Impact Finance Bulletin: Flowers do not ask for an economic incentive to bloom

Each year, for every dollar invested in nature-based solutions, about $30 are invested in activities that directly harm nature, according to UNEP. In this context, some experts say two things need to happen to avoid ecosystem collapse: first, greening finance, which would be relatively easy to achieve if investors were more willing to adopt net zero targets and use ESG-like approaches in their portfolios; meanwhile, more capital needs to flow to nature-benefiting initiatives. 

The latter is more complicated as it requires building new tools and structures to make nature-based solutions attractive to investors – but some finance innovators are doing just that, as we have previously reported in Pioneers Post. Using carbon credits as a source of income for restoration projects, and investing in green infrastructure like mangroves to prevent flooding, are just two examples of how nature can become “bankable” for investors.

But a discussion at the recent ChangeNOW conference cast doubt over whether that’s the right thing to do. Host Hilda Liswani asked: does making nature fit into a “market” framework risk turning it into a commodity? 

Indigenous rights and climate activist Xananine Calvillo Ramirez warned against expecting the very system that is killing nature to be able to save it. The idea of “green capitalism” is still based on the need to make profits, she noted – which is extractive by essence. Carbon credits, if they are not linked to a requirement for the buyer to reduce their own emissions, can be seen as a licence to pollute.

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Many models of nature-positive investment also revolve around ownership – investors buy land, then earn money from growing a forest on it. But for Calvillo Ramirez, our relationship to nature should be one of stewardship, not ownership: nature and its power is “not the property of one” but something common to all that should be protected, she said. 

A complete system redesign is needed, she added: “Rather than thinking: ‘how are we going to make nature marketable or desirable to investors’, we need to think: ‘how are you going to make an economy that is aligned with nature and that puts life at the centre?’” The relationship of Indigenous people with nature was an example of a custodian model that benefits both people and the planet, she said.

Some will argue Calvillo Ramirez’s argument is sound but idealistic, in contrast with the pragmatism of the nature market-builders who are designing solutions that can work in the current system, however imperfect it is. But it is important to keep in mind both sides of the conversation, at least to acknowledge the paradox we’ve put ourselves into. Flowers do not ask for an economic incentive to bloom, as Calvillo Ramirez noted. It is a shame that because of the world we’ve built, nature now needs money to survive.

On our radar

On 13 May the Pioneers Post team, in partnership with NatWest Social and Community Capital, will be in Manchester, UK, to announce the winners of this year’s SE100 Impact Pioneer Awards. Seven finalists have made the shortlist for the Social Investment Pioneer accolade – join us, in person or online, to find out who the winners are! 

And here are three impact investing events around the world for your calendar:

• Philea Forum 2026: One of Europe’s major philanthropy meetings of the year, where 800 delegates from foundations, corporations, NGOs and multilateral institutions meet to brainstorm the future of the sector. 18-21 May, Copenhagen, Denmark.
• Impacta Mais: Brazil's flagship impact economy gathering, expecting 3,000+ participants. The event will feature seven thematic hubs, including on impact investing and AI for impact. 20-21 May, São Paulo, Brazil.
• Africa Impact Summit: organised by Africa Impact Investing Group, a network of GSG Impact national partners, the event brings together impact investing leaders and experts from across the continent to drive networking, deal making and systems change. Watch out for the announcement of the winners of the Africa Impact Investment Awards. 10-12 June, Lusaka, Zambia.

(Have some off-the-record leads or tips you'd like to share? Let's have a chat.)

Top image: Xananine Calvillo Ramirez and Hilda Liswani at ChangeNOW 2026. Credit: François Durand / ChangeNOW.