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Regenerative Finance or ReFi combines Decentralised Finance (DeFi) technologies with regenerative principles. For those in the movement, ReFi is about using the tools of blockchain technology to incentivise climate-positive action and transform contemporary economic systems from extractive to regenerative modes.

At its heart, ReFi is rooted in theories of ecological and regenerative economics, which aim to account for nature and its limits within economic theory. ReFi aims to redefine contemporary value systems so that economic and ecological value are fundamentally aligned. A diverse range of climate initiatives identify with ReFi, from carbon credits to endangered species protection, from regenerative agriculture to marine conservation, even including emerging 'play-to- preserve' Web3 gaming. However, it is important to note that, by and large, ReFi is concerned with improving and enacting market-based approaches to climate action.

ReFi is a distinctive movement focused on coordination failure. It attempts to address this challenge by incentivising (as opposed to inspiring) action. While it is focused on markets, ReFi is first and foremost a citizen-led strategy; it builds from the bottom up, rather than applying regulatory constraints on corporations or trusting corporations to undertake social responsibility strategies.

This report was prepared for Intel, through the ARC Centre of Excellence for Automated Decision-Making and Society.

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