Systemic Financing for Regenerative Agriculture in Europe: Evidence from ReForest Living Labs

Systemic Financing for Regenerative Agriculture in Europe: Evidence from ReForest Living Labs | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Systemic Financing for Regenerative Agriculture in Europe: Evidence from ReForest Living Labs Tiago Zibecchi, Yeganeh Forouheshfar, Rym Ayadi This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7613055/v1 This work is licensed under a CC BY 4.0 License Status: Under Revision Version 1 posted 9 You are reading this latest preprint version Abstract The transition to regenerative agriculture is often associated with high upfront, maintenance, and opportunity costs. Agroforestry, widely recognized as a key sustainable land-use system, offers multiple environmental co-benefits, including carbon sequestration, improved soil quality, enhanced biodiversity, and greater ecosystem resilience. This paper examines the design and validation of the Sustainable Financing Scheme developed under the ReForest project to promote agroforestry adoption across Europe. Co-created through Living Labs in eight European countries and tested with empirical data from 38 farms, the scheme integrates ex‑ante, action‑based, and results‑based payments with specialised advisory services to improve connectivity between practitioners, investors, and policymakers. Our results identified three systemic gaps limiting AF sector growth: (1) inadequate funding (with less than 30% of farmers satisfied with current financial support); (2) weak or non-existing private and philanthropic engagement (reported by more than 60% of participants); and (3) insufficient access to advisory services (negatively affecting around 40% of farmers). Consultations with private agrifood and banking stakeholders further validated these findings. They highlighted the need for innovative blended finance and risk-sharing mechanisms, together with participatory approaches, as essential to improving system bankability. Beyond agroforestry, the scheme provides a replicable and adaptable framework for financing other Nature-based Solutions facing similar challenges. JEL Classification Q01; Q14; Q15; Q18; Q57 Agroforestry systems Regenerative agriculture Sustainable finance Nature-based Solutions Figures Figure 1 Figure 2 1. Introduction Recent assessments by the Intergovernmental Panel on Climate Change indicate that current climate action efforts are unlikely to keep global warming below the critical 1.5°C threshold, with high probability of exceeding this limit by 2040 (IPCC, 2023). This outlook underscores the urgent need for systemic Nature-based Solutions (NbS) that not only reduce emissions but restore degraded ecosystems and strengthen economic resilience. European agriculture remains embedded within this broader crisis, dominated by input-intensive monocultures that prioritize short-term yields at the expense of long-term sustainability. Such systems have been linked to rising greenhouse gas emissions, biodiversity loss, soil degradation, and declining water quality. Excessive use of synthetic fertilisers and pesticides, for example, causes nutrient imbalances and the accumulation of toxic residues such as cadmium and copper, posing long-term risks to food safety and ecological integrity (Ballabio et al., 2018; 2024). In this context, agroforestry (AF), the deliberate integration of trees and shrubs into agricultural landscapes, emerges as a regenerative NbS capable of delivering multiple co-benefits. AF systems can sequester carbon, protect soils, enhance biodiversity and water quality, and strengthen the resilience of agricultural landscapes (Jose, 2009). In temperate zones, they also moderate microclimates and water balance, reducing drought stress and stabilising yields under increasingly variable weather conditions (Jacobs et al., 2022). From the farmer’s perspective, agroforestry offers opportunities to diversify income streams, enhance overall productivity, and build resilience against external shocks (McDonald et al., 2021). Empirical studies demonstrate that AF systems can outperform monocultures in total output, with land equivalent ratios exceeding 1.3, while sustaining 20–40% higher yields under drought, flooding, or other climatic stresses (Altieri et al., 2015). Despite this potential, AF adoption in Europe remains constrained by institutional, regulatory, and financial barriers. In practice, existing funding mechanisms are largely confined to short-term subsidies that, alone, provide insufficient compensation for the long-term public goods and ecosystem services generated. This paper provides an overview of ReForest 1 Living Lab approach, positioning the Sustainable Financing Scheme as a strategic catalyst for advancing regenerative agriculture in Europe. The scheme addresses persistent barriers identified through empirical research (Hajdukovic, 2024) and has been tested under real-world conditions to evaluate its ability to improve investment capacity while enhancing ecosystem service provision (Zibecchi, 2025a). The remainder of the paper is structured as follows: Section 2 reviews the relevant literature and contextual findings from ReForest project; Section 3 describes the methodological approach and data; Section 4 presents the main results; Section 5 discusses their implications for policy and practice; and Section 6 concludes with reflections on scalability, innovation, and future directions. 2. Literature Review Agroforestry has gained increasing policy and academic attention in Europe as a Nature-based Solution for both climate mitigation and adaptation. As outlined in the previous section, a vast body of literature underscores its capacity to deliver environmental, economic, and social benefits which are closely aligned with strategic objectives of the European Green Deal, EU Biodiversity Strategy and Farm to Fork Strategy. Beyond its ecological contributions, AF is being incorporated into relevant funding schemes such as the Common Agricultural Policy (CAP), Echo Schemes and Carbon Farming initiatives which have slowly provided more concrete pathways to monetize farmers’ positive externalities (den Herder et al., 2017; Hajdukovic, 2024). Regardless of this recognition, AF adoption in Europe remains constrained by persistent structural barriers. Hybrid classification between agriculture and forestry complicates access to subsidies and financial support. Despite progress, Common Agricultural Policy (CAP) instruments are still short term and mostly designed for conventional farming systems, failing to address AF’s long investment horizons, mixed production models, and site-specific risks (Hajdukovic, 2023). This policy misalignment has created a “grey zone” in which AF is inconsistently recognized, discouraging uptake and reducing investment certainty. Access to financing remains a key challenge for agroforestry systems, which typically involve higher upfront and maintenance costs than conventional farming. Establishment expenses vary by species, management intensity, and production type, ranging from a few hundred euros per hectare in low-density systems to more than €3,000 ha⁻¹ in intensive plantations (Graves et al., 2007; Graves et al., 2018; Torralba et al., 2016). Recurring costs such as pruning, irrigation, and undergrowth control further add to the financial burden. In Mediterranean contexts, olive-based systems only reach full productivity after 5–7 years, with initial investments often breaking even only after 15–20 years (Kay et al., 2019). Such delayed returns make AF unattractive for liquidity-constrained farmers, reflecting a classic case of market failure in which positive externalities are insufficiently priced and rewarded. While agroforestry tends to underperform relative to intensive agriculture in the short term, valuation frameworks found that long-term gains increase once ecosystem services are included (Thiesmeier & Zander, 2023; Alcon et al., 2024). Other studies show that non-market benefits such as carbon sequestration, biodiversity, and water regulation can exceed the market value of agricultural and timber outputs, underscoring the importance of financial instruments that explicitly integrate these co-benefits. (Alam et al., 2014; Kay et al., 2019). Moreover, evidence from Payments for Ecosystem Services (PES) literature suggests that farmer participation depends on three factors: the provision of upfront payments to mitigate early-stage costs, reliable access to advisory services to support implementation, and the availability of simplified monitoring systems that reduce administrative burdens (Haile et al., 2019; Hagemann et al., 2025). This body of work also points to core design principles for effective schemes, including additionality (making sure benefits would not happen without the scheme), permanence (securing long-term outcomes), reliable monitoring, reporting, and verification (MRV) systems, and strong involvement of farmers in the process. On top of that, global finance for regenerative and ecosystem-based practices is expanding. Studies show that PES schemes generate an estimated US $ 36–42 billion annually across more than 550 programmes worldwide (Salzman et al., 2018; Le, 2023). The voluntary carbon market traded 110.8 MtCO₂e in 2023, valued at US $ 723 million, and it is projected to reach US $ 10–40 billion by 2030 (MSCI, 2023). In parallel, green bonds and ESG-linked instruments are attracting significant investor attention (European Commission, 2023). These developments illustrate a growing appetite from capital markets to finance environmental outcomes. However, empirical evidence on how these instruments can be adapted to the specific needs of small- and medium-scale agroforestry practitioners is still limited. To date, no study has systematically proposed an integrated financing scheme that combines up-front capital, performance-based incentives, and advisory services within a real-world AF context. The ReForest project addresses this gap by first mapping the agroforestry finance and policy landscape across the EU (Hajdukovic, 2023; 2024; Zibecchi, 2025b). Recent EU-level instruments, including the CAP 2023–2027, the LULUCF Regulation, the Sustainable Finance Taxonomy, and the Carbon Removal Certification Framework , have begun to shape a more coherent sustainability finance architecture. Complementary policy developments, such as the Corporate Sustainability Due Diligence Directive, the Strategic Dialogue on the Future of EU Agriculture, the Draghi Report on Competitiveness, the 2025 Competitiveness Compass, and the EU Omnibus Package , further signal this strong institutional shift toward regenerative agriculture that is driven by innovation and has less administrative load for farmers (see Fig. 1 ). Building on this context, the Euro-Mediterranean Economists Association (EMEA) 2 has developed a conceptual Financing Scheme structured around phased payments aligned with the temporal dynamics of AF investment (Hajdukovic, 2024). Validated through application in eight European countries and empirical data from 38 farms (Zibecchi, 2025a), the scheme highlights the limitations of existing subsidy instruments and underscores the need for systemic approaches that integrate blended finance, de-risking mechanisms, and knowledge dissemination through civil–academic platforms. 3. Methodology 3.1 Overall Approach This paper adopts a qualitative and field-oriented research design grounded in a Living Lab approach 3 , which emphasizes participatory innovation and context-specific learning. Building on previous EU-funded initiatives such as AGFORWARD 4 , AFINET 5 , and SustainFARM 6 , the ReForest project moves beyond demonstration toward application. Within the Living Labs, farmers, researchers, advisors, policymakers and public authorities work collaboratively to assess existing AF systems, identify barriers, and define stakeholder-driven objectives. 3.2 ReForest Sustainable Financing Scheme The ReForest Sustainable Financing Scheme (RSFS) is a multi-year pilot framework designed to overcome the mismatch between short-term subsidy dependency and long investment horizons of AF farms. It is designed following a review of existing policy and financial market instruments, combined with field-level consultations with AF practitioners and research institutions (Hajdukovic, 2024). The scheme follows a six-step methodology that integrates ecosystem service assessment with financing design. The approach begins by identifying key ecosystem services delivered by AF farms and land management practices required to sustain them, followed by an estimation of both direct and indirect costs. It then links and promotes scientifically robust monitoring, reporting, and verification (MRV) criteria, maps potential public and private funding sources, and determines payment levels through the economic valuation of ecosystem services. RSFS is motivated by three objectives: to reduce entry barriers, compensate farmers during the transition phase, and reward measurable environmental outcomes, all while simultaneously mitigating risk exposure. To achieve this, the scheme combines three complementary payment streams pillars: Ex-ante payments (Year 0) to offset establishment initial costs such as tree planting, site preparation, and infrastructure. A large portion of this payment is tied to the approval of a farm’s agroforestry project plan, providing immediate liquidity and reducing initial capital constraints that often deter adoption. Action-based payments (Years 1–5) provide guaranteed annual transfers for implementing sustainable land management practices such as alley cropping, silvopasture, or hedgerow integration. These payments recognize presumed environmental benefits without requiring proof of results in the early years, when trees are immature and returns are limited. This ensures stability of cash flow during the critical transition phase. Results-based (Year 5 – beyond) payments reward verified environmental outcomes such as carbon sequestration, biodiversity gains, or improvements in soil quality, measured through agreed MRV protocols. This creates a direct link between ecological performance and financial rewards, strengthening long-term incentives. Financial transfers are complemented by “specialized advisory services” accessible throughout the whole scheme’s duration. With that, farmers may receive continuous technical support for species selection, system design, MRV compliance, and market integration. Stakeholder consultations repeatedly emphasized this advisory dimension as essential, since access to trusted local expertise reduces transaction costs, ensures regulatory compliance, and improves the credibility of AF projects for private investors. Each of these pillars is linked to specific funding sources. As shown in Table 1 , ex-ante payments can be supported through CAP eco-schemes, agri-environmental-climate measures, and state aid, for example, while private mechanisms may include supply-chain contracts and impact investment. Advisory services may be provided by agricultural extension systems, universities, or private consultants, often co-financed through CAP rural development funds. Action-based payments are typically aligned with CAP instruments and national subsidy schemes. Result-based payments, although less developed, can be connected to eco-schemes, potential biodiversity credits, carbon markets, and voluntary private finance for ecosystem service provision. Table 1 Financing mechanisms and sources by payment type. Source: Adapted from Hajdukovic, 2024. Payment Type Financing Mechanisms / Sources Financing the up-front costs of an agroforestry project (Year 0) Farmers receive an initial payment to compensate for planning and initial investment costs Potential public financing mechanisms • CAP Pillar I: Eco-schemes and other direct income support schemes (BISS, CISYF) • CAP Pillar II: Agri-environmental-climate measures (Art. 70), Natural or other areas with natural constraints (Art. 71), Area-specific disadvantages (Art. 72), Investments (Arts. 73 & 74), Young farmers and rural business start-up (Art. 75) • State aid for establishment, regeneration, or renovation of agroforestry systems • Other: Grants/subsidies from governments, research institutions, universities Potential private financing mechanisms • Agri-food companies in the supply chain, impact investors, private banks, family offices, some private foundations and NGOs (e.g: grantmaking, matchfunding, crowdfunging, seedcapital) Advisory services (Years 1–beyond) Farmers receive advice and technical support from a reliable source Entities providing advisory services •Agricultural extension services, agri-food companies, private consultants/companies, NGOs farmer associations and cooperatives, research institutions and universities, government agricultural agencies, regional advisory systems, partnerships with startups and digital platforms Policies providing advisory services • CAP Pillar II (rural development measures knowledge transfer, innovation, cooperation), State aid for establishment, regeneration, or renovation of agroforestry systems, Horizon Europe and LIFE programmes (Living Labs, digital advisory services Action-based payments (Years 1–5) Farmers receive an annual action-based payment to cover ongoing costs Potential public financing mechanisms • CAP Pillar I: Eco-schemes • CAP Pillar II: Agri-environmental-climate measures (AECMs) •Other: State aid, research institutions, universities Potential private financing mechanisms : • Agri-food companies in the supply chain (e.g., sustainability-linked contracts) Result-based payments (Year 5- beyond) Farmers receive an additional payment based on results Potential public financing mechanisms (to be developed) • CAP Pillar I: Eco-schemes • CAP Pillar II: Agri-environmental-climate measures (AECMs) • Other: Government or public funds (e.g., results-based pilot schemes) Potential private financing mechanisms (to be developed) • Agri-food companies in the supply chain (ESG-driven sourcing commitments) • Voluntary carbon markets (credits for carbon sequestration) • Biodiversity markets (credits for conservation, habitat restoration, and nature-positive outcomes, aligned with COP15 biodiversity credit frameworks) and emerging natural capital schemes The RSFS is understood as a hybrid financing model that combines public subsidies with market-based instruments linked to ecosystem services. Its phased structure ties upfront support to performance-linked incentives, thereby aligning the ecological value of AF systems with financial flows. This makes the scheme adaptable across diverse national contexts and farm structures, while remaining compatible with emerging EU sustainability finance frameworks. 3.3 Refinement of the Scheme with Living Labs and field consultations Eight Living Labs established in Belgium, Bulgaria, Czechia, Denmark, Germany, Hungary, Spain, and the United Kingdom served as collaborative testing grounds for the financing scheme. These sites functioned as experimental environments, enabling real-time dialogue, iterative feedback, and continuous refinement of the financing scheme within diverse agroecological, legal, and socio-economic contexts. The design and application of the Scheme were informed by both primary and secondary data sources. Primary data was collected through structured surveys and guided interviews with 38 farms across five European countries. The survey gathered quantitative information on farm size, land tenure, agroforestry adoption, funding access, advisory services, monitoring practices, and perceived barriers. Complementary interviews provided qualitative insights into farmers’ overview of financial instruments, expectations for future support, and engagement with institutional frameworks. These inputs were central to evaluating the scheme’s practical relevance and scalability (Zibecchi, 2025a) 7 . Participants were selected using purposive sampling through practitioner networks linked to each Living Lab, ensuring diversity in farm types, land tenure models, and geographic conditions. Continuous interaction between participants and researchers enabled real-time validation and refinement of financing components. In parallel, secondary data derived from a comparative policy and regulatory review of national CAP Strategic Plans, focusing on AF definitions, support measures, and MRV systems. This analysis examined subsidy typologies, institutional bottlenecks, and integration challenges within national agricultural frameworks (Zibecchi, 2025a). The methodological framework was finally reinforced through workshops and validation sessions involving researchers, practitioners, and private sector stakeholders such as guarantee funds, development banks, fintech startups, and impact investors. These engagements ensured that the financing scheme remained aligned with evolving policy requirements and compatible with existing administrative and financial systems. The scheme’s refinement was further boosted by platforms for civil–academic knowledge sharing, such as the ReForest Engament Platform 8 , which fostered cross-sector dialogue as a cornerstone of systemic transitions toward circular and regenerative models. While the Living Lab approach enabled participatory and context-sensitive process, our research faced several limitations. The sample size was modest and geographically uneven, reflecting existing patterns of AF adoption within established networks. In addition, the reliance on self-reported data through surveys and interviews introduces risks of subjectivity and response bias, as farmers’ perceptions may not fully align with measured outcomes. Although interviews generated rich qualitative insights, their interpretive nature also limits the generalizability of findings. Nonetheless, we believe that the integration of diverse data sources (surveys, interviews, and economic-policy literature review) across multiple contexts enhances the robustness, applicability, and policy relevance of our results. 4. Results 4.1 Systemic Gap s Survey data revealed three persistent gaps constraining the adoption of agroforestry systems: (i) limited access to adequate financing, (ii) insufficient engagement with private and philanthropic actors, (iii) and uneven provision of advisory services (Table 2). On average, only 29% of respondents reported having access to sufficient financial resources, while 39% engaged with private sector partners such as banks, agri-food companies, or impact investors. Advisory support is more developed, though still partial, with 58% of farmers having access to formal or informal advisory services. Table 2. Survey Results – Country Level Statistics Snapshot. Source: Zibecchi, 2025a. Bulgaria Czechia Germany Hungary UK Total Responses 10 5 11 3 9 38 Avg Farm Size in (Ha) 93 203 36 11 148 97 Avg Date of Farm Establishment 2014 2007 2008 2014 1993 2006 AF Adoption Rate 0% 100% 82% 100% 89% 66% Avg Date of AF System Establishment 2012 2019 2015 2015 2016 Willingness for AF adoption 30% 100% 100% 60% Current Available Funds being enough to cover and maintain cost 20% 40% 36% 0% 33% 29% Access to Private Sector Investment 40% 40% 82% 0% 0% 39% Access to Advisory Services 50% 60% 82% 67% 33% 58% 4.2 Regional Disparities A closer look at the country-level distribution illustrates how systemic gaps manifest unevenly across national contexts. Adoption rates were highest in Czechia and Hungary, where all surveyed farms had implemented AF practices, followed by the United Kingdom (89%) and Germany (82%). In contrast, none of the Bulgarian respondents had yet adopted AF, although 30% expressed interest in future uptake. The average date of farm establishment in the sample was 2006. Country averages ranged from 1993 in the United Kingdom, indicating longer-standing farm operations, to 2014 in both Bulgaria and Hungary, where farms are newer. On the other hand, the average establishment dates of AF systems were considerably more recent: 2012 in Czechia, 2015 in Hungary, 2016 in the United Kingdom, and 2019 in Germany. AF was mostly integrated into already established farms rather than incorporated at the outset. Except for the United Kingdom, most systems were introduced within the last decade, underscoring that AF remains at an early stage of diffusion for our sample. Farm size also varied substantially, averaging 11 hectares in Hungary and more than 200 hectares in Czechia, with a mean of 97 hectares overall. These distinctions can reflect different land ownership patterns and the legacy of land reforms as after 1989, since restitution and redistribution policies resulted in highly fragmented farm structures in many Central and Eastern European countries. For example, agriculture in Czechia is dominated by large-scale enterprises, with average farm sizes exceeding 130 hectares, far above the EU-27 average of 16 hectares. In contrast, Hungary retains a predominance of small and fragmented farms, limiting investment capacity and reducing eligibility for capital-intensive support schemes. Access to financial and institutional support also diverged. In Hungary, no respondent considered current funding sufficient, compared with 40% in Czechia. Advisory services were most developed in Germany and Czechia, where over two-thirds of respondents reported access, while Bulgarian and Hungarian farmers highlighted pronounced gaps. Private sector engagement was strongest in the United Kingdom (56%) but limited in Bulgaria (20%) and absent in Hungary. Overall, these results suggest that limited investment readiness arises not only from underfunding but also from the combined effects of fragile institutional frameworks, weak advisory infrastructures, and poor integration into financial markets. Simply increasing subsidies is unlikely to ensure widespread adoption. Enabling conditions such as secure land tenure, strong advisory networks, and farmer-to-farmer learning may be just as important for reducing perceived risks and strengthening incentives. 4.3 AF and MRV Barrier Assessment Farmers were asked to rank the relative importance of barriers to AF adoption and to the establishment of MRV systems on a scale from 1 (not important) to 5 (crucial). The results (Table 3) indicate that farmers across the five case study countries face overlapping financial, institutional, and technical constraints. Among these, high costs of borrowing, income instability, and the long-time horizons required for profitability were reported as critical, especially in Hungary, where financial risks associated with agroforestry transition were rated at the highest levels. Farmers also frequently highlighted subsidy misalignment and the lack of supportive national policy frameworks as significant obstacles, again with average scores of 4.0 or higher in most countries. These findings add weight to the argument that the absence of a unified classification of agroforestry generates uncertainty within subsidy regimes, leaving farmers ineligible or under-supported compared with conventional agricultural systems. Technical barriers were also significant. Respondents pointed to a lack of AF-specific knowledge, limited advisory services, and weak support networks, with particularly high ratings in Hungary and the United Kingdom. Farmers consistently reported gaps in skills, advisory provision, and community networks, with scores close to the maximum level. These deficiencies limit farmers’ ability to confidently design, manage, and expand agroforestry systems, suggesting that stronger advisory support and knowledge exchange may be crucial for effective implementation. In addition, lack of standardized MRV frameworks emerged as a major challenge, with average scores above 4.0 in Bulgaria, Germany, Hungary, and the UK. Farmers pointed to high monitoring costs, lack of expertise, limited tools, and heavy time demands as practical obstacles that make it difficult to engage in results-based financing. Without simpler and more affordable measurement systems, results-based payments for carbon or biodiversity outcomes are unlikely to work effectively in practice. Table 3. Survey Results – Barriers to agroforestry adoption and MRV implementation by country. Source: Zibecchi, 2025a. Note: Self-reported level of importance on a scale from 1 to 5, with 5 indicating the most critical barrier and 1 the least important. Per Country AF Barrier Bulgaria Czechia Germany Hungary UK Absence of standardized environment impact measurement framework (MRV) 4.22 2.25 4.11 4.00 3.89 Extreme events due to Climate Change 2.44 4.25 2.00 3.00 2.38 High costs of borrowing 3.78 3.60 3.33 2.67 3.11 High risk and long timelines required for agroforestry to become profitable 3.80 3.60 2.90 4.67 2.22 Income Instability 4.20 4.60 3.00 4.67 3.11 Insufficient insurance offers 2.90 2.25 2.44 2.00 2.89 Lack of access to suitable funding options 3.50 3.75 4.33 4.33 4.00 Lack of advisory services 2.56 3.33 3.44 4.67 3.33 Lack of Agroforestry-Specific Implementation Knowledge or Skills 3.20 2.00 2.78 5.00 3.11 Lack of Market Access for Agroforestry Products 3.70 2.75 4.00 4.67 3.13 Lack of Strong Agroforestry Support Network or Community 3.00 2.50 2.67 4.67 2.67 Lack of supportive regulatory and policy framework at the national level 3.70 3.75 4.33 5.00 4.00 Subsidy Misalignment 4.00 4.38 4.75 5.00 3.22 MRV Barrier Bulgaria Czechia Germany Hungary UK Difficulty accessing data 3.11 3.50 3.56 5.00 3.38 High costs of MRV 3.78 4.67 4.55 5.00 4.50 Insufficient knowledge or expertise 3.33 3.20 4.36 5.00 4.00 Lack of tools or equipment 3.30 3.25 3.91 5.00 3.88 Time constraints 2.78 4.20 4.55 4.00 4,00 4.4 Private Sector Stakeholder Perspectives on AF Financing Workshops and bilateral consultations with banks, guarantee funds, agri-food companies, fintech start-ups, and impact investors provided insights into mobilising private capital for AF. Fewer than 40% of surveyed farms had engaged with private or philanthropic actors, and these interactions were mainly limited to standard bank loans or informal supply chain contracts. Financial instruments adapted to AF’s long-term horizons and mixed production models were largely absent, underscoring the sector’s limited investment readiness. This reflects broader agricultural financing patterns, where credit markets remain cautious toward systems with uncertain collateral values, extended payback periods, and regulatory ambiguity. Nevertheless, financial institutions and value-chain actors recognized the potential of the phased payment architecture tested in the Living Labs. They noted that combining multiple payment incentives with ecosystem outcomes could reduce both credit and performance risks. Within this framework, tools such as guarantee schemes, subordinated loans, and advance purchase agreements were highlighted as promising instruments to lower investor exposure and improve revenue predictability. These insights are consistent with EU debates on blended finance, where public instruments are expected to catalyse private capital flows into risk-sensitive but high-impact land-use transitions. Participants also stressed the importance of non-financial conditions. Simplified procedures, lower transaction costs, and affordable monitoring systems were identified as prerequisites for wider adoption. Advisory services adapted to regional contexts, along with secure land tenure and predictable funding continuity, were likewise emphasised. To synthesise these findings, Table 4 groups potential blended finance mechanisms into four strategic approaches, each addressing specific investment barriers while aligning financial incentives with the long-term ecological and social outcomes of AF. Table 4 : Blended Finance Approaches for AF. Source: Zibecchi, 2025b. Approach Blended Finance Mechanisms Community-Driven and Incentive-Based Funding Instruments such as crowdfunding, philanthropic grants, forgivable loans, and tax incentives can lower barriers to entry by supporting early-stage planning and infrastructure. Market and Investment-Based Financing Solutions include impact bonds, development bank loans, long-term agri-food contracts, and ecosystem service markets (e.g. carbon or biodiversity credits), helping link AF projects to supply chains and nature capital revenues. Risk Mitigation and Financial Stability Instruments Tools like guarantees, debt swaps, solidarity levies, and insurance models can stabilize returns, improve creditworthiness, and buffer agroforestry projects against volatility. Long-Term Support and Policy-Driven Incentives Mechanisms such as impact investments with grace periods and ongoing public incentives help sustain long-term delivery of public goods and climate co-benefits. 5. Discussion Our findings provide further evidence that agroforestry adoption in Europe is constrained by systemic barriers. Limited access to finance, weak private sector engagement, and uneven advisory systems reflect fragmented land ownership, policy misalignment, and the absence of integration between agricultural finance and sustainability objectives. Insights from the Living Labs indicate that a phased financing design may help mitigate these obstacles. To illustrate the financial rationale of the scheme, Fig. 2 presents a stylised cumulative cash flow projection comparing two agroforestry investment scenarios: a baseline under mainstream finance (red) and one supported by the ReForest scheme (green). This projection is theoretical, drawing on assumptions from Living Labs data, academic research, and the FarmTree 9 digital tool, which models long-term financial indicators such as return on investment (ROI), cumulative cash flow, total costs and revenues, and ecosystem service benefits across diverse tree–crop–livestock systems. The baseline scenario (red) reflects the reality faced by many agroforestry practitioners: extended periods of negative cash flow, break-even only after 15 years, and growing exposure to risks driven by insufficient upfront support, irregular subsidies, and fragmented market access. The wide uncertainty band illustrates the compounded volatility inherent in such conditions, where unpredictable climate events, fluctuating commodity prices, and inconsistent policy support interact to magnify financial instability. By contrast, the ReForest-supported scenario (green) is expected to reach break-even earlier, around year 10, through a structured package of ex-ante and action-based payments combined with advisory services. Thereafter, revenues are projected to grow at a faster pace, supported by productivity gains derived from technical guidance, digital tools and result-based payments. The narrower uncertainty band illustrates a more stable risk profile, reinforced by complementary mechanisms such as guarantees, concessional loans, insurance, cooperative business models, and advance purchase agreements. Nature-based Solutions tend to suffer from similar barriers as in Agroforestry such as high upfront costs, delayed returns, and uncertainty in outcomes due to ecological variability and long implementation horizons. The RSFS offers a useful empirical basis for exploring how regenerative practices can be integrated into emerging climate finance architectures. Future research should extend both the geographic scope and time horizon of analysis, combining farm-level monitoring with policy evaluation. Developing cost-effective and standardized MRV systems is critical, as measurement complexity and transaction costs remain significant obstacles to scaling results-based financing. In addition, blockchain-enabled smart contracts and Digital Twin technologies merit closer examination. These tools have the potential to automate payments, enhance transparency, and improve MRV reliability through real-time monitoring and predictive simulations. If effectively deployed, they may provide more standardized, scalable, and de-risked financing models capable of attracting greater volumes of private capital. 6. Conclusion Advancing regenerative agriculture in Europe requires financing models that account for the long investment horizons and hybrid nature of agroforestry. The ReForest Sustainable Financing Scheme (RSFS), co-created through Living Labs in eight countries, offers one such model. By linking ex-ante, action-based, and results-based payments with specialised advisory services, the RSFS establishes reinforcing cycles between ecological outcomes and financial incentives, aligning farm-level decisions with broader sustainability and regeneration objectives. The paper contributes to the literature by providing empirical validation of a systemic financing scheme under real operating conditions. Evidence suggests that the RSFS can lower entry costs, reduce risks, and connect financial flows to both practices and outcomes, thereby improving investment readiness while aligning economic incentives with ecological performance. A stylised cash flow analysis indicates that the scheme has the potential to shorten the time to break even and stabilise returns, strengthening the case for agroforestry as a viable and resilient land-use strategy. Policy implications emerge at several levels. Aligning national subsidy regimes with EU sustainability frameworks would ensure that agroforestry is fully recognised within agricultural and climate policies. Investment in affordable and credible MRV systems could underpin the integrity of results-based payments. Expanded use of de-risking instruments, together with digital innovations such as blockchain-enabled smart contracts, could further mobilise private and philanthropic capital by reducing transaction costs and enhancing transparency. More broadly, the phased financing logic of the RSFS may serve as a transferable model for other Nature-based Solutions facing similar challenges. Positioning regenerative agriculture within financial and institutional networks underscores its potential to embed circularity and connectivity at the heart of systemic transformations toward more resilient and regenerative economies. Declarations Funding This work was funded by the European Union’s Horizon Europe Research and Innovation Programme under Grant Agreement No. 101060635 (ReForest Project). Author Contribution T.Z. contributed to conceptualisation, methodology, investigation, formal analysis, validation, writing – original draft, and writing – review and editing. Y.F. contributed to conceptualisation and writing – review and editing. R.A. contributed to conceptualisation and writing – review and editing. All authors reviewed and approved the final manuscript. Acknowledgement This work was funded by the European Union’s Horizon Europe Research and Innovation Programme under Grant Agreement No. 101060635 (ReForest Project). The authors gratefully acknowledge the contributions of ReForest Consortium members for their valuable support and resources in completing this research. References Alam, M., Olivier, A., Paquette, A., Dupras, J., Messier, C., & Rivest, D. (2014). A general framework for the quantification and valuation of ecosystem services of tree-based intercropping systems. Agroforestry Systems, 88(4), 679–691. https://doi.org/10.1007/s10457-014-9694-1 Alcon, F., Avellán, T., Benayas, J., et al. (2024). Assessing the economic performance of crop diversification systems across European regions: Integrating market and non-market values. Agricultural Systems, 212, 103972. https://doi.org/10.1016/j.agsy.2023.103972 Altieri, M. A., Nicholls, C. I., Henao, A., & Lana, M. A. (2015). Agroecology and the design of climate change-resilient farming systems. Agronomy for Sustainable Development, 35(3), 869–890. https://doi.org/10.1007/s13593-015-0285-2 Ballabio, C., Jones, A., & Panagos, P. (2024). Cadmium in topsoils of the European Union – An analysis based on LUCAS topsoil database. Science of The Total Environment, 912, 168710. https://doi.org/10.1016/j.scitotenv.2023.168710 Ballabio, C., Panagos, P., Lugato, E., Huang, J.-H., Orgiazzi, A., Jones, A., Fernández-Ugalde, O., Borrelli, P., & Montanarella, L. (2018). Copper distribution in European topsoils: An assessment based on LUCAS soil survey. Science of The Total Environment, 636, 282–298. https://doi.org/10.1016/j.scitotenv.2018.04.268 den Herder, M., Moreno, G., Mosquera-Losada, R. M., Palma, J. H., Sidiropoulou, A., Freese, D., ... & Pantera, A. (2017). Current extent and stratification of agroforestry in the European Union. Agriculture, Ecosystems & Environment, 241, 121–132. https://doi.org/10.1016/j.agee.2017.03.005 de Vries, W., Römkens, P., Kros, H., Voogd, J. C., & Schulte-Uebbing, L. (2022). Impacts of nutrients and heavy metals in European agriculture: Current and critical inputs in relation to air, soil and water quality. European Environment Agency (EEA) & Wageningen Environmental Research. Retrieved from https://www.eea.europa.eu/publications/impacts-of-nutrients-and-heavy Do, T. H., Luedeling, E., & Buerkert, A. (2020). Decision analysis for the adoption of agroforestry in Northwest Vietnam. Agroforestry Systems, 94(5), 1783–1795. https://doi.org/10.1007/s10457-019-00467-0 Ecosystem Marketplace. (2024). State of the voluntary carbon market 2024: On the path to maturity. Washington, DC: Forest Trends. Retrieved from https://www.ecosystemmarketplace.com/publications/2024-state-of-the-voluntary-carbon-markets-sovcm/ European Commission. (2023). Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds. Official Journal of the European Union, L 2631, 1–44. Retrieved from https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R2631 European Commission. (2024). Strategic dialogue report on the future of EU agriculture. European Union. Retrieved from https://agriculture.ec.europa.eu/document/download/171329ff-0f50-4fa5-946f-aea11032172e_en?filename=strategic-dialogue-report-2024_en.pdf García-Rubio, M. A., Muñoz-Rojas, J., & Masip, C. (2024). Valuing multifunctionality: Economic assessment of agroforestry and ecosystem services. Ecological Economics, 216, 107989. https://doi.org/10.1016/j.ecolecon.2023.107989 Hagemann, N., Gerdes, H., & Matzdorf, B. (2025). Result-based agri-environmental schemes in Europe: Uptake, effectiveness, and design features. Ecological Economics, 213, 108021. https://doi.org/10.1016/j.ecolecon.2025.108021 Haile, K. K., Nair, P. K. R., & Luedeling, E. (2019). Farmers’ willingness to participate in payment for ecosystem services schemes in Ethiopia: A discrete choice experiment. Ecosystem Services, 37, 100939. https://doi.org/10.1016/j.ecoser.2019.100939 Hajdukovic, I. (2023). Mapping report on AF sector finance and policy II (Deliverable D5.2). REFOREST project, Horizon Europe Grant Agreement No. 101060635. Hajdukovic, I. (2024). Sustainable financing scheme for agroforestry (Deliverable D5.4). REFOREST project, Horizon Europe Grant Agreement No. 101060635. IPCC. (2023). Sections. In: Climate Change 2023: Synthesis Report. Contribution of Working Groups I, II and III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [Core Writing Team, H. Lee and J. Romero (eds.)]. IPCC, Geneva, Switzerland, pp. 35–115. https://doi.org/10.59327/IPCC/AR6-9789291691647 Jacobs, S. R., Webber, H., Niether, W., Grahmann, K., Lüttschwager, D., Schwartz, C., Breuer, L., & Bellingrath-Kimura, S. D. (2022). Modification of the microclimate and water balance through the integration of trees into temperate cropping systems. Agricultural and Forest Meteorology, 323, 109065. https://doi.org/10.1016/j.agrformet.2022.109065 Jose, S. (2009). Agroforestry for ecosystem services and environmental benefits: An overview. Agroforestry Systems, 76(1), 1–10. https://doi.org/10.1007/s10457-009-9229-7 Kay, S., Rega, C., Moreno, G., den Herder, M., Palma, J. H. N., Borek, R., ... & Herzog, F. (2019). Agroforestry creates carbon sinks whilst enhancing the environment in agricultural landscapes in Europe. Land Use Policy, 83, 581–593. Retrieved from https://doi.org/10.1016/j.landusepol.2019.02.025 Mayr, T., Schultze, J., & von Haaren, C. (2025). Payments for ecosystem services in agroforestry: Global patterns, challenges, and opportunities. Land Use Policy, 135, 106992. https://doi.org/10.1016/j.landusepol.2025.106992 McDonald, H., Frelih-Larsen, A., Lóránt, A., Duin, L., Pyndt Andersen, S., Costa, G., & Bradley, H. (2021). Carbon farming – Making agriculture fit for 2030. Study for the Committee on Environment, Public Health and Food Safety (ENVI). Policy Department for Economic, Scientific and Quality of Life Policies, European Parliament. Retrieved from http://www.europarl.europa.eu/supporting-analyses MSCI. (2023). The future of the voluntary carbon market: Trends and risk considerations. MSCI Inc. Retrieved from https://www.msci.com/climate-solutions Schleyer, C., & Plieninger, T. (2011). Obstacles and options for the design and implementation of payments for ecosystem services: A case study from Saxony, Germany. Ecological Economics, 70(12), 2381–2389. https://doi.org/10.1016/j.ecolecon.2011.07.018 Thiesmeier, B., & Zander, P. (2023). Economic performance of temperate agroforestry systems in Europe and North America: A scoping review. Agroforestry Systems, 97, 1365–1380. https://doi.org/10.1007/s10457-022-00788-4 Torralba, M., Fagerholm, N., Burgess, P. J., Moreno, G., & Plieninger, T. (2016). Do European agroforestry systems enhance biodiversity and ecosystem services? A meta-analysis. Agriculture, Ecosystems & Environment, 230, 150–161. https://doi.org/10.1016/j.agee.2016.06.002 Tranchina, M., Reubens, B., Frey, M., et al. (2024). What challenges impede the adoption of agroforestry practices? A global perspective through a systematic literature review. Agroforestry Systems, 98, 1817–1837. https://doi.org/10.1007/s10457-024-00993-w Zibecchi, T. (2025a). Report of AF Financing Model Application (Deliverable D5.5). REFOREST project, Horizon Europe Grant Agreement No. 101060635. Zibecchi, T. (2025b). Mapping report on AF sector finance and policy III (Deliverable D5.3). REFOREST project, Horizon Europe Grant Agreement No. 101060635. Footnotes ReForest (Agroforestry at the forefront of farming sustainability in multifunctional landscapes in Europe) - a Horizon Europe project funded under EU’s Land, ocean and water for climate Action - aims to promote agroforestry as a land use type allowing food production while maintaining ecological sustainability. More information is available at https://agroreforest.eu/ . The Euro-Mediterranean Economists Association (EMEA) is an independent regional think tank based in Barcelona, focusing on economic policy, sustainability, and regional cooperation - and consortium member of the ReForest project. More information is available at www.euromed-economists.org Within the ReForest project, Living Labs bring together research centers and farms—whether commercially oriented or experimental—to create collaborative spaces where farmers and researchers co-develop, test, and refine agroforestry practices in real-world settings. AGFORWARD – Agroforestry that Will Advance Rural Development (FP7 Project, 2014–2017). Retrieved from https://www.agforward.eu AFINET – Agroforestry Innovation Networks (Horizon 2020 Project, 2017–2019). Retrieved from https://www.agforward.eu/afinet.html SustainFARM – Innovative and Sustainable Integrated Food and Non-Food Systems (Horizon 2020 Project, 2015–2018). Retrieved from https://www.sustainfarm.eu Complete versions of the survey and interview templates used in this study are available from the author upon request. The ReForest Engagement Platform is the project’s digital hub for co-creation and knowledge exchange, providing tools for community building, stakeholder engagement, training, and decision support (e.g., the FarmTree tool). It is maintained by EMEA and designed to be sustained beyond the project through EURAF. Further details are available at https://reforest.euromed-economists.org/about-reforest-platform/ The FarmTree tool supports the design of agroforestry projects by modeling long-term costs, revenues, and ecosystem service benefits across various tree–crop–livestock combinations. It uses ReForest farm-level input data, such as tree species, crop rotation, planting density, yield forecasts, labor costs, and maintenance schedules, to simulate annual cash flows over a multi-decade horizon. The tool applies time-phased cost and revenue curves that reflect the biological growth cycles of perennial systems and integrates assumptions about market prices, discount rates, and subsidy schemes. Scenario analysis allows comparison between conventional systems and agroforestry alternatives, making it easier for users to assess investment feasibility, break-even points, and long-term profitability under varying policy and market conditions (see https://www.farmtree.earth/ ). Additional Declarations No competing interests reported. Cite Share Download PDF Status: Under Revision Version 1 posted Editorial decision: Revision requested 12 Apr, 2026 Reviews received at journal 02 Apr, 2026 Reviewers agreed at journal 18 Mar, 2026 Reviews received at journal 03 Nov, 2025 Reviewers agreed at journal 23 Oct, 2025 Reviewers invited by journal 01 Oct, 2025 Editor assigned by journal 18 Sep, 2025 Submission checks completed at journal 17 Sep, 2025 First submitted to journal 14 Sep, 2025 You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. 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06:48:35","extension":"html","order_by":8,"title":"","display":"","copyAsset":false,"role":"acdc-reference","size":90432,"visible":true,"origin":"","legend":"","description":"","filename":"earlyproof.html","url":"https://assets-eu.researchsquare.com/files/rs-7613055/v1/8100b6a10a8cb9dda021cd1a.html"},{"id":93557139,"identity":"7a3d436e-0a37-4f27-b113-66ff93498cfb","added_by":"auto","created_at":"2025-10-15 06:48:35","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":251210,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cem\u003eTimeline of relevant EU policies updates shaping AF finance. Source: Zibecchi, 2025b.\u003c/em\u003e\u003c/p\u003e","description":"","filename":"floatimage1.png","url":"https://assets-eu.researchsquare.com/files/rs-7613055/v1/73310271ad98dcea4faf309e.png"},{"id":93557133,"identity":"e53047cc-bebc-426e-a628-77514e561f8d","added_by":"auto","created_at":"2025-10-15 06:48:35","extension":"png","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":121518,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cem\u003eCumulative Cash Flow Projection – Baseline vs. ReForest Scheme. Source: Zibecchi (2025b)\u003c/em\u003e\u003c/p\u003e","description":"","filename":"floatimage2.png","url":"https://assets-eu.researchsquare.com/files/rs-7613055/v1/354bf5ac33a05048778d697e.png"},{"id":93558469,"identity":"79ec5412-eb25-4b13-a33f-8bc0b7a88850","added_by":"auto","created_at":"2025-10-15 07:04:37","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":993429,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-7613055/v1/65ea2071-57f9-44ca-aaf4-b6ef8280e91e.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"Systemic Financing for Regenerative Agriculture in Europe: Evidence from ReForest Living Labs","fulltext":[{"header":"1. Introduction","content":"\u003cp\u003eRecent assessments by the Intergovernmental Panel on Climate Change indicate that current climate action efforts are unlikely to keep global warming below the critical 1.5\u0026deg;C threshold, with high probability of exceeding this limit by 2040 (IPCC, 2023). This outlook underscores the urgent need for systemic Nature-based Solutions (NbS) that not only reduce emissions but restore degraded ecosystems and strengthen economic resilience.\u003c/p\u003e\u003cp\u003eEuropean agriculture remains embedded within this broader crisis, dominated by input-intensive monocultures that prioritize short-term yields at the expense of long-term sustainability. Such systems have been linked to rising greenhouse gas emissions, biodiversity loss, soil degradation, and declining water quality. Excessive use of synthetic fertilisers and pesticides, for example, causes nutrient imbalances and the accumulation of toxic residues such as cadmium and copper, posing long-term risks to food safety and ecological integrity (Ballabio et al., 2018; 2024).\u003c/p\u003e\u003cp\u003eIn this context, agroforestry (AF), the deliberate integration of trees and shrubs into agricultural landscapes, emerges as a regenerative NbS capable of delivering multiple co-benefits. AF systems can sequester carbon, protect soils, enhance biodiversity and water quality, and strengthen the resilience of agricultural landscapes (Jose, 2009). In temperate zones, they also moderate microclimates and water balance, reducing drought stress and stabilising yields under increasingly variable weather conditions (Jacobs et al., 2022).\u003c/p\u003e\u003cp\u003eFrom the farmer\u0026rsquo;s perspective, agroforestry offers opportunities to diversify income streams, enhance overall productivity, and build resilience against external shocks (McDonald et al., 2021). Empirical studies demonstrate that AF systems can outperform monocultures in total output, with land equivalent ratios exceeding 1.3, while sustaining 20\u0026ndash;40% higher yields under drought, flooding, or other climatic stresses (Altieri et al., 2015).\u003c/p\u003e\u003cp\u003eDespite this potential, AF adoption in Europe remains constrained by institutional, regulatory, and financial barriers. In practice, existing funding mechanisms are largely confined to short-term subsidies that, alone, provide insufficient compensation for the long-term public goods and ecosystem services generated.\u003c/p\u003e\u003cp\u003eThis paper provides an overview of ReForest\u003csup\u003e1\u003c/sup\u003e Living Lab approach, positioning the Sustainable Financing Scheme as a strategic catalyst for advancing regenerative agriculture in Europe. The scheme addresses persistent barriers identified through empirical research (Hajdukovic, 2024) and has been tested under real-world conditions to evaluate its ability to improve investment capacity while enhancing ecosystem service provision (Zibecchi, 2025a).\u003c/p\u003e\u003cp\u003eThe remainder of the paper is structured as follows: Section \u003cspan refid=\"Sec2\" class=\"InternalRef\"\u003e2\u003c/span\u003e reviews the relevant literature and contextual findings from ReForest project; Section \u003cspan refid=\"Sec3\" class=\"InternalRef\"\u003e3\u003c/span\u003e describes the methodological approach and data; Section \u003cspan refid=\"Sec7\" class=\"InternalRef\"\u003e4\u003c/span\u003e presents the main results; Section \u003cspan refid=\"Sec12\" class=\"InternalRef\"\u003e5\u003c/span\u003e discusses their implications for policy and practice; and Section \u003cspan refid=\"Sec13\" class=\"InternalRef\"\u003e6\u003c/span\u003e concludes with reflections on scalability, innovation, and future directions.\u003c/p\u003e"},{"header":"2. Literature Review","content":"\u003cp\u003eAgroforestry has gained increasing policy and academic attention in Europe as a Nature-based Solution for both climate mitigation and adaptation. As outlined in the previous section, a vast body of literature underscores its capacity to deliver environmental, economic, and social benefits which are closely aligned with strategic objectives of the \u003cem\u003eEuropean Green Deal, EU Biodiversity Strategy and Farm to Fork Strategy.\u003c/em\u003e Beyond its ecological contributions, AF is being incorporated into relevant funding schemes such as the Common Agricultural Policy (CAP), Echo Schemes and Carbon Farming initiatives which have slowly provided more concrete pathways to monetize farmers\u0026rsquo; positive externalities (den Herder et al., 2017; Hajdukovic, 2024).\u003c/p\u003e\u003cp\u003eRegardless of this recognition, AF adoption in Europe remains constrained by persistent structural barriers. Hybrid classification between agriculture and forestry complicates access to subsidies and financial support. Despite progress, Common Agricultural Policy (CAP) instruments are still short term and mostly designed for conventional farming systems, failing to address AF\u0026rsquo;s long investment horizons, mixed production models, and site-specific risks (Hajdukovic, 2023). This policy misalignment has created a \u0026ldquo;grey zone\u0026rdquo; in which AF is inconsistently recognized, discouraging uptake and reducing investment certainty.\u003c/p\u003e\u003cp\u003eAccess to financing remains a key challenge for agroforestry systems, which typically involve higher upfront and maintenance costs than conventional farming. Establishment expenses vary by species, management intensity, and production type, ranging from a few hundred euros per hectare in low-density systems to more than \u0026euro;3,000 ha⁻\u0026sup1; in intensive plantations (Graves et al., 2007; Graves et al., 2018; Torralba et al., 2016). Recurring costs such as pruning, irrigation, and undergrowth control further add to the financial burden. In Mediterranean contexts, olive-based systems only reach full productivity after 5\u0026ndash;7 years, with initial investments often breaking even only after 15\u0026ndash;20 years (Kay et al., 2019). Such delayed returns make AF unattractive for liquidity-constrained farmers, reflecting a classic case of market failure in which positive externalities are insufficiently priced and rewarded.\u003c/p\u003e\u003cp\u003eWhile agroforestry tends to underperform relative to intensive agriculture in the short term, valuation frameworks found that long-term gains increase once ecosystem services are included (Thiesmeier \u0026amp; Zander, 2023; Alcon et al., 2024). Other studies show that non-market benefits such as carbon sequestration, biodiversity, and water regulation can exceed the market value of agricultural and timber outputs, underscoring the importance of financial instruments that explicitly integrate these co-benefits. (Alam et al., 2014; Kay et al., 2019).\u003c/p\u003e\u003cp\u003eMoreover, evidence from Payments for Ecosystem Services (PES) literature suggests that farmer participation depends on three factors: the provision of upfront payments to mitigate early-stage costs, reliable access to advisory services to support implementation, and the availability of simplified monitoring systems that reduce administrative burdens (Haile et al., 2019; Hagemann et al., 2025). This body of work also points to core design principles for effective schemes, including additionality (making sure benefits would not happen without the scheme), permanence (securing long-term outcomes), reliable monitoring, reporting, and verification (MRV) systems, and strong involvement of farmers in the process.\u003c/p\u003e\u003cp\u003eOn top of that, global finance for regenerative and ecosystem-based practices is expanding. Studies show that PES schemes generate an estimated US \u003cspan\u003e$\u003c/span\u003e36\u0026ndash;42\u0026nbsp;billion annually across more than 550 programmes worldwide (Salzman et al., 2018; Le, 2023). The voluntary carbon market traded 110.8 MtCO₂e in 2023, valued at US \u003cspan\u003e$\u003c/span\u003e723\u0026nbsp;million, and it is projected to reach US \u003cspan\u003e$\u003c/span\u003e10\u0026ndash;40\u0026nbsp;billion by 2030 (MSCI, 2023). In parallel, green bonds and ESG-linked instruments are attracting significant investor attention (European Commission, 2023).\u003c/p\u003e\u003cp\u003eThese developments illustrate a growing appetite from capital markets to finance environmental outcomes. However, empirical evidence on how these instruments can be adapted to the specific needs of small- and medium-scale agroforestry practitioners is still limited. To date, no study has systematically proposed an integrated financing scheme that combines up-front capital, performance-based incentives, and advisory services within a real-world AF context.\u003c/p\u003e\u003cp\u003eThe ReForest project addresses this gap by first mapping the agroforestry finance and policy landscape across the EU (Hajdukovic, 2023; 2024; Zibecchi, 2025b). Recent EU-level instruments, including the \u003cem\u003eCAP 2023\u0026ndash;2027, the LULUCF Regulation, the Sustainable Finance Taxonomy, and the Carbon Removal Certification Framework\u003c/em\u003e, have begun to shape a more coherent sustainability finance architecture.\u003c/p\u003e\u003cp\u003eComplementary policy developments, such as the \u003cem\u003eCorporate Sustainability Due Diligence Directive, the Strategic Dialogue on the Future of EU Agriculture, the Draghi Report on Competitiveness, the 2025 Competitiveness Compass, and the EU Omnibus Package\u003c/em\u003e, further signal this strong institutional shift toward regenerative agriculture that is driven by innovation and has less administrative load for farmers (see Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eBuilding on this context, the Euro-Mediterranean Economists Association (EMEA)\u003csup\u003e2\u003c/sup\u003e has developed a conceptual Financing Scheme structured around phased payments aligned with the temporal dynamics of AF investment (Hajdukovic, 2024). Validated through application in eight European countries and empirical data from 38 farms (Zibecchi, 2025a), the scheme highlights the limitations of existing subsidy instruments and underscores the need for systemic approaches that integrate blended finance, de-risking mechanisms, and knowledge dissemination through civil\u0026ndash;academic platforms.\u003c/p\u003e\u003cp\u003e\u003c/p\u003e"},{"header":"3. Methodology","content":"\u003cdiv id=\"Sec4\" class=\"Section2\"\u003e\n \u003ch2\u003e3.1 Overall Approach\u003c/h2\u003e\n \u003cp\u003eThis paper adopts a qualitative and field-oriented research design grounded in a Living Lab approach\u003csup\u003e3\u003c/sup\u003e, which emphasizes participatory innovation and context-specific learning. Building on previous EU-funded initiatives such as \u003cem\u003eAGFORWARD\u003c/em\u003e\u003csup\u003e4\u003c/sup\u003e, \u003cem\u003eAFINET\u003c/em\u003e\u003csup\u003e5\u003c/sup\u003e, \u003cem\u003eand SustainFARM\u003c/em\u003e\u003csup\u003e6\u003c/sup\u003e, the ReForest project moves beyond demonstration toward application. Within the Living Labs, farmers, researchers, advisors, policymakers and public authorities work collaboratively to assess existing AF systems, identify barriers, and define stakeholder-driven objectives.\u003c/p\u003e\n\u003c/div\u003e\n\u003cdiv id=\"Sec5\" class=\"Section2\"\u003e\n \u003ch2\u003e3.2 ReForest Sustainable Financing Scheme\u003c/h2\u003e\n \u003cp\u003eThe ReForest Sustainable Financing Scheme (RSFS) is a multi-year pilot framework designed to overcome the mismatch between short-term subsidy dependency and long investment horizons of AF farms. It is designed following a review of existing policy and financial market instruments, combined with field-level consultations with AF practitioners and research institutions (Hajdukovic, 2024).\u003c/p\u003e\n \u003cp\u003eThe scheme follows a six-step methodology that integrates ecosystem service assessment with financing design. The approach begins by identifying key ecosystem services delivered by AF farms and land management practices required to sustain them, followed by an estimation of both direct and indirect costs. It then links and promotes scientifically robust monitoring, reporting, and verification (MRV) criteria, maps potential public and private funding sources, and determines payment levels through the economic valuation of ecosystem services.\u003c/p\u003e\n \u003cp\u003eRSFS is motivated by three objectives: to reduce entry barriers, compensate farmers during the transition phase, and reward measurable environmental outcomes, all while simultaneously mitigating risk exposure. To achieve this, the scheme combines three complementary payment streams pillars:\u003c/p\u003e\u003cspan\u003e\n \u003col\u003e\n \u003cli\u003eEx-ante payments (Year 0) to offset establishment initial costs such as tree planting, site preparation, and infrastructure. A large portion of this payment is tied to the approval of a farm\u0026rsquo;s agroforestry project plan, providing immediate liquidity and reducing initial capital constraints that often deter adoption.\u003c/li\u003e\n \u003c/ol\u003e\n \u003c/span\u003e\u003cspan\u003e\n \u003col start=\"2\"\u003e\n \u003cli\u003eAction-based payments (Years 1\u0026ndash;5) provide guaranteed annual transfers for implementing sustainable land management practices such as alley cropping, silvopasture, or hedgerow integration. These payments recognize presumed environmental benefits without requiring proof of results in the early years, when trees are immature and returns are limited. This ensures stability of cash flow during the critical transition phase.\u003c/li\u003e\n \u003c/ol\u003e\n \u003c/span\u003e\u003cspan\u003e\n \u003col start=\"3\"\u003e\n \u003cli\u003eResults-based (Year 5 \u0026ndash; beyond) payments reward verified environmental outcomes such as carbon sequestration, biodiversity gains, or improvements in soil quality, measured through agreed MRV protocols. This creates a direct link between ecological performance and financial rewards, strengthening long-term incentives.\u003c/li\u003e\n \u003c/ol\u003e\n \u003c/span\u003e\n \u003cp\u003eFinancial transfers are complemented by \u0026ldquo;specialized advisory services\u0026rdquo; accessible throughout the whole scheme\u0026rsquo;s duration. With that, farmers may receive continuous technical support for species selection, system design, MRV compliance, and market integration. Stakeholder consultations repeatedly emphasized this advisory dimension as essential, since access to trusted local expertise reduces transaction costs, ensures regulatory compliance, and improves the credibility of AF projects for private investors.\u003c/p\u003e\n \u003cp\u003eEach of these pillars is linked to specific funding sources. As shown in Table\u0026nbsp;\u003cspan class=\"InternalRef\"\u003e1\u003c/span\u003e, ex-ante payments can be supported through CAP eco-schemes, agri-environmental-climate measures, and state aid, for example, while private mechanisms may include supply-chain contracts and impact investment. Advisory services may be provided by agricultural extension systems, universities, or private consultants, often co-financed through CAP rural development funds. Action-based payments are typically aligned with CAP instruments and national subsidy schemes. Result-based payments, although less developed, can be connected to eco-schemes, potential biodiversity credits, carbon markets, and voluntary private finance for ecosystem service provision.\u003c/p\u003e\n \u003cdiv class=\"gridtable\"\u003e\n \u003ctable id=\"Tab1\" border=\"1\"\u003e\n \u003ccaption language=\"En\"\u003e\n \u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e\n \u003cdiv class=\"CaptionContent\"\u003e\n \u003cp\u003e\u003cem\u003eFinancing mechanisms and sources by payment type.\u003c/em\u003e\u003c/p\u003e\n \u003cdiv class=\"Credit\"\u003e\n \u003cp\u003e\u003cem\u003eSource: Adapted from Hajdukovic, 2024.\u003c/em\u003e\u003c/p\u003e\n \u003c/div\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003ePayment Type\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eFinancing Mechanisms / Sources\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eFinancing the up-front costs of an agroforestry project (Year 0)\u003c/p\u003e\n \u003cp\u003e\u003cem\u003eFarmers receive an initial payment to compensate for planning and initial investment costs\u003c/em\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003ePotential public financing mechanisms\u003c/span\u003e\u003c/p\u003e\n \u003cp\u003e\u0026bull; CAP Pillar I: Eco-schemes and other direct income support schemes (BISS, CISYF)\u003c/p\u003e\n \u003cp\u003e\u0026bull; CAP Pillar II: Agri-environmental-climate measures (Art. 70), Natural or other areas with natural constraints (Art. 71), Area-specific disadvantages (Art. 72), Investments (Arts. 73 \u0026amp; 74), Young farmers and rural business start-up (Art. 75)\u003c/p\u003e\n \u003cp\u003e\u0026bull; State aid for establishment, regeneration, or renovation of agroforestry systems\u003c/p\u003e\n \u003cp\u003e\u0026bull; Other: Grants/subsidies from governments, research institutions, universities\u003c/p\u003e\n \u003cp\u003e\u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003ePotential private financing mechanisms\u003c/span\u003e\u003c/p\u003e\n \u003cp\u003e\u0026bull; Agri-food companies in the supply chain, impact investors, private banks, family offices, some private foundations and NGOs (e.g: grantmaking, matchfunding, crowdfunging, seedcapital)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eAdvisory services (Years 1\u0026ndash;beyond)\u003c/p\u003e\n \u003cp\u003e\u003cem\u003eFarmers receive advice and technical support from a reliable source\u003c/em\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003eEntities providing advisory services\u003c/span\u003e\u003c/p\u003e\n \u003cp\u003e\u0026bull;Agricultural extension services, agri-food companies, private consultants/companies, NGOs farmer associations and cooperatives, research institutions and universities, government agricultural agencies, regional advisory systems, partnerships with startups and digital platforms\u003c/p\u003e\n \u003cp\u003e\u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003ePolicies providing advisory services\u003c/span\u003e\u003c/p\u003e\n \u003cp\u003e\u0026bull; CAP Pillar II (rural development measures knowledge transfer, innovation, cooperation), State aid for establishment, regeneration, or renovation of agroforestry systems, Horizon Europe and LIFE programmes (Living Labs, digital advisory services\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eAction-based payments (Years 1\u0026ndash;5)\u003c/p\u003e\n \u003cp\u003e\u003cem\u003eFarmers receive an annual action-based payment to cover ongoing costs\u003c/em\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003ePotential public financing mechanisms\u003c/span\u003e\u003c/p\u003e\n \u003cp\u003e\u0026bull; CAP Pillar I: Eco-schemes\u003c/p\u003e\n \u003cp\u003e\u0026bull; CAP Pillar II: Agri-environmental-climate measures (AECMs)\u003c/p\u003e\n \u003cp\u003e\u0026bull;Other: State aid, research institutions, universities\u003c/p\u003e\n \u003cp\u003e\u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003ePotential private financing mechanisms\u003c/span\u003e:\u003c/p\u003e\n \u003cp\u003e\u0026bull; Agri-food companies in the supply chain (e.g., sustainability-linked contracts)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eResult-based payments (Year 5- beyond)\u003c/p\u003e\n \u003cp\u003e\u003cem\u003eFarmers receive an additional payment based on results\u003c/em\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003ePotential public financing mechanisms (to be developed)\u003c/span\u003e\u003c/p\u003e\n \u003cp\u003e\u0026bull; CAP Pillar I: Eco-schemes\u003c/p\u003e\n \u003cp\u003e\u0026bull; CAP Pillar II: Agri-environmental-climate measures (AECMs)\u003c/p\u003e\n \u003cp\u003e\u0026bull; Other: Government or public funds (e.g., results-based pilot schemes)\u003c/p\u003e\n \u003cp\u003e\u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003ePotential private financing mechanisms (to be developed)\u003c/span\u003e\u003c/p\u003e\n \u003cp\u003e\u0026bull; Agri-food companies in the supply chain (ESG-driven sourcing commitments)\u003c/p\u003e\n \u003cp\u003e\u0026bull; Voluntary carbon markets (credits for carbon sequestration)\u003c/p\u003e\n \u003cp\u003e\u0026bull; Biodiversity markets (credits for conservation, habitat restoration, and nature-positive outcomes, aligned with COP15 biodiversity credit frameworks) and emerging natural capital schemes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n \u003c/div\u003e\n \u003cp\u003e\u003cbr\u003e\u003c/p\u003e\n \u003cp\u003eThe RSFS is understood as a hybrid financing model that combines public subsidies with market-based instruments linked to ecosystem services. Its phased structure ties upfront support to performance-linked incentives, thereby aligning the ecological value of AF systems with financial flows. This makes the scheme adaptable across diverse national contexts and farm structures, while remaining compatible with emerging EU sustainability finance frameworks.\u003c/p\u003e\n\u003c/div\u003e\n\u003cdiv id=\"Sec6\" class=\"Section2\"\u003e\n \u003ch2\u003e3.3 Refinement of the Scheme with Living Labs and field consultations\u003c/h2\u003e\n \u003cp\u003eEight Living Labs established in Belgium, Bulgaria, Czechia, Denmark, Germany, Hungary, Spain, and the United Kingdom served as collaborative testing grounds for the financing scheme. These sites functioned as experimental environments, enabling real-time dialogue, iterative feedback, and continuous refinement of the financing scheme within diverse agroecological, legal, and socio-economic contexts.\u003c/p\u003e\n \u003cp\u003eThe design and application of the Scheme were informed by both primary and secondary data sources. Primary data was collected through structured surveys and guided interviews with 38 farms across five European countries. The survey gathered quantitative information on farm size, land tenure, agroforestry adoption, funding access, advisory services, monitoring practices, and perceived barriers. Complementary interviews provided qualitative insights into farmers\u0026rsquo; overview of financial instruments, expectations for future support, and engagement with institutional frameworks. These inputs were central to evaluating the scheme\u0026rsquo;s practical relevance and scalability (Zibecchi, 2025a)\u003csup\u003e7\u003c/sup\u003e.\u003c/p\u003e\n \u003cp\u003eParticipants were selected using purposive sampling through practitioner networks linked to each Living Lab, ensuring diversity in farm types, land tenure models, and geographic conditions. Continuous interaction between participants and researchers enabled real-time validation and refinement of financing components.\u003c/p\u003e\n \u003cp\u003eIn parallel, secondary data derived from a comparative policy and regulatory review of national CAP Strategic Plans, focusing on AF definitions, support measures, and MRV systems. This analysis examined subsidy typologies, institutional bottlenecks, and integration challenges within national agricultural frameworks (Zibecchi, 2025a).\u003c/p\u003e\n \u003cp\u003eThe methodological framework was finally reinforced through workshops and validation sessions involving researchers, practitioners, and private sector stakeholders such as guarantee funds, development banks, fintech startups, and impact investors. These engagements ensured that the financing scheme remained aligned with evolving policy requirements and compatible with existing administrative and financial systems. The scheme\u0026rsquo;s refinement was further boosted by platforms for civil\u0026ndash;academic knowledge sharing, such as the \u003cem\u003eReForest Engament Platform\u003c/em\u003e\u003csup\u003e8\u003c/sup\u003e, which fostered cross-sector dialogue as a cornerstone of systemic transitions toward circular and regenerative models.\u003c/p\u003e\n \u003cp\u003eWhile the Living Lab approach enabled participatory and context-sensitive process, our research faced several limitations. The sample size was modest and geographically uneven, reflecting existing patterns of AF adoption within established networks. In addition, the reliance on self-reported data through surveys and interviews introduces risks of subjectivity and response bias, as farmers\u0026rsquo; perceptions may not fully align with measured outcomes. Although interviews generated rich qualitative insights, their interpretive nature also limits the generalizability of findings. Nonetheless, we believe that the integration of diverse data sources (surveys, interviews, and economic-policy literature review) across multiple contexts enhances the robustness, applicability, and policy relevance of our results.\u003c/p\u003e\n\u003c/div\u003e"},{"header":"4. Results","content":"\u003ch2\u003e\u003cstrong\u003e4.1 Systemic Gap\u003c/strong\u003e\u003cstrong\u003es\u003c/strong\u003e\u003c/h2\u003e\n\u003cp\u003eSurvey data revealed three persistent gaps constraining the adoption of agroforestry systems: (i) limited access to adequate financing, (ii) insufficient engagement with private and philanthropic actors, (iii) and uneven provision of advisory services (Table 2). On average, only 29% of respondents reported having access to sufficient financial resources, while 39% engaged with private sector partners such as banks, agri-food companies, or impact investors. Advisory support is more developed, though still partial, with 58% of farmers having access to formal or informal advisory services.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 2.\u0026nbsp;\u003c/strong\u003e\u003cem\u003eSurvey Results \u0026ndash; Country Level Statistics Snapshot. Source: Zibecchi, 2025a.\u003c/em\u003e\u003c/p\u003e\n\u003ctable style=\"border: none;width:449.6pt;border-collapse:collapse;\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:144.2pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:27.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family: \"Times New Roman\",serif;'\u003e\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:27.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eBulgaria\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:27.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eCzechia\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:27.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eGermany\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:27.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eHungary\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:27.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eUK\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:27.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cstrong\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eTotal\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:144.2pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:18.15pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eResponses\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:18.15pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e10\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:18.15pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e5\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:18.15pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e11\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:18.15pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:18.15pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e9\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:18.15pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cstrong\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e38\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:144.2pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eAvg Farm Size in (Ha)\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e93\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e203\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e36\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e11\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e148\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cstrong\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e97\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:144.2pt;padding:0in 5.4pt 0in 5.4pt;height:27.95pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eAvg Date of Farm Establishment\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:27.95pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2014\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:27.95pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2007\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:27.95pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2008\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:27.95pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2014\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:27.95pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e1993\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:27.95pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cstrong\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2006\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:144.2pt;padding:0in 5.4pt 0in 5.4pt;height:20.75pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eAF Adoption Rate\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:20.75pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e0%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:20.75pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e100%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:20.75pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e82%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:20.75pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e100%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:20.75pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e89%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:20.75pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cstrong\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e66%\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:144.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eAvg Date of AF System Establishment\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2012\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2019\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2015\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2015\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cstrong\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2016\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:144.2pt;border:none;border-bottom:solid red 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:24.5pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eWillingness for AF adoption\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-bottom:solid red 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:24.5pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e30%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-bottom:solid red 1.0pt;background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;height:24.5pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-bottom:solid red 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:24.5pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e100%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-bottom:solid red 1.0pt;background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;height:24.5pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-bottom:solid red 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:24.5pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e100%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-bottom:solid red 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:24.5pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cstrong\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e60%\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:144.2pt;border:none;border-left:solid red 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:36.1pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eCurrent Available Funds being enough to cover and maintain cost\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:36.1pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e20%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:36.1pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e40%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:36.1pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e36%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:36.1pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e0%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:36.1pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e33%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-right:solid red 1.0pt;background:#FECACA;padding:0in 5.4pt 0in 5.4pt;height:36.1pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cstrong\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e29%\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:144.2pt;border:none;border-left:solid red 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:29.3pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eAccess to Private Sector Investment\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:29.3pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e40%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:29.3pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e40%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:29.3pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e82%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:29.3pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e0%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;padding:0in 5.4pt 0in 5.4pt;height:29.3pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e0%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-right:solid red 1.0pt;background:#FECACA;padding:0in 5.4pt 0in 5.4pt;height:29.3pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cstrong\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e39%\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:144.2pt;border-top:none;border-left:solid red 1.0pt;border-bottom:solid red 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eAccess to Advisory Services\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-bottom:solid red 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.25pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e50%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-bottom:solid red 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.25pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e60%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-bottom:solid red 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.25pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e82%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-bottom:solid red 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.25pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e67%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border:none;border-bottom:solid red 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:14.25pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e33%\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:50.9pt;border-top:none;border-left:none;border-bottom: solid red 1.0pt;border-right:solid red 1.0pt;background:#FECACA;padding:0in 5.4pt 0in 5.4pt;height:14.25pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cstrong\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e58%\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\n\u003cp id=\"_Toc812778616\"\u003e\u003cstrong\u003e4.2 Regional Disparities\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eA closer look at the country-level distribution illustrates how systemic gaps manifest unevenly across national contexts. Adoption rates were highest in Czechia and Hungary, where all surveyed farms had implemented AF practices, followed by the United Kingdom (89%) and Germany (82%). In contrast, none of the Bulgarian respondents had yet adopted AF, although 30% expressed interest in future uptake.\u003c/p\u003e\n\u003cp\u003eThe average date of farm establishment in the sample was 2006. Country averages ranged from 1993 in the United Kingdom, indicating longer-standing farm operations, to 2014 in both Bulgaria and Hungary, where farms are newer. On the other hand, the average establishment dates of AF systems were considerably more recent: 2012 in Czechia, 2015 in Hungary, 2016 in the United Kingdom, and 2019 in Germany. AF was mostly integrated into already established farms rather than incorporated at the outset. Except for the United Kingdom, most systems were introduced within the last decade, underscoring that AF remains at an early stage of diffusion for our sample.\u003c/p\u003e\n\u003cp\u003eFarm size also varied substantially, averaging 11 hectares in Hungary and more than 200 hectares in Czechia, with a mean of 97 hectares overall. These distinctions can reflect different land ownership patterns and the legacy of land reforms as after 1989, since restitution and redistribution policies resulted in highly fragmented farm structures in many Central and Eastern European countries. For example, agriculture in Czechia is dominated by large-scale enterprises, with average farm sizes exceeding 130 hectares, far above the EU-27 average of 16 hectares. In contrast, Hungary retains a predominance of small and fragmented farms, limiting investment capacity and reducing eligibility for capital-intensive support schemes.\u003c/p\u003e\n\u003cp id=\"_Toc4405888\"\u003eAccess to financial and institutional support also diverged. In Hungary, no respondent considered current funding sufficient, compared with 40% in Czechia. Advisory services were most developed in Germany and Czechia, where over two-thirds of respondents reported access, while Bulgarian and Hungarian farmers highlighted pronounced gaps. Private sector engagement was strongest in the United Kingdom (56%) but limited in Bulgaria (20%) and absent in Hungary.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eOverall, these results suggest that limited investment readiness arises not only from underfunding but also from the combined effects of fragile institutional frameworks, weak advisory infrastructures, and poor integration into financial markets. Simply increasing subsidies is unlikely to ensure widespread adoption. Enabling conditions such as secure land tenure, strong advisory networks, and farmer-to-farmer learning may be just as important for reducing perceived risks and strengthening incentives.\u003c/p\u003e\n\u003cp\u003e\u003cbr\u003e\u003cstrong\u003e4.3 AF and MRV Barrier Assessment\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eFarmers were asked to rank the relative importance of barriers to AF adoption and to the establishment of MRV systems on a scale from 1 (not important) to 5 (crucial). The results (Table 3) indicate that farmers across the five case study countries face overlapping financial, institutional, and technical constraints.\u003c/p\u003e\n\u003cp\u003eAmong these,\u0026nbsp;high costs of borrowing, income instability, and the long-time horizons required for profitability were reported as critical, especially in Hungary, where financial risks associated with agroforestry transition were rated at the highest levels. Farmers also frequently highlighted subsidy misalignment and the lack of supportive national policy frameworks as significant obstacles, again with average scores of 4.0 or higher in most countries. These findings add weight to the argument that the absence of a unified classification of agroforestry generates uncertainty within subsidy regimes, leaving farmers ineligible or under-supported compared with conventional agricultural systems.\u003c/p\u003e\n\u003cp\u003eTechnical barriers were also significant. Respondents pointed to a lack of AF-specific knowledge, limited advisory services, and weak support networks, with particularly high ratings in Hungary and the United Kingdom. Farmers consistently reported gaps in skills, advisory provision, and community networks, with scores close to the maximum level. These deficiencies limit farmers\u0026rsquo; ability to confidently design, manage, and expand agroforestry systems, suggesting that stronger advisory support and knowledge exchange may be crucial for effective implementation.\u003c/p\u003e\n\u003cp\u003eIn addition, lack of standardized MRV frameworks emerged as a major challenge, with average scores above 4.0 in Bulgaria, Germany, Hungary, and the UK. Farmers\u0026nbsp;pointed to high monitoring costs, lack of expertise, limited tools, and heavy time demands as practical obstacles that make it difficult to engage in results-based financing. Without simpler and more affordable measurement systems, results-based payments for carbon or biodiversity outcomes are unlikely to work effectively in practice.\u003c/p\u003e\n\u003cp\u003e\u0026nbsp;\u003cstrong\u003e\u003cem\u003eTable 3. Survey Results \u0026ndash;\u0026nbsp;\u003c/em\u003e\u003c/strong\u003e\u003cem\u003eBarriers to agroforestry adoption and MRV implementation by country. Source: Zibecchi, 2025a. \u003cstrong\u003eNote:\u003c/strong\u003e Self-reported level of importance on a scale from 1 to 5, with 5 indicating the most critical barrier and 1 the least important.\u003c/em\u003e\u003c/p\u003e\n\u003ctable style=\"width:432.75pt;border-collapse:collapse;border:none;\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;border-top:solid windowtext 1.0pt;background:#BDD7EE;padding:.75pt .75pt 0in .75pt;height:13.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cstrong\u003e\u003cspan style='font-size:14px;line-height: 150%;font-family:\"Times New Roman\",serif;color:black;'\u003ePer Country\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 46.5pt;border-right: none;border-bottom: none;border-left: none;border-image: initial;border-top: 1pt solid windowtext;background: rgb(189, 215, 238);padding: 0.75pt 0.75pt 0in;height: 13pt;vertical-align: bottom;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;'\u003e\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 40.45pt;border-right: none;border-bottom: none;border-left: none;border-image: initial;border-top: 1pt solid windowtext;background: rgb(189, 215, 238);padding: 0.75pt 0.75pt 0in;height: 13pt;vertical-align: bottom;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;'\u003e\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 44.8pt;border-right: none;border-bottom: none;border-left: none;border-image: initial;border-top: 1pt solid windowtext;background: rgb(189, 215, 238);padding: 0.75pt 0.75pt 0in;height: 13pt;vertical-align: bottom;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;'\u003e\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 40.15pt;border-right: none;border-bottom: none;border-left: none;border-image: initial;border-top: 1pt solid windowtext;background: rgb(189, 215, 238);padding: 0.75pt 0.75pt 0in;height: 13pt;vertical-align: bottom;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;'\u003e\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 34.3pt;border-right: none;border-bottom: none;border-left: none;border-image: initial;border-top: 1pt solid windowtext;background: rgb(189, 215, 238);padding: 0.75pt 0.75pt 0in;height: 13pt;vertical-align: bottom;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;'\u003e\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;background:#D9D9D9;padding:.75pt .75pt 0in .75pt;height:15.85pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cstrong\u003e\u003cspan style='font-size:14px;line-height: 150%;font-family:\"Times New Roman\",serif;color:black;'\u003eAF Barrier\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.85pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eBulgaria\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.85pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eCzechia\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.85pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eGermany\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.85pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eHungary\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.85pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eUK\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eAbsence of standardized environment impact measurement framework (MRV)\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.22\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.25\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.11\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.89\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eExtreme events due to Climate Change\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.44\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;background:#D6F2E3;padding: .75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.25\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.38\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eHigh costs of borrowing\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.78\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.60\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.33\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.67\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.11\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eHigh risk and long timelines required for agroforestry to become profitable\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.80\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.60\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.90\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.67\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.22\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eIncome Instability\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.20\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;background:#D6F2E3;padding: .75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.60\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.67\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.11\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eInsufficient insurance offers\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.90\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.25\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.44\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.89\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eLack of access to suitable funding options\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.50\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.75\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.33\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.33\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eLack of advisory services\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.56\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.33\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.44\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.67\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.33\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eLack of Agroforestry-Specific\u0026nbsp;\u003c/span\u003e\u003cspan style='font-size:16px;line-height:150%;font-family:\"Times New Roman\",serif;'\u003e\u003cbr\u003e\u0026nbsp;\u003c/span\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eImplementation Knowledge or Skills\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.20\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.78\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;background:#D6F2E3;padding: .75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e5.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.11\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eLack of Market Access for Agroforestry Products\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.70\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.75\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.67\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.13\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eLack of Strong Agroforestry\u0026nbsp;\u003c/span\u003e\u003cspan style='font-size:16px;line-height:150%;font-family:\"Times New Roman\",serif;'\u003e\u003cbr\u003e\u0026nbsp;\u003c/span\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eSupport Network or Community\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.50\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.67\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.67\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.67\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eLack of supportive regulatory and policy framework at the national level\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.70\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.75\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.33\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;background:#D6F2E3;padding: .75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e5.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:226.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:-1.05pt;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-indent:1.05pt;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eSubsidy Misalignment\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:46.5pt;border:none;border-bottom:solid windowtext 1.0pt;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.45pt;border:none;border-bottom:solid windowtext 1.0pt;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.38\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:44.8pt;border:none;border-bottom:solid windowtext 1.0pt;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.75\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:40.15pt;border:none;border-bottom:solid windowtext 1.0pt;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e5.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:34.3pt;border:none;border-bottom:solid windowtext 1.0pt;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.22\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003ctable style=\"border-collapse: collapse;border: none;width: 606px;\"\u003e\n \u003ctbody\u003e\n 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Roman\",serif;color:black;'\u003eBulgaria\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.55pt;border:none;border-top:solid windowtext 1.0pt;padding:.75pt .75pt 0in .75pt;height:10.75pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eCzechia\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.5pt;border:none;border-top:solid windowtext 1.0pt;padding:.75pt .75pt 0in .75pt;height:10.75pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eGermany\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.55pt;border:none;border-top:solid windowtext 1.0pt;padding:.75pt .75pt 0in .75pt;height:10.75pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eHungary\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:35.4pt;border:none;border-top:solid windowtext 1.0pt;padding:.75pt .75pt 0in .75pt;height:10.75pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:-.25in;margin-bottom: 0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;UK\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:248.1pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eDifficulty accessing data\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.11\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.50\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.56\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.55pt;border:none;background:#D6F2E3;padding: .75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e5.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:35.4pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.38\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:248.1pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eHigh costs of MRV\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.5pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.78\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.55pt;border:none;background:#D6F2E3;padding: .75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.67\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.5pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.55\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.55pt;border:none;background:#D6F2E3;padding: .75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e5.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:35.4pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.50\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:248.1pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eInsufficient knowledge or expertise\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.33\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.20\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.5pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.36\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.55pt;border:none;background:#D6F2E3;padding: .75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e5.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:35.4pt;border:none;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:248.1pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eLack of tools or equipment\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.30\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.55pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.25\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.5pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.91\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.55pt;border:none;background:#D6F2E3;padding: .75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e5.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:35.4pt;border:none;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e3.88\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width:248.1pt;border:none;border-bottom:solid windowtext 1.0pt;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003eTime constraints\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e2.78\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.55pt;border:none;border-bottom:solid windowtext 1.0pt;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.20\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.5pt;border:none;border-bottom:solid windowtext 1.0pt;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.55\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:42.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4.00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width:35.4pt;border:none;border-bottom:solid windowtext 1.0pt;background:#D6F2E3;padding:.75pt .75pt 0in .75pt;height:15.0pt;\"\u003e\n \u003cp style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:150%;font-size:15px;font-family:\"Calibri\",sans-serif;text-align:center;'\u003e\u003cspan style='font-size:14px;line-height:150%;font-family:\"Times New Roman\",serif;color:black;'\u003e4,00\u003c/span\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cstrong\u003e4.4 Private Sector Stakeholder Perspectives on AF Financing\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eWorkshops and bilateral consultations with banks, guarantee funds, agri-food companies, fintech start-ups, and impact investors provided insights into mobilising private capital for AF. Fewer than 40% of surveyed farms had engaged with private or philanthropic actors, and these interactions were mainly limited to standard bank loans or informal supply chain contracts. Financial instruments adapted to AF\u0026rsquo;s long-term horizons and mixed production models were largely absent, underscoring the sector\u0026rsquo;s limited investment readiness. This reflects broader agricultural financing patterns, where credit markets remain cautious toward systems with uncertain collateral values, extended payback periods, and regulatory ambiguity.\u003c/p\u003e\n\u003cp\u003eNevertheless, financial institutions and value-chain actors recognized the potential of the phased payment architecture tested in the Living Labs. They noted that combining multiple payment incentives with ecosystem outcomes could reduce both credit and performance risks. Within this framework, tools such as guarantee schemes, subordinated loans, and advance purchase agreements were highlighted as promising instruments to lower investor exposure and improve revenue predictability. These insights are consistent with EU debates on blended finance, where public instruments are expected to catalyse private capital flows into risk-sensitive but high-impact land-use transitions.\u003c/p\u003e\n\u003cp\u003eParticipants also stressed the importance of non-financial conditions. Simplified procedures, lower transaction costs, and affordable monitoring systems were identified as prerequisites for wider adoption. Advisory services adapted to regional contexts, along with secure land tenure and predictable funding continuity, were likewise emphasised.\u003c/p\u003e\n\u003cp\u003eTo synthesise these findings, Table 4 groups potential blended finance mechanisms into four strategic approaches, each addressing specific investment barriers while aligning financial incentives with the long-term ecological and social outcomes of AF.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eTable 4\u003c/em\u003e\u003c/strong\u003e\u003cem\u003e: Blended Finance Approaches for AF. Source: Zibecchi, 2025b.\u003c/em\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 179px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eApproach\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 411px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eBlended Finance Mechanisms\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 179px;\"\u003e\n \u003cp\u003eCommunity-Driven and Incentive-Based Funding\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 411px;\"\u003e\n \u003cp\u003eInstruments such as crowdfunding, philanthropic grants, forgivable loans, and tax incentives can lower barriers to entry by supporting early-stage planning and infrastructure.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 179px;\"\u003e\n \u003cp\u003eMarket and Investment-Based Financing\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 411px;\"\u003e\n \u003cp\u003eSolutions include impact bonds, development bank loans, long-term agri-food contracts, and ecosystem service markets (e.g. carbon or biodiversity credits), helping link AF projects to supply chains and nature capital revenues.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 179px;\"\u003e\n \u003cp\u003eRisk Mitigation and Financial Stability Instruments\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 411px;\"\u003e\n \u003cp\u003eTools like guarantees, debt swaps, solidarity levies, and insurance models can stabilize returns, improve creditworthiness, and buffer agroforestry projects against volatility.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 179px;\"\u003e\n \u003cp\u003eLong-Term Support and Policy-Driven Incentives\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 411px;\"\u003e\n \u003cp\u003eMechanisms such as impact investments with grace periods and ongoing public incentives help sustain long-term delivery of public goods and climate co-benefits.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e"},{"header":"5. Discussion","content":"\u003cp\u003eOur findings provide further evidence that agroforestry adoption in Europe is constrained by systemic barriers. Limited access to finance, weak private sector engagement, and uneven advisory systems reflect fragmented land ownership, policy misalignment, and the absence of integration between agricultural finance and sustainability objectives.\u003c/p\u003e\u003cp\u003eInsights from the Living Labs indicate that a phased financing design may help mitigate these obstacles. To illustrate the financial rationale of the scheme, Fig.\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e presents a stylised cumulative cash flow projection comparing two agroforestry investment scenarios: a baseline under mainstream finance (red) and one supported by the ReForest scheme (green). This projection is theoretical, drawing on assumptions from Living Labs data, academic research, and the \u003cem\u003eFarmTree\u003c/em\u003e\u003csup\u003e9\u003c/sup\u003e digital tool, which models long-term financial indicators such as return on investment (ROI), cumulative cash flow, total costs and revenues, and ecosystem service benefits across diverse tree\u0026ndash;crop\u0026ndash;livestock systems.\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003eThe baseline scenario (red) reflects the reality faced by many agroforestry practitioners: extended periods of negative cash flow, break-even only after 15 years, and growing exposure to risks driven by insufficient upfront support, irregular subsidies, and fragmented market access. The wide uncertainty band illustrates the compounded volatility inherent in such conditions, where unpredictable climate events, fluctuating commodity prices, and inconsistent policy support interact to magnify financial instability.\u003c/p\u003e\u003cp\u003eBy contrast, the ReForest-supported scenario (green) is expected to reach break-even earlier, around year 10, through a structured package of ex-ante and action-based payments combined with advisory services. Thereafter, revenues are projected to grow at a faster pace, supported by productivity gains derived from technical guidance, digital tools and result-based payments. The narrower uncertainty band illustrates a more stable risk profile, reinforced by complementary mechanisms such as guarantees, concessional loans, insurance, cooperative business models, and advance purchase agreements.\u003c/p\u003e\u003cp\u003eNature-based Solutions tend to suffer from similar barriers as in Agroforestry such as high upfront costs, delayed returns, and uncertainty in outcomes due to ecological variability and long implementation horizons. The RSFS offers a useful empirical basis for exploring how regenerative practices can be integrated into emerging climate finance architectures.\u003c/p\u003e\u003cp\u003eFuture research should extend both the geographic scope and time horizon of analysis, combining farm-level monitoring with policy evaluation. Developing cost-effective and standardized MRV systems is critical, as measurement complexity and transaction costs remain significant obstacles to scaling results-based financing. In addition, blockchain-enabled smart contracts and Digital Twin technologies merit closer examination. These tools have the potential to automate payments, enhance transparency, and improve MRV reliability through real-time monitoring and predictive simulations. If effectively deployed, they may provide more standardized, scalable, and de-risked financing models capable of attracting greater volumes of private capital.\u003c/p\u003e"},{"header":"6. Conclusion","content":"\u003cp\u003eAdvancing regenerative agriculture in Europe requires financing models that account for the long investment horizons and hybrid nature of agroforestry. The ReForest Sustainable Financing Scheme (RSFS), co-created through Living Labs in eight countries, offers one such model. By linking ex-ante, action-based, and results-based payments with specialised advisory services, the RSFS establishes reinforcing cycles between ecological outcomes and financial incentives, aligning farm-level decisions with broader sustainability and regeneration objectives.\u003c/p\u003e\u003cp\u003eThe paper contributes to the literature by providing empirical validation of a systemic financing scheme under real operating conditions. Evidence suggests that the RSFS can lower entry costs, reduce risks, and connect financial flows to both practices and outcomes, thereby improving investment readiness while aligning economic incentives with ecological performance. A stylised cash flow analysis indicates that the scheme has the potential to shorten the time to break even and stabilise returns, strengthening the case for agroforestry as a viable and resilient land-use strategy.\u003c/p\u003e\u003cp\u003ePolicy implications emerge at several levels. Aligning national subsidy regimes with EU sustainability frameworks would ensure that agroforestry is fully recognised within agricultural and climate policies. Investment in affordable and credible MRV systems could underpin the integrity of results-based payments. Expanded use of de-risking instruments, together with digital innovations such as blockchain-enabled smart contracts, could further mobilise private and philanthropic capital by reducing transaction costs and enhancing transparency. More broadly, the phased financing logic of the RSFS may serve as a transferable model for other Nature-based Solutions facing similar challenges. Positioning regenerative agriculture within financial and institutional networks underscores its potential to embed circularity and connectivity at the heart of systemic transformations toward more resilient and regenerative economies.\u003c/p\u003e"},{"header":"Declarations","content":"\u003ch2\u003eFunding\u003c/h2\u003e\u003cp\u003eThis work was funded by the European Union\u0026rsquo;s Horizon Europe Research and Innovation Programme under Grant Agreement No. 101060635 (ReForest Project).\u003c/p\u003e\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eT.Z. contributed to conceptualisation, methodology, investigation, formal analysis, validation, writing \u0026ndash; original draft, and writing \u0026ndash; review and editing. Y.F. contributed to conceptualisation and writing \u0026ndash; review and editing. R.A. contributed to conceptualisation and writing \u0026ndash; review and editing. All authors reviewed and approved the final manuscript.\u003c/p\u003e\u003ch2\u003eAcknowledgement\u003c/h2\u003e\u003cp\u003eThis work was funded by the European Union\u0026rsquo;s Horizon Europe Research and Innovation Programme under Grant Agreement No. 101060635 (ReForest Project). The authors gratefully acknowledge the contributions of ReForest Consortium members for their valuable support and resources in completing this research.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n \u003cli\u003eAlam, M., Olivier, A., Paquette, A., Dupras, J., Messier, C., \u0026amp; Rivest, D. (2014). A general framework for the quantification and valuation of ecosystem services of tree-based intercropping systems. Agroforestry Systems, 88(4), 679\u0026ndash;691. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1007/s10457-014-9694-1\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eAlcon, F., Avell\u0026aacute;n, T., Benayas, J., et al. (2024). Assessing the economic performance of crop diversification systems across European regions: Integrating market and non-market values. Agricultural Systems, 212, 103972. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.agsy.2023.103972\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eAltieri, M. A., Nicholls, C. I., Henao, A., \u0026amp; Lana, M. A. (2015). Agroecology and the design of climate change-resilient farming systems. 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Ecological Economics, 213, 108021. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.ecolecon.2025.108021\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eHaile, K. K., Nair, P. K. R., \u0026amp; Luedeling, E. (2019). Farmers\u0026rsquo; willingness to participate in payment for ecosystem services schemes in Ethiopia: A discrete choice experiment. Ecosystem Services, 37, 100939. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.ecoser.2019.100939\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eHajdukovic, I. (2023). \u003cem\u003eMapping report on AF sector finance and policy II\u003c/em\u003e (Deliverable D5.2). REFOREST project, Horizon Europe Grant Agreement No. 101060635.\u003c/li\u003e\n \u003cli\u003eHajdukovic, I. (2024). \u003cem\u003eSustainable financing scheme for agroforestry\u003c/em\u003e (Deliverable D5.4). REFOREST project, Horizon Europe Grant Agreement No. 101060635.\u003c/li\u003e\n \u003cli\u003eIPCC. (2023). Sections. In: Climate Change 2023: Synthesis Report. Contribution of Working Groups I, II and III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [Core Writing Team, H. Lee and J. Romero (eds.)]. IPCC, Geneva, Switzerland, pp. 35\u0026ndash;115. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.59327/IPCC/AR6-9789291691647\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eJacobs, S. R., Webber, H., Niether, W., Grahmann, K., L\u0026uuml;ttschwager, D., Schwartz, C., Breuer, L., \u0026amp; Bellingrath-Kimura, S. D. (2022). Modification of the microclimate and water balance through the integration of trees into temperate cropping systems. Agricultural and Forest Meteorology, 323, 109065. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.agrformet.2022.109065\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eJose, S. (2009). Agroforestry for ecosystem services and environmental benefits: An overview. Agroforestry Systems, 76(1), 1\u0026ndash;10. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1007/s10457-009-9229-7\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eKay, S., Rega, C., Moreno, G., den Herder, M., Palma, J. H. N., Borek, R., ... \u0026amp; Herzog, F. (2019). Agroforestry creates carbon sinks whilst enhancing the environment in agricultural landscapes in Europe. Land Use Policy, 83, 581\u0026ndash;593. Retrieved from \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.landusepol.2019.02.025\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eMayr, T., Schultze, J., \u0026amp; von Haaren, C. (2025). Payments for ecosystem services in agroforestry: Global patterns, challenges, and opportunities. Land Use Policy, 135, 106992. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.landusepol.2025.106992\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eMcDonald, H., Frelih-Larsen, A., L\u0026oacute;r\u0026aacute;nt, A., Duin, L., Pyndt Andersen, S., Costa, G., \u0026amp; Bradley, H. (2021). Carbon farming \u0026ndash; Making agriculture fit for 2030. Study for the Committee on Environment, Public Health and Food Safety (ENVI). Policy Department for Economic, Scientific and Quality of Life Policies, European Parliament. Retrieved from \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttp://www.europarl.europa.eu/supporting-analyses\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eMSCI. (2023). The future of the voluntary carbon market: Trends and risk considerations. MSCI Inc. Retrieved from \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://www.msci.com/climate-solutions\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eSchleyer, C., \u0026amp; Plieninger, T. (2011). Obstacles and options for the design and implementation of payments for ecosystem services: A case study from Saxony, Germany. Ecological Economics, 70(12), 2381\u0026ndash;2389. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.ecolecon.2011.07.018\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eThiesmeier, B., \u0026amp; Zander, P. (2023). Economic performance of temperate agroforestry systems in Europe and North America: A scoping review. Agroforestry Systems, 97, 1365\u0026ndash;1380. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1007/s10457-022-00788-4\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eTorralba, M., Fagerholm, N., Burgess, P. J., Moreno, G., \u0026amp; Plieninger, T. (2016). Do European agroforestry systems enhance biodiversity and ecosystem services? A meta-analysis. Agriculture, Ecosystems \u0026amp; Environment, 230, 150\u0026ndash;161. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.agee.2016.06.002\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eTranchina, M., Reubens, B., Frey, M., et al. (2024). What challenges impede the adoption of agroforestry practices? A global perspective through a systematic literature review. Agroforestry Systems, 98, 1817\u0026ndash;1837. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1007/s10457-024-00993-w\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\n \u003cli\u003eZibecchi, T. (2025a). \u003cem\u003eReport of AF Financing Model Application\u003c/em\u003e (Deliverable D5.5). REFOREST project, Horizon Europe Grant Agreement No. 101060635.\u003c/li\u003e\n \u003cli\u003eZibecchi, T. (2025b). \u003cem\u003eMapping report on AF sector finance and policy III\u003c/em\u003e (Deliverable D5.3). REFOREST project, Horizon Europe Grant Agreement No. 101060635.\u003c/li\u003e\n\u003c/ol\u003e"},{"header":"Footnotes","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003e ReForest (Agroforestry at the forefront of farming sustainability in multifunctional landscapes in Europe) - a Horizon Europe project funded under EU\u0026rsquo;s Land, ocean and water for climate Action - aims to promote agroforestry as a land use type allowing food production while maintaining ecological sustainability. More information is available at \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://agroreforest.eu/\u003c/span\u003e\u003cspan address=\"https://agroreforest.eu/\" targettype=\"URL\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e The Euro-Mediterranean Economists Association (EMEA) is an independent regional think tank based in Barcelona, focusing on economic policy, sustainability, and regional cooperation - and consortium member of the ReForest project. More information is available at \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003e\u003cspan\u003ewww.euromed-economists.org\u003c/span\u003e\u003c/span\u003e\u003cspan address=\"http://www.euromed-economists.org\" targettype=\"URL\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e Within the ReForest project, Living Labs bring together research centers and farms\u0026mdash;whether commercially oriented or experimental\u0026mdash;to create collaborative spaces where farmers and researchers co-develop, test, and refine agroforestry practices in real-world settings.\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e AGFORWARD \u0026ndash; Agroforestry that Will Advance Rural Development (FP7 Project, 2014\u0026ndash;2017). Retrieved from \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://www.agforward.eu\u003c/span\u003e\u003cspan address=\"https://www.agforward.eu\" targettype=\"URL\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e AFINET \u0026ndash; \u003cem\u003eAgroforestry Innovation Networks\u003c/em\u003e (Horizon 2020 Project, 2017\u0026ndash;2019). Retrieved from \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://www.agforward.eu/afinet.html\u003c/span\u003e\u003cspan address=\"https://www.agforward.eu/afinet.html\" targettype=\"URL\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e SustainFARM \u0026ndash; \u003cem\u003eInnovative and Sustainable Integrated Food and Non-Food Systems\u003c/em\u003e (Horizon 2020 Project, 2015\u0026ndash;2018). Retrieved from \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://www.sustainfarm.eu\u003c/span\u003e\u003cspan address=\"https://www.sustainfarm.eu\" targettype=\"URL\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e Complete versions of the survey and interview templates used in this study are available from the author upon request.\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e The ReForest Engagement Platform is the project\u0026rsquo;s digital hub for co-creation and knowledge exchange, providing tools for community building, stakeholder engagement, training, and decision support (e.g., the FarmTree tool). It is maintained by EMEA and designed to be sustained beyond the project through EURAF. Further details are available at \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://reforest.euromed-economists.org/about-reforest-platform/\u003c/span\u003e\u003cspan address=\"https://reforest.euromed-economists.org/about-reforest-platform/\" targettype=\"URL\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e The FarmTree tool supports the design of agroforestry projects by modeling long-term costs, revenues, and ecosystem service benefits across various tree\u0026ndash;crop\u0026ndash;livestock combinations. It uses ReForest farm-level input data, such as tree species, crop rotation, planting density, yield forecasts, labor costs, and maintenance schedules, to simulate annual cash flows over a multi-decade horizon. The tool applies time-phased cost and revenue curves that reflect the biological growth cycles of perennial systems and integrates assumptions about market prices, discount rates, and subsidy schemes. Scenario analysis allows comparison between conventional systems and agroforestry alternatives, making it easier for users to assess investment feasibility, break-even points, and long-term profitability under varying policy and market conditions (see \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://www.farmtree.earth/\u003c/span\u003e\u003cspan address=\"https://www.farmtree.earth/\" targettype=\"URL\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e).\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":false,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"networks-and-spatial-economics","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"nets","sideBox":"Learn more about [Networks and Spatial Economics](http://link.springer.com/journal/11067)","snPcode":"11067","submissionUrl":"https://submission.nature.com/new-submission/11067/3","title":"Networks and Spatial Economics","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"em","reportingPortfolio":"Springer Hybrid","inReviewEnabled":true,"inReviewRevisionsEnabled":false},"keywords":"Agroforestry systems, Regenerative agriculture, Sustainable finance, Nature-based Solutions","lastPublishedDoi":"10.21203/rs.3.rs-7613055/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-7613055/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThe transition to regenerative agriculture is often associated with high upfront, maintenance, and opportunity costs. Agroforestry, widely recognized as a key sustainable land-use system, offers multiple environmental co-benefits, including carbon sequestration, improved soil quality, enhanced biodiversity, and greater ecosystem resilience. This paper examines the design and validation of the Sustainable Financing Scheme developed under the ReForest project to promote agroforestry adoption across Europe. Co-created through Living Labs in eight European countries and tested with empirical data from 38 farms, the scheme integrates ex‑ante, action‑based, and results‑based payments with specialised advisory services to improve connectivity between practitioners, investors, and policymakers. Our results identified three systemic gaps limiting AF sector growth: (1) inadequate funding (with less than 30% of farmers satisfied with current financial support); (2) weak or non-existing private and philanthropic engagement (reported by more than 60% of participants); and (3) insufficient access to advisory services (negatively affecting around 40% of farmers). Consultations with private agrifood and banking stakeholders further validated these findings. They highlighted the need for innovative blended finance and risk-sharing mechanisms, together with participatory approaches, as essential to improving system bankability. Beyond agroforestry, the scheme provides a replicable and adaptable framework for financing other Nature-based Solutions facing similar challenges.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eJEL Classification\u003c/strong\u003e Q01; Q14; Q15; Q18; Q57\u003c/p\u003e","manuscriptTitle":"Systemic Financing for Regenerative Agriculture in Europe: Evidence from ReForest Living Labs","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-10-15 06:48:30","doi":"10.21203/rs.3.rs-7613055/v1","editorialEvents":[{"type":"communityComments","content":0},{"type":"decision","content":"Revision requested","date":"2026-04-12T13:05:05+00:00","index":"","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2026-04-02T17:16:17+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"5017163309627690778245764253026810992","date":"2026-03-18T15:16:13+00:00","index":"hide","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2025-11-03T16:29:35+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"2129547759272377264434882375577086467","date":"2025-10-23T08:06:56+00:00","index":"hide","fulltext":""},{"type":"reviewersInvited","content":"","date":"2025-10-01T13:46:44+00:00","index":"","fulltext":""},{"type":"editorAssigned","content":"","date":"2025-09-19T00:28:05+00:00","index":"","fulltext":""},{"type":"checksComplete","content":"","date":"2025-09-17T23:52:33+00:00","index":"","fulltext":""},{"type":"submitted","content":"Networks and Spatial Economics","date":"2025-09-14T13:54:36+00:00","index":"","fulltext":""}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"networks-and-spatial-economics","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"nets","sideBox":"Learn more about [Networks and Spatial Economics](http://link.springer.com/journal/11067)","snPcode":"11067","submissionUrl":"https://submission.nature.com/new-submission/11067/3","title":"Networks and Spatial Economics","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"em","reportingPortfolio":"Springer Hybrid","inReviewEnabled":true,"inReviewRevisionsEnabled":false}}],"origin":"","ownerIdentity":"b7819040-f512-4709-b0e3-630ec7ee0e4d","owner":[],"postedDate":"October 15th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"in-revision","subjectAreas":[],"tags":[],"updatedAt":"2026-04-12T13:09:04+00:00","versionOfRecord":[],"versionCreatedAt":"2025-10-15 06:48:30","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-7613055","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-7613055","identity":"rs-7613055","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}