Natural Capital: Impact Report 2024
Discover Mirova's Natural Capital Impact Report 2024
From Vision to Transformation: A Decade of Natural Capital Impact
When we started to create our platform in the summer of 2015, there was little discourse around natural capital investment — protecting nature was simply not regarded as a legitimate source of economic performance, let alone an asset class. Since then, we have seen tremendous buy-in, with the platform hitting the billion-dollar mark1. This reflects a change in mentalities, the growing maturity of the sector, and the consistency of our engagement. For this, I would like to thank everyone who supported this transformation.
Through our track record of experimentation, conviction and alliances we have laid the foundations of a form of finance resolutely devoted to the resilience of ecosystems. Today our action is twofold: investing in sustainable value chains — in agricultural and forestry, for example — and creating value out of environmental assets through high-quality carbon credits. Such mechanisms have made the restoration of mangroves, the preservation of peatlands, regenerative agriculture, and large-scale reforestation economically viable realities. Behind these results are dedicated teams, expertise patiently honed project by project, and synergies with Mirova's other impact investment platforms.
But our action goes beyond execution. We have chosen to take initiative, be part of the emergence of this burgeoning sector and build a common language. Together with public institutions, large corporations, NGOs and international coalitions, we have shifted the status quo and established natural capital as a legitimate investment theme.
In 2025, we enter a world where the physical risks related to climate change are real, a daily occurrence and universal. Protecting the natural world is no longer just a moral imperative; it is a fundamental economic issue that is well understood. Value chains, business models and the balance in societies all depend on the resilience of ecosystems. And it is this realization that is compelling new participants to join the movement. Whether sovereign funds, agribusinesses or tech giants, they recognize that their future prosperity is also contingent on meaningful investment in the natural world.
Much like the rise of renewable energy, we find ourselves at an inflection point. The scene is set for natural capital to evolve into a mature asset class that is capable of directing massive flows of capital towards nature-based solutions. Our challenge is to collectively build an economy where prosperity and natural regeneration can be reconciled.
1This figure includes the funds raised for Mirova's Blue Economy strategy, which was part of the Natural Capital area of expertise until end of 2024, and which has been classified under the Impact Private Equity area of expertise in 2025.
Gautier QUERU
Managing Director
Position Paper
Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investment, announces a landmark USD30 million1 investment in the Kheti soil carbon project developed by Varaha. The project supports smallholder farmers in India to implement regenerative agriculture practices. This transaction marks Mirova’s first carbon investment in India and represents the largest single commitment to date under its nature-based carbon strategies, reinforcing its ambition to scale high-integrity climate solutions in Asia.
Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investment, announces the onboarding of three new catalytic investors to its flagship strategy dedicated to Sustainable Land Use (SLU): the UK Department for Environment, Food & Rural Affairs (DEFRA), Global Affairs Canada (GAC) and The Coca-Cola Foundation.
