Sustainable agriculture: “Who will be tomorrow’s farmers?”

Opinion piece • Antoine Vedrenne, Agriculture Partner at Citizen Capital, analyses for News Tank Agro the challenges of financing the agroecological transition in France as the 2026 International Agricultural Show opens.

Summary

1. An agricultural crisis symptomatic of a model that has run its course
2. The paradox of public funding for agriculture
3. Access to land, key to generational renewal
4. Concrete impact investment solutions
5. Public-private cooperation: essential for the agriculture of tomorrow

An agricultural crisis symptomatic of a model that has run its course

90% of French farmers are willing to commit to agroecology… provided they receive support. But at the same time, one in five European farmers is considering ceasing operations within the next five years.

This paradox reveals the depth of the crisis facing French agriculture, which goes far beyond the tractor protests that have dominated the news recently.

“The agricultural crisis facing France is a symptom of a deeper problem, with an elephant in the room: who will be tomorrow’s farmers?” – Antoine Vedrenne, Agriculture Partner, Citizen Capital

Key figures of the crisis

• 64%: share of public subsidies in pre-tax agricultural income in France (2024)
• 6 to 9%: proportion of these subsidies actually supporting the ecological transition (source: I4CE, 2024)
• 20%: share of French GHG emissions linked to agriculture
• €1.5 billion: annual structural deficit in farm financing in France

The paradox of public funding for agriculture in France

While the Common Agricultural Policy (CAP) provides massive support to the sector, most of the funding remains neutral or even counterproductive to the ecological transition.

Antoine Vedrenne points to an uncomfortable truth: “Society is paying dearly for a model that feeds those who need it most, both literally and figuratively, too poorly, on both the farm and at the table.”

Why current funding is not working

• Lack of incentives for transition: current mechanisms do not value the positive externalities of regenerative agriculture
• Financial risk borne by farmers alone: the transition requires heavy investment that farmers with limited incomes cannot afford
• Temporal mismatch: agricultural transformation is planned over 20-30 years, while traditional financing is planned over 5-7 years

Access to land: a prerequisite for generational renewal

How can we enable younger generations of farmers to access land while implementing the agroecological practices they aspire to?

This is THE key question, according to Antoine Vedrenne. The answer lies in reinventing land ownership models.

New land ownership solutions

• Long-term ownership funds (15-25 years) enabling farmers to gradually buy back their land
• Non-speculative framework securing access to land
• Collective approaches (land ownership, group purchases)

Concrete solutions for impact investing in agriculture

At Citizen Capital, a pioneer in impact investing in France since 2008, we don’t just analyse: we build solutions.

Our agriculture strategy: two complementary funds

Agri Impact (€M30) – Diversification of activities

Launched in 2021 in partnership with the Avril Foundation.

• Investment theses: renewable energies, primary processing, new agricultural models
• Impact to date: 23 farms supported (as of Feb 2026)
• Concrete example: Cultive, which trains and installs market gardeners in bio-intensive farming (target: 450 sustainable farms within 10 years)

ELAN Terres Agricoles (€M40) – Land portage

Launched in 2025 in partnership with Safer.

• Mission: to facilitate the establishment of a new generation of farmers
• Model: 10-25 year land leasing with option to purchase at market conditions
• Target: 100 establishments in 3 years
• Investors: Banque des Territoires (France 2030), Crédit Agricole, Crédit Mutuel

Public-private cooperation: essential for the agriculture of tomorrow

According to a recent study by major players in the agri-food industry, €1,100 per hectare of investment will be needed by 2050 to develop the full potential of French farms.

Faced with this colossal need, Antoine Vedrenne calls for a new relationship between public and private money: “More innovative and cooperative financial instruments between the public and private sectors (land financing, guarantees, shared-risk loans, performance-based payments, etc.) are needed to bring about agricultural transformation. The agriculture of tomorrow is being built today. This requires a great deal of cooperation.”

Hybrid financing levers to be developed

✓ Long-term land financing
✓ Public guarantee mechanisms
✓ Shared-risk loans
✓ Payments based on environmental results
✓ Blended finance combining grants and investments

Conclusion: farmers are key to the transition

“Farmers are not an obstacle to a just transition. Quite the contrary,” concludes Antoine Vedrenne in his opinion piece.

The conclusion is clear: we have the solutions, we know what is needed, all that remains is to mobilise the resources and create the frameworks for cooperation that will enable us to scale up.

📖 Read the full article

“How can we respond to the diverse needs of farmers?” – Opinion piece by Antoine Vedrenne published in News Tank Agro on 20 February 2026
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About the author

Antoine Vedrenne is a partner at Citizen Capital, responsible for the Agriculture & Associations strategy. A graduate of École Polytechnique and École des Ponts, he oversees the deployment of the Agri Impact and ELAN Terres Agricoles funds, two vehicles dedicated to transforming the French agricultural system.

Learn more about our agriculture strategy

• • Learn more about Agri Impact
  • Learn more about ELAN Terres Agricoles
  • Our vision of investing in agriculture

Keywords: sustainable agriculture financing, agroecological transition in France, impact investing in agriculture, agricultural land holding, young farmer settlement, food sovereignty, regenerative agriculture, agriculture funds, Citizen Capital