For episode 213, we welcome Kent Babin, Co-Founder of CARBON Copy, a research and insights platform tracking the pulse of the ReFi movement, from impact data to capital flows to the emerging narratives shaping web3-powered regenerative finance.
In this episode, we dive into the newly released 2025 State of ReFi Report, which offers one of the most comprehensive snapshots to date of where the regenerative finance ecosystem stands, and where it’s headed. We explore the major milestones of the past year, the tough challenges that remain, and what it’ll take to move from promise to adoption.
Along the way, Kent shares insight on some of the most exciting ideas emerging in the space: Ethereum Localism, Bioregional Finance, ergodic ecosystem investing, and the evolution of decentralized climate capital networks.
Whether you’re already building in ReFi or exploring how Web3 can support your climate and social impact goals, this episode is packed with actionable insights and emerging opportunities.
You’ll learn:
🌱 ReFi is gaining real traction: From the first-ever issuance of native onchain regenerative credits, to Glow's $30M seed round, to Octant’s climate funding round, 2024 delivered major milestones that signal real momentum for the ReFi movement.
⚠️ But challenges remain for ReFi to reach its potential: The ReFi space continues to wrestle with funding scarcity, lingering reputational concerns, and the struggle to move beyond hype. Convincing people to buy ecological credits, let alone understand them, is still an uphill battle.
🔗 Blockchain isn’t the whole solution, just the rails: Regenerative Finance works best when Web3 is paired with real-world tech like AI and IoT devices. Think of crypto as the coordination layer, enabling verification, payments, and trust across emerging climate tech stacks.
PIPE gDAO is leveraging blockchain for their University Real World Asset IP Launchpad that helps bring groundbreaking ideas from lab to market. By joining the Pipe Associate Network (aka PAN), associates can create a profile highlighting their skills, be notified of opportunities, and then contribute fractional work to pre-IPO companies in return for equity and tokens.
Check out their Linktree for links to all of their socials so you can get involved and join this growing community!
02:30 - To kick things off, I’d love to learn more about your journey to Web3. What led you into the world of ReFi and what inspired the creation of CARBON Copy?
07:00 - Let’s dive straight into the 2025 State of ReFi Report – can you give a high level overview of the report and the biggest takeaways?
10:35 - What were some of the biggest milestones over the past year in the ReFi space that made you feel there is real momentum?
16:20 - On the flip side, what were some of the biggest challenges or setbacks the space faced in 2024? What do they tell us about what needs to change or evolve?
20:25 - One recurring theme in the report is that capital remains scarce. Can you unpack the “funding trilemma” for us, and why upstream capital continues to be so difficult to attract?
25:30 - Despite the hurdles, we’re seeing a rise in new investment models including impact RWAs, climate DePINs, ergodic ecosystem investing, and more. What trends in capital allocation are you most excited about right now?
32:20 - Another important aspect of ReFi is impact measurement and verification. What role do you see blockchain-based impact measurement tools playing in supporting the growth of the ecosystem?
40:25 - You mention Ethereum Localism and Bioregional Finance (BioFi) in the report. Can you share what these movements are and why they might represent an important next chapter for ReFi?
46:25 - For climate-focused builders or social impact founders curious about ReFi, what do you see as some of the biggest opportunities for new builders, and what advice would you give them as they explore ReFi for the first time?
49:50 - What’s your CTA for listeners? What’s the best way for them to get involved and start following Carbon Copy?
51:15 - What is one thing that you are most excited for in the ReFi ecosystem that you think could be a huge win in 2025?
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While we may discuss specific web3 projects or cryptocurrencies on this podcast, please do not take any of this as investment advice, and please make sure to do your own research on potential investment opportunities, or any opportunity. We host a variety of guests on this podcast with the sole purpose of highlighting the social impact use cases of this technology. That being said, Crypto Altruism does not endorse any of these projects, and we recognize that, since this is an emerging sector, some may be operating in regulatory grey areas, and as such, we cannot confirm their legality in the jurisdictions in which they operate, especially as it pertains to decentralized finance protocols. So, before getting involved with any project, it’s important that you do your own research and confirm the legality of the project. More available HERE.
