Natural Capital: Impact Report 2025

Nature as a Strategic Asset

A decade ago, we chose to establish natural capital as an investment area in its own right, at a time when its models and methods still largely had to be built. Over ten years of investing and learning, we have developed a distinctive approach: financing nature as infrastructure, taking a long-term view and applying the same discipline and the same focus on results. We put that approach into practice project by project, measuring what it achieves and reporting on it transparently. 

This impact report on our 2025 activities gives substance to that experience. From agricultural and forestry value chains to carbon sequestration, across both emerging economies and developed markets, our approach gives investors the means to act on a risk that has become as much economic as environmental: the degradation of soils, forests and ecosystems undermines economic activity and local prosperity. Restoring them, by contrast, makes it possible to combine financial performance with measurable impact, to the benefit of producers and the regions they operate in. Depending on the context, that means building new value chains or transforming established models. In Europe, an evolving policy framework is reinforcing this momentum by giving nature-based solutions greater visibility. 

These foundations now allow us to widen the scope of our action to encompass resilience and sovereignty. In a world where geopolitical tensions are putting supply chains under strain and bringing strategic autonomy back to the forefront, biological resources determine our capacity to feed ourselves, but also to produce biomaterials, energy and biotechnologies. This is where the bioeconomy comes into its own: progressively replacing fossil resources with renewable biological resources, without compromising their capacity to regenerate. 

Nature is not a backdrop to the economy. It is its foundation. Our responsibility now is to preserve and regenerate it as strategic infrastructure, supporting climate resilience, our sovereignty and long-term prosperity.

The information provided reflects Mirova’s opinion / situation as of end December 2025 and is subject to change without notice. Source: Mirova