Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investment, has announced a $30 million investment in Varaha’s Kheti soil carbon project. The initiative empowers smallholder farmers in India to adopt regenerative agriculture practices, marking Mirova’s first carbon investment in the country and its largest single commitment under nature-based carbon strategies to date. The move reinforces Mirova’s ambition to scale high-integrity climate solutions across Asia.
Pioneering High-Impact Climate Solutions
Founded in 2022, Varaha is one of Asia’s largest carbon project developer, delivering innovative climate solutions that:
*Build soil organic carbon
*Afforest agricultural lands
*Generate biochar
Varaha focuses on high-integrity carbon projects that empower smallholder farmers, positioning agriculture as a powerful tool for greenhouse gas removal while enhancing rural livelihoods across South Asia.
The Kheti Project: Transforming Smallholder Agriculture
The Kheti soil carbon project aims to transition over 337,000 smallholder farmers across 675,000 hectares in Haryana and Punjab toward regenerative practices, including:
*Direct seeding of rice
*Crop residue management
*Reduced tillage
These measures are expected to generate high-quality carbon credits. The revenue-sharing mechanism ensures that farmers directly benefit from credit sales under the Verra VM0042 methodology. The project also targets Climate, Community & Biodiversity (CCB) certification, reflecting its high environmental and social standards.
Robust Implementation and Monitoring
Varaha combines local expertise with a robust implementation model, partnering with local organizations to execute the project on the ground. Its digital platform provides real-time monitoring, reporting, and verification (MRV), ensuring transparency, accountability, and measurable climate and social outcomes.
Delivering Climate and Community Co-Benefits
Beyond carbon mitigation, the Kheti project is designed to deliver strong co-benefits:
*Ecosystem regeneration: Improved soil health, biodiversity conservation, reduced water use, and minimized chemical inputs
*Livelihood enhancement: Higher agricultural yields, lower input costs, better air quality, and net job creation
*Gender and inclusion: Targeted support for women farmers and female entrepreneurship in rural communities
Leadership Voices
Madhur Jain, MD and CEO, Varaha, said, “This partnership validates Varaha’s vision to make regenerative agriculture a cornerstone of India’s climate strategy. Our model combines scientific rigor with meaningful smallholder impact, and we are grateful to Mirova for their trust and partnership. Together, we aim to make India a global leader in greenhouse gas reduction, showing that climate resilience and rural prosperity go hand in hand.”
Charlotte Lehmann, Senior Investment Director, Mirova, added, “This transaction — our largest carbon deal to date and our first in India — marks a pivotal milestone. It demonstrates how carbon finance can transform agriculture while strengthening resilient rural communities across the Asia-Pacific region.”
Mirova’s Commitment to Nature-Based Solutions
As per the press release, since 2020, Mirova has mobilized over $350 million from corporate partners to support nature-based carbon projects. It has also built strong expertise within its natural capital platform. Landmark transactions like the Kheti project aim to advance the maturity of the nature-based solutions sector. They also help accelerate high-integrity climate finance, delivering both environmental and social impact.
