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Mirova, a sustainability-focused affiliate of Natixis Investment Managers, manages €32 billion ( US$36.02 million ) in assets and plays a leading role in nature-based investing. A core part of Mirova’s platform is its dedicated natural capital strategy, which spans three investment themes and supports more than 70 projects globally, including impactful agriculture and forestry initiatives across Southeast Asia.
Of the firm’s total assets, €500 million ( US$562.83 milliion ) is currently allocated to natural capital, reflecting its growing emphasis on restoring and preserving biodiversity.
Although headquartered in Paris, Mirova’s presence was felt in Singapore during Ecosperity Week 2025, where The Asset ( TA ) met with Gautier Queru ( GQ ), the company’s managing director of natural capital, who oversees its strategies on sustainable land use and carbon, and shared his insights into how finance can catalyze environmental resilience in emerging markets.
TA: How is Mirova leveraging private sector partnerships – such as the L’Oréal and Orange nature funds – to drive measurable impact in natural capital investments, particularly in Southeast Asia?
GQ: Over the past four years, Mirova has successfully raised over US$350 million for its nature-based solutions ( NbS ) strategy from corporate partners dedicated to advancing climate and nature objectives. This is part of the total US$1 billion raised for natural capital over the last 10 years.
This catalytic long-term capital has been instrumental in funding impactful and scalable projects on the ground. Our initiatives encompass a diverse range of projects, including reforestation, regenerative agriculture, peatland restoration and mangrove conservation.
In Southeast Asia, for example, we have made significant contributions to reforestation and forest conservation efforts in the Philippines, ensuring that our partnerships translate into measurable positive outcomes for both the environment and local communities.
This can be illustrated by our equity partnership with Kennemer, a Philippines-based diversified agroforestry company specializing in:
Kennemer’s objective is to improve the availability of a quality supply of cocoa and bananas, while breaking the cycle of poverty for Filipino farmers through the integration of smallholder communities. Notably, the company was awarded the first nature-based carbon credits issued in the Philippines derived from the Kennemer cacao-based agroforestry programme and the planting of trees to sequester carbon, all implemented in direct partnership with local farmers.
TA: Given the growing focus on NbS as investable asset classes, how does Mirova evaluate the long-term bankability and creditworthiness of projects like regenerative agriculture or agroforestry in emerging markets like the Philippines or Laos?
GQ: We utilize our natural capital platform to rigorously assess the long-term bankability and creditworthiness of NbS projects. Our expertise lies in identifying, selecting and financing high-quality initiatives that generate positive environmental and social impacts while delivering attractive returns for investors.
We recognize two primary business models within this sector:
The bankability of these projects is assessed based on their ability to produce higher-quality outputs using fewer resources and to establish strong offtake agreements for the commodities produced, whether they are food crops, timber or carbon credits. Our approach employs project finance principles to ensure sustainable profitability and impact.
TA: In the context of alignment with the Taskforce on Nature-related Financial Disclosures ( TNFD ), how is Mirova working with financial institutions to embed ecosystem services into financial decision-making frameworks?
GQ: Mirova has been actively involved in the TNFD since its inception. As a working group member and participant in leading initiatives, such as the Finance for Biodiversity Pledge and the Natural Capital Investment Alliance, we are committed to harmonizing finance and investment decisions with the Global Biodiversity Framework adopted in December 2022.
Our mission is to advocate for a financial ecosystem where activities that harm nature, such as deforestation face increasing penalties, while restorative actions like land rehabilitation receive incentives.
By collaborating with financial institutions, we support the integration of ecosystem services into their decision-making frameworks, thereby fostering a conducive environment for capital allocation that aligns with the goals of a nature-positive economy. In 2020, we published our roadmap for our biodiversity commitments. The document entitled Mirova for Nature has been updated frequently since then.
TA: Carbon markets are maturing, yet volatility and verification remain key challenges. How is Mirova addressing pricing opacity and ensuring the integrity of carbon credits, especially in REDD+ projects or corporate-linked funds?
GQ: With more than 20 years of experience in carbon finance, Mirova is committed to developing robust market structures that prioritise integrity and transparency. Our involvement began with the Kyoto Protocol and the Clean Development Mechanism, which positioned us as early adopters in the carbon market. Our engagement in carbon credit financing is contingent upon the integrity of the credits produced.
In recent years, we have observed significant improvements in market integrity, particularly with the adoption of the Core Carbon Principles by the International Carbon Voluntary Market.
Currently, we focus on supporting nature-based carbon projects that deliver verified carbon credits to corporate investors in our funds. Our comprehensive analysis evaluates the environmental, social, technical and financial dimensions of each project to ensure their robustness and integrity.
As mainstream capital increasingly enters the market, we anticipate enhancements in market infrastructure and reliability, supported by valued partnerships, such as those with GenZero in Singapore.
TA: With increasing scrutiny on community engagement and equity in conservation finance, how do you structure projects to ensure local communities are co-beneficiaries, not just stewards, of land restoration or reforestation efforts?
GQ: Our approach involves designing financing instruments that generate both positive environmental and social impacts while delivering value to our investors.
Achieving this balance requires negotiating equitable legal and commercial conditions with project developers grounded in a long-term vision that fosters collaboration with local communities.
Central to our investment strategy is the belief that sustainable management of natural resources can yield attractive financial returns while simultaneously enhancing resilience and welfare in local communities. By integrating community perspectives into project design, we ensure that our efforts provide tangible benefits to those who are most directly affected.
TA: Looking ahead, what financial innovations, whether tokenization, blended finance or biodiversity-linked instruments, are Mirova exploring to scale its natural capital platform beyond the current US$0.6 billion footprint?
GQ: Blended finance has emerged as a critical topic for institutional investors, as there is a growing recognition that addressing pressing environmental challenges necessitates significant investments in emerging markets, where numerous opportunities exist.
To mitigate the high perceived risks associated with these investments, we utilise concessional capital from government and philanthropic sources to attract commercial capital from private investors.
Our current focus is on standardizing and optimizing blended finance structures, enhancing the risk-return profiles for investors and scaling up the NbS asset class. By fostering collaboration across sectors and leveraging innovative financing mechanisms, we aim to significantly elevate our impact in the natural capital space.
