Mirova Reports Over $1 Billion Raised for Natural Capital Investments

Written by Maílis Carrilho

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Published Nov 2, 2026

5 min read

Published Nov 2, 2026

Mirova, an affiliate of Natixis Investment Managers, is developing its natural capital investment approach around ecosystem conservation, sustainable agriculture, and forestry. Its Natural Capital Impact Report 2025, published in October 2026, presents these activities as investments in the environmental systems that support economic activity, food production, and local livelihoods.

The platform has raised more than $1 billion since inception and supported over 70 projects. This represents cumulative fundraising across its activities, rather than the announcement of a new $1 billion fund. Mirova had already reported reaching the billion-dollar mark in its previous impact report, which specified that the figure included fundraising for its Blue Economy strategy before that activity moved into its Impact Private Equity business in 2025.

Investing in the Ecosystems Behind Economic Activity

Natural capital refers to the stock of natural resources and ecosystems that provide benefits such as productive soils, clean water, carbon storage and flood protection. Mirova’s approach seeks to finance the preservation and regeneration of those resources while pursuing financial returns.

The company established its dedicated platform in 2015. Its investment model includes financing agricultural and forestry value chains, alongside projects that generate environmental assets such as carbon credits. In its latest report introduction, Mirova argues that deteriorating soils, forests and ecosystems represent an economic risk as well as an environmental challenge.

For businesses dependent on agricultural commodities or timber, this creates a practical connection between ecosystem management and supply security. Financing sustainable production can support the natural resources on which those supply chains depend, although financial and environmental outcomes remain subject to project performance.

Carbon Results Require Careful Interpretation

Mirova’s Carbon Solutions portfolio reports approximately 4.89 million tonnes of carbon dioxide equivalent in current emissions reductions or removals, alongside about 1.13 million hectares restored or conserved.

However, the report’s findings require an important qualification. According to OneStop ESG’s account of the document, the current emissions impact figures cover only two conservation projects. They should therefore be read alongside information about reporting coverage and project maturity.

The portfolio also identifies projected greenhouse gas benefits of approximately 70.9 million tonnes of CO₂ equivalent and around 2.45 million hectares expected to be restored or conserved. These are estimates of future outcomes, rather than benefits already delivered.

For companies evaluating nature-based climate projects, separating forecasts from reported results is essential. A long-term estimate does not establish how much benefit has occurred, when it occurred, or how it was verified. Investment assessments consequently need to consider the underlying methodology and the evidence available at each stage.

Sustainable Land Use Combines Public and Private Finance

A central part of Mirova’s approach is the Mirova Sustainable Land Fund 2, which reached its first closing and began operations in 2024. It builds on the Land Degradation Neutrality Fund, developed in partnership with the United Nations Convention to Combat Desertification (UNCCD).

The successor fund uses blended finance, combining public and private capital to support regenerative agriculture, agroforestry and sustainable forestry in emerging markets. Its objectives include climate mitigation and adaptation, biodiversity protection and social inclusion. Proparco, the development finance institution whose parent is the Agence Française de Développement (AFD), announced support for the fund in February 2025.

The initial investor coalition also included the SDG Impact Finance Initiative, acting as the first junior investor, alongside Abeille Assurances, Allianz France and BNP Paribas Cardif. This structure brings together investors with different financial requirements and capacities to bear risk.

The Dutch development bank FMO subsequently disclosed an approved €10 million investment. Its project documentation describes long-term financing for companies and projects producing food and fibre through sustainable agricultural and forestry practices, with a pipeline across Africa, Asia and Latin America.

Climate Resilience Extends Beyond Carbon Storage

The Green Climate Fund (GCF) approved its Mirova Sustainable Land Fund 2 project in February 2025 and lists it as under implementation from February 2026.

The GCF-supported project covers selected countries including Costa Rica, Côte d’Ivoire, Ghana, Malaysia, Morocco, Peru and the Philippines. Its published estimates include 17.2 million tonnes of CO₂ equivalent avoided and approximately 314,000 people benefiting from increased resilience. These are anticipated project outcomes.

The GCF identifies limited financing, investment risk, insufficient technical capacity, and weak supply-chain traceability as barriers to sustainable land management. Addressing those obstacles matters because financing alone does not ensure that producers can adopt and maintain different practices. Technical support and implementation capacity also influence results.

Environmental Safeguards Remain Central

Nature-based investments also involve social and environmental risks. FMO’s assessment identifies potential issues involving labour, community impacts, land acquisition, biodiversity and Indigenous peoples, together with human rights risks in some operating contexts.

Its documentation requires environmental and social analysis throughout the investment process, including alignment with applicable laws, International Finance Corporation Performance Standards and core International Labour Organization conventions.

For sustainability teams and investors, these requirements place project governance alongside carbon and land-use metrics. Assessing whether natural capital finance supports durable climate resilience requires evidence about ecological outcomes, community safeguards, and delivery over time, as well as the amount of capital raised.

Sources:

Written by:

Maílis Carrilho

Sustainability Research Analyst

Maílis Carrilho is a Sustainability Research Analyst (Intern) at Net Zero Compare, contributing research and analysis on climate tech, carbon policies, and sustainable solutions. She supports the team in developing fact-based content and insights to help companies and readers navigate the evolving sustainability landscape.

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