Key Takeaways
- Varaha has partnered with Mirova in its largest carbon financing deal to date, supporting the Kheti regenerative agriculture project in India.
- The Kheti project will transition more than 337,000 smallholder farmers across 675,000 hectares to regenerative practices.
- High-integrity carbon credits generated under Verra VM0042 will be shared with farmers to ensure direct economic benefit.
- The project aims to achieve Climate, Community & Biodiversity (CCB) certification and deliver ecosystem, livelihood, and gender-inclusion co-benefits.
- Varaha’s digital MRV platform provides real-time transparency, enabling scalable, scientifically rigorous climate outcomes.
Varaha Partnership Supports Large-Scale Transition to Regenerative Agriculture
Varaha, Asia’s largest carbon project developer, has announced a major partnership with Mirova to advance the Kheti project, one of India’s most ambitious regenerative agriculture initiatives. Founded in 2022, Varaha specializes in high-integrity climate projects that build soil carbon, develop biochar systems, and support afforestation while improving smallholder farmer livelihoods across South Asia.
The Kheti project will help more than 337,000 farmers adopt regenerative practices—including direct seeding of rice, reduced tillage and improved residue management—across 675,000 hectares in Haryana and Punjab. These efforts are expected to generate high-quality carbon credits under the Verra VM0042 methodology, with a revenue-sharing model ensuring that farmers directly benefit from credit sales.
Varaha Expands High-Integrity Carbon Projects Through Digital MRV
Central to Varaha’s model is a digital monitoring, reporting and verification (MRV) system that offers real-time data, transparency and traceability of climate and social impacts. The company works closely with local implementation partners to ensure robust on-ground execution and meaningful farmer participation.
The Kheti initiative is also progressing toward Climate, Community & Biodiversity (CCB) certification, further underscoring its environmental and community benefits.
Beyond carbon removal, the project is expected to strengthen soil health, enhance biodiversity, reduce water use and improve air quality. It also aims to boost yields, reduce input costs and create new income opportunities—particularly for women in rural communities.
Varaha and Mirova Deepen Focus on High-Integrity Climate Finance
Madhur Jain, MD & CEO of Varaha, highlighted the significance of the partnership, noting its role in aligning climate resilience with rural prosperity. Charlotte Lehmann, Senior Investment Director at Mirova, described Kheti as a milestone transaction that supports the firm’s natural capital strategy across the Asia-Pacific region.
Mirova has mobilized more than USD 350 million since 2020 for nature-based climate projects and will work with Varaha to accelerate the development of scalable, high-integrity solutions.
