The Natural Capitalist: A Year in Review

Building in Public - The Natural Capitalist: A Year in Review

Right off the bat, I’ll admit, I feel a little uncomfortable sharing all this. Partly because I’m not sure anyone will care, and partly because I’d usually rather pontificate on big themes than open up about my personal experiences. But as Dan Kirby reminded me, building in public has its value. So, here we go…

Reflections from 2024

The biggest takeaway for me this year is this: deciding to work only on businesses I’m truly passionate about is a privilege like no other. It makes even the tough days enjoyable. If you have the chance to do this—take it.

When I moved on from Maze Theory (a Video Games Developer I founded in 2018), I felt relief. A lot of my reasons for staying in the last few years boiled down to loyalty and guilt, not personal passion. Not a bad thing, but not sustainable for me. That shift allowed me to focus more on what excites me most—climate, the environment, and the vision behind my Natural Capitalist Dream.

This dream is bold and difficult: redirecting capitalism to actively benefit the environment. As Simon Rutter, my cofounder at the Natural Capital Company, bluntly pointed out:

“I’ve done some research, and most companies in this space don’t make much money.”

Challenge accepted.

Whether this is the moment where change can happen or whether I’m naïve… only time will tell.

Building New Ventures

2024 saw myself, Simon Rutter and Pip Baker lay the groundwork for Natural Capital Company, a business dedicated to creating profitable ventures that improve our environment. Our first project, Biodiversity Units UK, capitalizes on the new Biodiversity Net Gain (BNG) legislation. After 16 months of development, we’re seeing immense growth and a brand-new market emerging.

We’re also launching The Wild Company, helping landowners restore nature while unlocking immense value from their land. And beyond that? We have a growing list of concepts, but limited resources demand sharp focus.

Ecologi: Bucking the Climate Tech Trend

Meanwhile, Ecologi continues to thrive. Under Dimitri Theocharis’ leadership, we’ve expanded our customer base and achieved profitability this year, even as climate tech struggles against the backdrop of global crises like the war in Ukraine and the cost of living squeeze.

Exciting ventures are on the horizon: evolving our offering to help businesses decarbonize, pursuing strategic acquisitions, expanding into the U.S. and defining new standards for “responsible revenue.” Climate isn’t going away—far from it. The longer action is delayed, the bigger the measures (and costs) required to fix it.

I’m confident that Ecologi is well-positioned to lead the charge both now and in the future.

Harnessing the Power of AI

No entrepreneur can ignore AI. The more I use, learn, and read about it, the more I’m convinced it will surpass even the internet in significance. Yes, there are valid concerns—its energy and water usage among them—but I believe those challenges can be overcome.

Ignoring AI isn’t an option. As Tony Blair pointed out in Leaders, the rise of AI is inevitable. Resisting it won’t stop its trajectory, and unless you’re among the few global leaders shaping its path, your energy is better spent figuring out how to harness its potential.

With that in mind, I’m thrilled to be co-founding Naitiv with Andrew Black, creating innovative tools that empower businesses to leverage AI from the ground up. While this venture isn’t directly focused on climate, I see enormous potential for AI to play a transformative role in addressing the climate crisis. Early examples, such as the use of AI and satellite imagery to monitor carbon projects and track habitat restoration, hint at what’s possible. This intersection of technology and environmental impact is an area I’m deeply excited to explore further.

It’s All About the People

Above all, 2024 has reminded me that none of this would be possible without the incredible people I’ve been lucky to work with. Business is fun because of them.

Special thanks to:

Pip Baker, Simon Rutter, Dan Kirby, Dimitri Theocharis, Jen Stott, Sam Allen, Russ Harding, Phil White, Laura Bishop, Andrew Black, Nick Parker, Adam Boita, Becky Barker, Martin Palethorpe, Oli Barrett, Peter Czapp, Dan Moore, Phillip Guertler, Rob Coke, Max Phillips, Elliot Coad, Tom Moore, Claire Traynor, Ben Taylor, Ivan De Klee—and my wife and family, without whose support none of this would be possible.

Why Write This?

Writing this helps me reflect on the year’s successes and challenges, but more importantly, I’m looking for help. If you’ve read this and any of these ideas resonate with you, please reach out. Whether it’s Natural Capital Company, AI, or Ecologi’s mission—I need collaborators, partners, and supporters.

Here’s to an even bigger 2025. Let’s make it happen.