Delivering Infrastructure-Grade Ecosystem Restoration at Scale

Reflections from a joint Bregal Sphere and Imperative panel discussion, held during Ecosperity Week 2026, in Singapore.

Moderated by Dami Lalude (Bregal Sphere), the discussion brought together Mark Welch (Imperative), Charlotte Lehmann (Mirova), Rui Huang (GenZero), Flora Ji (Rubicon Carbon) and Sebastien Cross (BeZero Carbon). Several themes emerged with notable consistency across perspectives.

Scale is no longer about size, but about deployability

Five to ten years ago, the central question in nature-based solutions was whether the market existed at all. Today, the more pressing questions are about deployability – whether institutional capital can be put to work efficiently, whether projects can be replicated from 1,000 to 100,000 hectares without losing fidelity, and whether unit economics can support both attractive risk-adjusted returns and the quality standards that long-term integrity demands.

There is also a more counter-intuitive dimension to scale. Lower unit cost of production is not in tension with quality – it is what funds the execution capacity, data systems and community programmes that deliver quality in the first place. Industrialising delivery is, in this sense, a precondition for integrity rather than a threat to it.

The infrastructure analogy holds, with one important caveat

Where the analogy strains is in the nature of the underlying asset itself. Living systems, weather, climate non-linearity, and the evolution of community relationships introduce variables that cannot be engineered away. The task is not to eliminate uncertainty, but to build the management systems (reporting, governance, insurance, remediation planning) that allow developers and investors to anticipate, absorb and respond to it.

The demand side is maturing, but slowly

Buyers are no longer purchasing storyline alone. They are increasingly asking what, precisely, sits behind a credit, and demanding transparent documentation, low reputational risk and reliable delivery to match. Yet sophisticated buyers of this kind remain a minority. A much larger pool of observers has yet to translate intent into action, and converting that latent demand is one of the defining tasks of the next phase of market development.

Portfolio products, insurance overlays and independent ratings have an important role to play here. By packaging risk-managed exposure that has been assessed by professionals, they lower the diligence burden on buyers and make participation feasible without each buyer having to underwrite each project from scratch.

What would accelerate the next phase

The catalysts that came up most often were complementary rather than competing –  access to large, contiguous land parcels; clearer and more stable regulatory frameworks; the recognition of nature-based removals within compliance markets; deeper sharing of learnings and structures across the community; and an institutional risk appetite calibrated to what these projects actually are, rather than to what they are sometimes perceived to be. Underlying all of these is a simple recognition. The disciplines required to industrialise this sector are well understood. The work now is to apply them, consistently, project after project.

A prove-it moment

Closing the evening, Agustin Silvani of Bregal Sphere reflected that the sector is in a “prove-it” period –  building portfolios, demonstrating delivery, and preparing for the next significant demand signal so that, when it arrives, the market is ready to absorb it with the credibility and scrutiny that institutional capital requires.

That is the responsibility Bregal Sphere and Imperative share, alongside the partners who joined us in Singapore. We are grateful to our panellists and guests for a thoughtful and candid exchange, and we look forward to continuing the conversation, and the work, in the months ahead.

About Bregal Sphere

Bregal Sphere is an impact investing platform launched by Bregal Investments – a global investment firm managing over €19 billion AUM across multiple private markets strategies in North America and Europe. As a leading institutional natural capital investor, Bregal Sphere partners with leading nature-based project developers to deliver large-scale carbon removal projects that generate measurable positive impact for nature, climate, and local communities, alongside financial returns. For more information about Bregal Sphere, visit www.bregalsphere.com or follow us on LinkedIn.

About Imperative

Imperative, the Nature Infrastructure Company™, designs, develops, and operates large-scale ecosystem restoration projects across multiple jurisdictions. The company applies an infrastructure-grade approach to carbon removal — combining rigorous project engineering, vertically integrated operations, and institutional-quality standards to deliver high-integrity carbon credits with measurable biodiversity and community outcomes. Imperative’s projects are independently rated by BeZero Carbon and registered under Verra’s Verified Carbon Standard. For more information about Imperative, visit www.imperativeinc.com or follow on LinkedIn.