmark project coming on Hedera. In an earlier update, we covered that the Tashi protocol integrated with Hedera to support a scalable, decentralized infrastructure for real-time multiplayer gaming.
Additionally, as highlighted in our previous news brief, Australian dollar-based stablecoin AUDD officially launched natively on the Hedera network. These are proofs of how functional the protocol is.
Hashgraph Group Brings Global Experience to India’s ESG Push
The Hashgraph Group, which operates within the Hedera ecosystem, is responsible for designing and building the blockchain system for the bank. The firm has a track record of delivering digital public infrastructure across several countries, including regulatory tools for Dubai’s financial district.
It is worth noting that in India, it works under the name Hashgraph Labs India Pvt. Ltd., with offices in Mumbai and Gujarat’s GIFT City. For this project, THG is developing a system that integrates carbon verification, credit issuance, and a trading marketplace into a single platform.
This setup is both open and governable, enabling the government and verified users to conduct transactions safely. The system adheres to local rules while also being compatible with global markets, providing the flexibility required in today’s climate finance landscape.
As noted in our earlier coverage, Carbon credit tokenization is becoming a big market with JPMorgan also entering the scene.
According to general perception, by choosing Hedera, India has demonstrated its intention to integrate climate policy with practical tools that support on-the-ground action.
Other protocols to watch in this climate tokenization scene include VeChain and IOTA.
