Category: Ecosystem Services Payments

Pablo Francisco Borrelli — Grazing carbon credits: the Trojan horse transforming Argentine grasslands

Argentina has just issued its first grazing-based carbon credits and the story behind them is forty years in the making. Pablo Francisco Borrelli, co-founder of Ruuts, has spent the last decade building the infrastructure to get farmers in Patagonia and beyond paid for what their land is actually doing: sequestering carbon, retaining water, and growing more grass than anyone thought possible.

The carbon credit is not the point. It is the door. Once a farmer steps through it and experiences what holistic management does for their land and their bottom line, the market can disappear and they won’t go back. This is a grounded account of what it takes to turn forty years of agronomic pioneering into a verified, sellable outcome and why the hardest part was never the science.

Anastasia Volkova – Building the world’s largest MRV provider

Regenerative agriculture really works. Data shows that the ability of crops, from planting to harvest, to withstand weather shocks (50-year droughts and floods happening every year, anyone?) correlates very strongly with regenerative agriculture practices. To enable that at scale, MRVs are crucial.

Happy to welcome back on the podcast Anastasia Volkova, co-founder of Regrow Ag, the AI-powered platform to make agriculture resilient, who just made another acquisition. We check in with the MRV pioneer and successful entrepreneur about why they are merging with the leading LATAM player. Last time we talked, five years ago, they had also just merged.
We talk about the current state of the MRV world: who is paying, who isn’t, who is doubling down on remote sensing, and who is investing in resilient agriculture.

What do the current wars everywhere (we are recording this in mid-March ’26, when the Iran war is in full swing) mean for resilient agriculture and the investments needed to unlock it? We also talk- just as we did five years ago- about fertiliser and the double role it plays. In the Global North we can easily cut 70%- yes, 70%- without meaningful yield drops, but in the Global South it’s desperately needed in many places. With the current exploding prices and energy costs, that will be difficult.

We discuss AI and its ability to unlock insights from large (cleaned-up) data sets, and why she is stepping into a more living-systems way of thinking. She’s optimistic that watershed- scale regeneration is almost at our fingertips.

What we learned in 2025 about making regen bankable, animals, water, chefs, scale, Al in ag, agroforestry, education, food as medicine, ROl, storytelling

If 2025 had a soundtrack, it would be the sound of stress: stress in the system, stress in humans, stress in animals and in all other non human beings.

And then the cycle of Heat. Drought. Fire. Flood. Over and over again.
And yet, between the headlines, something else seems happening. We spent the year in conversation—with farmers walking their fields, scientists questioning old assumptions, investors rethinking risk, and builders experimenting in the real world. Online and offline, we found ourselves in rooms where regeneration wasn’t an abstract ideal, but really happening.

As 2025 comes to a close, it’s hard not to feel cautiously optimistic. The signals are there. Regeneration works and the direction is becoming clearer.

Julia Kasper – Rewetting peatlands is the biggest climate opportunity to cut CO2

Meet Julia Kasper, cofounder and CEO of Zukunftmoor, a company rewetting drained peatlands and growing sphagnum moss to transform how we think about agriculture. Their powerful approach reduces greenhouse gas emissions and makes climate-friendly farming possible in peatland regions.

Peatlands, peatlands, peatlands: the biggest climate opportunity in agriculture isn’t cover crops or even silvopasture, but rewetting the humble peatlands. They cover only 3% of the global land surface, yet hold immense amounts of CO2. And when they’re drained- as many are- they release it, not just once, but year after year after year. Like a bathtub with the plug out and the shower still on.

These lands, at least in Europe, are often farmed and not very profitable. But before these farmers risk their livelihoods, we need concrete alternatives to transition. That’s what Julia works on: how to grow something that can replace current agricultural methods on peatlands while rewetting them. And it seems they’ve found a big part of the puzzle: rewetting peatlands and growing sphagnum moss. Currently, when you buy a plant in a shop or when plants are grown in greenhouses, the growing medium contains a lot of extracted peat, which comes with huge emissions and will soon be illegal in Europe. Sphagnum moss can replace this 1-to-1.

It’s still early days, but the signs are promising. We talk about how to rewet a peatland, how to seed it (hint: with drones and by hand), how to harvest — and much more. How do you create enough investor interest to actually build a company?

Sheila Darmos – Why Greece is leading the regenerative agriculture movement and what the world can learn

A conversation with Sheila Darmos, co-founder of the Southern Lights, based in the southern Peloponnese, Greece with the mission is to spread knowledge, techniques, and the mindset for regenerative practices across all domains of human activity. Sheila is also a co-founding farmer of the European Alliance for Regenerative Agriculture (EARA) and serves as an EU Soil Mission Ambassador.

A question we get very often is: which place or country is leading the regenerative movement? It’s obviously a very complex question to answer, but after talking to Sheila, our answer might be Greece. Having battled numerous economic and non- economic crises, it seems that those who have stayed don’t have much to lose. There is a strong back-to-the-land movement, well-organized local organizations helping farmers and land stewards’ transition, and people who want to return to the land more easily.

Perhaps the fact that 10% of the workforce is still active in agriculture helps, along with Greece’s long history of farming without fully going down the super-mechanized, industrial, extractive path. The rural-urban divide is very real and it’s not easy at all, but maybe farming and food are the way to break down those barriers.

Austin Unruh – Silvopasture, planting trees on millions of acres of grassland, is the most scalable and profitable regen solution

A conversation with Austin Unruh, founder of Trees for Graziers, about the investment case for silvopasture. What if we could plant hundreds of millions of trees on degraded, low-value pasture land and make money from it? What if we planted trees that are beneficial for livestock—ruminants, pigs, and poultry? The market for meat and animal products is fairly stable (unless we get a massive breakthrough in precision fermentation soon, but that’s hard to predict). Trees can dramatically lower costs and increase production.
Austin argues that this is the best entry point to get many more trees into the landscape. When chosen well, these trees provide shade (a basic need), but more importantly, they offer feed during the most difficult periods of the year—like high summer, or specific fruits that drop in the autumn, full of sugar and energy, just as cows prepare for the colder winter months. Especially with pasture-raised pigs and poultry, you can save massively on expensive (organic) feed, which is mostly grain. And as a bonus, pastures grow better with partial shade.
So, when in doubt, plant more trees on pasture. Of course, this isn’t always easy. You need to make sure pigs—who are notorious diggers— don’t destroy the young trees. You need to ensure the trees survive the first few years. You’ll need financing to bridge those early, non-fruit-bearing years. But all of that is fixable. And you’ll need a massive tree nursery to supply quality trees—preferably large ones—at scale and at an affordable price. Finally, we discuss why the beauty of a savannah-like landscape is so important.

Philip Kauders – From Goldman Sachs to investing hundreds of millions in agroforestry in Brazil

A conversation with Philip Kauders, founder of Courageous Land, working on large-scale reforestation and conservation through agroforestry and meeting the growing demand for climate-positive food, ingredients, high-value hardwoods, and carbon credits.

We can invest hundreds of millions into regenerative agroforestry, maybe even billions. No, we don’t need new regulations or new technology (drones that prune, for example— sure, they’ll help, and they’ll come, but they’re not essential). According to Philip the puzzle pieces for making large scale multi strata agroforestry systems are there. The place: Brazil. The land: the former rainforest which is currently bare or maybe grazed a bit, so underperforming financially and ecologically ecosystems. The knowledge is there because of 10000 years of agroforestry experience- the Amazon is a managed agroforestry system-, the financial system is ready because agroforestry is a thing in Brazil. Companies are sourcing products from these systems, bankers are investing, and large-scale projects are already on the ground.

The missing link? The game changer which might make real scale possible? Carbon credits. I know what you thinking about the voluntary markets and the scandals, but regen agroforestry systems are amazing carbon sinks. And many companies—especially tech giants with high margins—have made massive climate commitments and continue to buy high-quality carbon credits. That demand makes many of these projects investable, bankable and scalable.
Of course, it’s not all rainbows and unicorns—there are plenty of challenges ahead. But the main point is: we know what to do, and we know how to do it. So… what are we waiting for?

Paul McMahon – Why regen forestry is natural capital’s Trojan horse for institutional investors

A conversation with Paul McMahon, co-founder SLM partners, about forestry being the gateway drug for natural capital for institutional investors to put money to work. Why? Because they are used to investing in forestry — it is a well-established investment sector with very long-time horizons. Rotations here are 30+ years, but it’s also one with many challenges: current practices usually mean cutting down a forest after 30 years and completely replanting it. That basically scars a landscape for life — mostly monocultures.

Interestingly, alternatives have been popping up over the last few decades. Continuous Cover Forestry (CCF), where you selectively harvest and let natural processes do most of the work, requires highly skilled foresters, but it can deliver superior returns alongside all the environmental benefits. These are production forests you want to be in — and forest bathe in. Now that a lot of academic research is emerging about carbon levels, returns, etc., the time might be right for more money to flow into it. Interestingly enough, there are established markets for quality in forestry — bigger, better logs (which you can get with CCF) fetch substantially higher prices. All reasons for agricultural investors and actors to look at forestry and see what we can learn.

What we learned in 2024 about ecocide, land access crisis, regenerative education, return of inspiration, chefs, machinery and brands driving change

As we wrap up 2024, we reflect on a year that brought hope but also served as a wake-up call. With skyrocketing temperatures, droughts, fires, and floods, the challenges have been immense. But we were very lucky that we—both online and offline— had the chance to come together with many of the pioneers and builders in regenerative agriculture and food. At the same time, we were reminded that we, as part of nature, are at war with extractive forces.

Our takeaways on ambitious entrepreneurs, the many elephants in the room, role and legacy of farmers, innovation in water cycle restoration, money money money, building new industries. Many deep dives in soil health, starting with chefs, consumer brands driving change and educating consumers, walking the land with regenerative farmers, legends, role of AI and tools. And, finally, some milestones and highlights.

Kevin Wolz – Starting an agroforestry industry in the belly of the beast, the soy and corn monoculture heartland of the US Midwest

A conversation with Kevin Wolz, CEO of Canopy Farm Management and former founder of the Savanna Institute. Canopy provides tree planting and management services to farmers and landowners in the US Midwest. They establish perennial crops, timber plantings, conservation practices, and integrated agroforestry systems.

We have been talking about agroforestry systems and investing before (see link at the bottom of this page!): trees were the answer to whatever your question was. But how do you start an agroforestry industry right in the middle of the belly of the beast, the American Midwest, where corn and soy are everywhere, leases are 1 to 3 years, and there are no trees as far as the eye can see? And especially here, trees are needed, not as magical carbon sequestration tools but as climate adaptation, against erosion, wind breaks, to protect animals and crops, nutrient leaking into streams, and, of course, to produce a lot of food integrated into the fields. What does it take to build an agroforestry industry here? What about finance, equipment, planting, seedlings, tree nursery, harvesting, markets, and much more?