Everyone talks about capital flows into nature. Nobody talks about what has to be true before that capital will move. Insurance isn't a nice-to-have in natural capital markets — it's the load-bearing wall. Without it, the deals don't close, the banks don't lend, the corporates don't buy. With it, you get carbon credits on a balance sheet as assets instead of liabilities. You get BNG units trading like real infrastructure. You get developers who can actually monetise their projects without locking 20% of their value in a buffer forever.

This round table brings together three people building that infrastructure from the inside: Natalia Dorfman, CEO of Kita — the world's first specialist carbon and natural capital insurer; Will Butler, CEO of Gaia Sicura — the world's first insurance broker exclusively for nature regeneration; and George Pawley, General Counsel at Oxygen Conservation, who has been placing and stress-testing these policies in the real world since the beginning. Between them, they cover the full chain from project risk to policy placement to legal execution.

Rich goes deep on how insurance unlocks capital that nothing else can reach, why buffer pools are a relic from a world before specialist insurers existed, what happens to this market if political risk starts getting priced into BNG, and why AI is simultaneously liberating and terrifying for a sector that runs on expert judgment. The future of natural capital isn't just about planting trees. It's about making those trees insurable.