In this episode of Investing in Regeneration, Mónica Altamirano de Jong sits down with Stephen Hart, Principal Advisor for Nature and Water at the European Investment Bank (EIB), to explore the evolution of nature and climate adaptation finance in Europe.

Drawing on his experience leading the Natural Capital Finance Facility (NCFF), Stephen reflects on more than a decade of experimentation in biodiversity finance, nature-based solutions, and water resilience investments. Together, they unpack what worked, what did not, and why financing nature requires much more than innovative financial instruments.

From funding gaps and ecosystem services to nature credits, water resilience, and landscape-scale restoration, this conversation explores the structural changes needed to move nature finance from isolated success stories to mainstream investment.

▶️ Nature Finance at Scale: Lessons from Europe’s Natural Capital Finance Facility

00:00:00 Introduction to Investing in Regeneration

00:04:06 The Origins and Theory of Change Behind the NCFF

00:13:11 From Financial Engineering to Funding Fundamentals

00:18:05 Expanding the Scope of Nature Investments

00:22:28 Stephen’s Journey into Nature and Finance

00:28:42 How Nature and Adaptation Investments Are Sourced

00:37:16 Financing Nature: Lessons from the NCFF Structure

00:48:10 Building Revenue Models for Nature Restoration

00:50:51 Reducing Transaction Costs in Ecosystem Restoration

00:55:06 Measuring Success Beyond Financial Returns

01:00:16 The Limits of Traditional Banking for Nature

01:02:55 Balancing Nature Restoration, Climate Adaptation, and Human Needs

01:08:28 What Needs to Change to Finance Nature at Scale

Notable Quote:

“When we say we're investing in nature, you can say we're trying to, at the end of this, create biodiversity, create biological growth, or connectivity, but the investing level ultimately comes down to a social and economic level that lies on top of it. That is really where you can create things that were not there before.” - Stephen Hart

Connect with Stephen:

📱 LinkedIn: https://linkedin.com/in/stephen-d-hart

💻 Website: https://www.eib.org/en/stories/climate-change-biodiversity

Connect with Mónica:

📱 LinkedIn: https://www.linkedin.com/in/altamiranomonicaa/

💻 Website: https://altamira-regen.com/

Produced by Ideablossoms