Emma Fuller on Delivering Regenerative Impact & Competitive Returns in 2025

Nearly a quarter into 2025, the landscape for investing in regenerative agriculture and food in the U.S. looks similar to 2024 in some ways (slow but growing!) but is also set to a very different and rapidly changing political backdrop. How is this impacting those seeking to advance investment in regenerative? We checked in with Emma Fuller, co-founder of Fractal Ag to see what 2025 looks like for their work so far. Fractal Ag brings a new approach to investing in farmland – supporting commercial scale farmers in regenerative land-use change by providing equity financing for their operations’ growth. As Emma shared in her opening presentation at the 2024 RFSI Forum, Fractal’s theory of change centers around finding alignment between farmers and investors in order to drive scaled impact for both and the planet. Here, Emma shares their biggest lesson from 2024, Fractal’s north star in 2025, and what they are keeping an eye on as they continue their work.

Emma Fuller leads data science and impact underwriting at Fractal Ag, where she focuses on integrating both climate risk and soil health into land valuations while also overseeing Fractal’s regenerative theory of change. Before cofounding Fractal, Emma co-created Corteva Agriscience's carbon program while also leading Sustainability Science. She earned a PhD in ecology at Princeton and has held several roles in data science and sustainability at both Granular and Corteva, including developing AcreValue’s first comparables-based land valuation model. Emma and her husband live on Vashon Island, WA where they have a horse-powered organic produce farm supporting a 40 person CSA.

Emma Fuller, Co-Founder of Fractal Ag

RFSI:  What were your biggest lessons from 2024?

Emma Fuller (EF): We’ve continued to see strong evidence that our original thesis—partnering closely with farmers of all types—is the most effective strategy for regenerative farmland investing. Whether working with an organic operation fluent in soil health principles or a conventional farm just beginning its transition, we’ve found that linking financing to soil health outcomes works across the board. In fact, our portfolio is currently outperforming our regenerative impact targets by 3x while still delivering cash yields that are 1.5–2x local market norms. 2024 further validated that this approach is both scalable and aligned: delivering real environmental impact and competitive returns.

RFSI: In December, you told me you were optimistic for 2025. Are you still?

EF: We remain optimistic, though we’re clear-eyed about the real short- and medium-term headwinds farmers are facing. That makes the need for flexible, aligned capital even more urgent. Investor interest in climate-resilient farmland remains strong, and our focus is on ensuring the financial burden of transition doesn’t fall solely on farmers. Structuring financing around soil health and long-term resilience remains key to delivering attractive returns while helping farmers thrive.

RFSI: How are conversations with investors and farmers going so far in 2025? Do they look and feel any different than in 2024?

EF: The themes are similar, but we’re seeing more urgency from both sides. Farmers are seeking real solutions to persistent volatility and rising costs, and they’re looking for capital partners who can support long-term resilience, not just short-term survival. Investors, meanwhile, are actively looking for ways to put capital to work in climate-aligned strategies, but with a sharper eye on return profiles and risk management. The appetite is there—what matters now is execution and trust.

RFSI: Do you think the chaotic political landscape of 2025 has impacted investor appetite for allocating capital right now? If so, what are you telling potential investors about Fractal’s opportunity?

EF: Yes—uncertainty around policy and government funding for climate-smart agriculture has caused some hesitation among investors. That’s exactly why we built Fractal’s model to stand on its own, delivering market-rate returns without relying on subsidies or new incentives. While we’d welcome policies that reward soil health and resilience, we’re not dependent on them. Investors looking to reduce exposure to political risk are increasingly recognizing that regenerative farmland—when managed with a long-term view—is one of the more stable and attractive real asset investments available.

RFSI: Is there anything in particular you are keeping an eye on in 2025?

EF: We’re continuing to refine and execute a theory of change that doesn’t hinge on new policy or regulation. That said, we’re watching the Farm Bill closely—particularly any provisions that could accelerate adoption of ecological safety nets like healthy soils. Crop insurance reform that reflects the risk-reduction benefits of regenerative practices would be especially impactful. But whether or not that comes to pass, our model offers farmers a viable path to invest in soil health and earn strong financial returns while doing it.

RFSI: What’s keeping you motivated in this work right now?

EF: As we move through 2025, our north star remains the same: farmers are the key to unlocking regenerative agriculture at scale. We’re doubling down on creating structures that share risk, reward, and decision-making power with farmers. That’s how we build a system that’s resilient, scalable, and investable—no matter the political or market environment.