Mirova Reports Over $1 Billion Raised for Natural Capital Investments Across 70 Projects

French sustainable asset manager Mirova has reported more than $1 billion raised through its Natural Capital investment platform since inception, supporting over 70 projects focused on ecosystem restoration, carbon solutions and regenerative food systems. According to its Natural Capital Impact Report 2025, the platform has expanded its activities across emerging and developed markets, financing projects that aim to generate financial returns alongside measurable environmental and social benefits.

Established in 2015, Mirova's dedicated Natural Capital platform draws on more than two decades of experience in carbon finance and environmental investment. The platform currently focuses on carbon solutions and regenerative food systems, while exploring a third strategy targeting the European bioeconomy. Its latest impact assessment highlights progress in forest conservation, sustainable agriculture, greenhouse gas mitigation and community livelihoods, while acknowledging that several investments remain at early stages of development.

 

Carbon Investments Target Emissions Reduction and Ecosystem Restoration

 

Mirova's Carbon Solutions strategy finances nature-based projects involving reforestation, agroforestry, ecosystem conservation and improved land management. According to the report, projects within this portfolio have projected absolute greenhouse gas benefits of approximately 70.9 million tonnes of CO2 equivalent, alongside a projected 2.45 million hectares of land restored or conserved. These figures represent estimates of future impact rather than results already achieved.

The report separately identifies approximately 4.89 million tonnes of CO2 equivalent in current reported emissions reductions or removals and around 1.13 million hectares currently restored or conserved. Mirova notes that current emissions impact figures are available only for two conservation projects within the portfolio, highlighting the limitations of measuring progress across investments at different stages. The firm is also strengthening carbon credit integrity assessments, focusing on additionality, permanence, measurable climate benefits and biodiversity outcomes.

 

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Regenerative Agriculture Investments Support Sustainable Land Management

 

Mirova's Regenerative Food Systems strategy targets agricultural and forestry value chains through investments in agroforestry, sustainable production and ecosystem restoration. The approach builds on the Land Degradation Neutrality Fund, which raised $208 million and supported 13 investments across 14 countries. Its successor, Mirova Sustainable Land Fund 2, focuses on financing sustainable food and fibre production while improving the resilience of agricultural supply chains.

Across the regenerative food systems portfolio, the report identifies approximately 169,545 hectares under sustainable land management and 4.32 million tonnes of CO2 equivalent in current reported greenhouse gas sequestration impacts. It also records approximately 142,557 employees and smallholders associated with the portfolio's current impact indicators. Mirova's investment model combines long-term financing with environmental and social action plans, technical assistance and ongoing monitoring to address agricultural productivity, biodiversity protection and rural livelihoods.

 

Projects in Peru and Costa Rica Illustrate Conservation Progress

 

Individual investments demonstrate how Mirova's natural capital strategy operates across different ecosystems. In Peru, the Nii Kaniti conservation project, developed by AIDER in partnership with seven Indigenous communities, reported approximately 114,863 hectares of Amazon rainforest under protection at the end of 2025. The project involves forest monitoring, land tenure support and sustainable livelihood programmes, with 256 community members participating in forest patrols, an increase of 65% from 2024.

In Costa Rica, the Ganbos project is working towards restoring 30,000 hectares of degraded pastureland through reforestation and improved grazing practices. By the end of 2025, the project reported 434 hectares reforested and 4,202 hectares under holistic grazing management. Its longer-term plans include creating wildlife corridors, improving land productivity and generating verified carbon removals. The difference between current restoration figures and project targets illustrates the extended timelines involved in delivering nature-based investment outcomes.

 

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Biodiversity Monitoring and Climate Risk Become Investment Priorities

 

The report also describes changes to Mirova's environmental and social risk management approach. In 2025, the firm developed an internal biodiversity monitoring framework intended to improve consistency in measuring ecological outcomes across portfolio companies. The framework recommends using at least five indicators, including measures of ecosystem structure, with monitoring repeated periodically to assess changes in biodiversity conditions.

Mirova has also integrated physical climate risk assessments into investment due diligence, using AXA Climate's Altitude platform to evaluate exposure to hazards such as floods, droughts, wildfires and water stress. The company is strengthening oversight of social outcomes through living wage and living income assessments. By the end of 2025, seven portfolio companies had assessed living wage gaps, while three had examined living income gaps affecting smallholder farmers.

 

Expanding Natural Capital Finance Towards the Bioeconomy

 

Beyond carbon markets and regenerative agriculture, Mirova is exploring a European bioeconomy investment strategy. The proposed approach would finance businesses and infrastructure using renewable biological resources across agricultural, forestry and energy value chains. Its objective is to support the development of alternatives to fossil-based materials while maintaining the regenerative capacity of natural ecosystems.

Gautier Quéru, Global Head of Natural Capital at Mirova, emphasised the economic importance of protecting ecosystems, stating, "Nature is not a backdrop to the economy. It is its foundation." The report presents natural capital as a long-term investment area linked to climate resilience, food security and supply-chain stability. However, converting projected environmental benefits into verified outcomes will remain important as the portfolio grows, particularly for investments involving carbon credits, biodiversity restoration and agricultural transformation.

 

Source: Mirova