What really is regeneration? Well when people are regenerated by the Spirit, we are made New Creations in Christ.
2 Cor 5
17 Therefore, if anyone
is in Christ,
he is a new creation;
old things have passed away; behold, all things have become new.
Titus 3
4 But when the kindness and the love of God our Savior toward man appeared, 5 not by works of righteousness which we have done, but
according to His mercy He saved us, through the washing of regeneration and renewing of the Holy Spirit, 6 whom He poured out on us abundantly through Jesus Christ our Savior, 7 that having been justified by His grace we should become heirs according to the hope of eternal life.
8 This is a faithful saying, and these things I want you to affirm constantly, that those who have believed in God should be careful to maintain good works. These things are good and profitable to men.
So what happens in the regeneration of the creation?
Scripture tells us we get New Earth and New Heavens in which dwells righteousness.
Revelation 21:1 Now
I saw a new heaven and a new earth, for the first heaven and the first earth had passed away. Also there was no more sea. (earthly politics of nations, angel tells John the waters which you saw, look it up)
Revelation 21:4 And God will wipe
away every tear from their eyes; there shall be no more death, nor sorrow, nor crying. There shall be no more pain,
for the former things have passed away.”
Old is gone, the new is here! Same phraseology is used by God to describe regeneration in that the old things have passed away.
Various versions talk about this as a new world to come. Peter called it the restoration of all things. Creation remade to something like Eden was before there was anything evil in all of creation.
Logically, people are regenerated spiritually, then at the return of Christ, the earth and heavens are regenerated physically, and we inherit that new regenerated, restored earth.
Matthew 5:5
Blessed
are the meek, For they shall
inherit the
earth.
KJ21
And Jesus said unto them, “Verily I say unto you, that ye that have followed Me, in the regeneration when the Son of Man shall sit on the throne of His glory, ye also shall sit upon twelve thrones, judging the twelve tribes of Israel.
AMP
Jesus said to them, “I assure you
and most solemnly say to you, in the renewal [that is, the Messianic restoration and regeneration of all things] when the Son of Man sits on His glorious throne, you [who have followed Me, becoming My disciples] will also sit on twelve thrones, judging the twelve tribes of Israel.
AMPC
Jesus said to them, Truly I say to you, in the new age [the Messianic rebirth of the world], when the Son of Man shall sit down on the throne of His glory, you who have [become My disciples, sided with My party and] followed Me will also sit on twelve thrones and judge the twelve tribes of Israel.
ERV
Jesus said to them, “When the time of the new world comes, the Son of Man will sit on his great and glorious throne. And I can promise that you who followed me will sit on twelve thrones, and you will judge the twelve tribes of Israel.
EASY
Jesus said to his disciples, ‘I tell you this: One day God will cause all things to become new. I, the Son of Man, will sit on my great throne as King and I will rule that new world. You who are my disciples will also sit like kings on thrones. You will judge the people of the 12 tribes of Israel.
EHV
Jesus said to them, “Amen I tell you: In the renewal, when the Son of Man sits on his glorious throne, you who have followed me will also sit on twelve thrones, judging the twelve tribes of Israel.
ESV
Jesus said to them, “Truly, I say to you, in the new world, when the Son of Man will sit on his glorious throne, you who have followed me will also sit on twelve thrones, judging the twelve tribes of Israel.
ESVUK
Jesus said to them, “Truly, I say to you, in the new world, when the Son of Man will sit on his glorious throne, you who have followed me will also sit on twelve thrones, judging the twelve tribes of Israel.
EXB
Jesus said to them, “I tell you the truth, ·when the age to come has arrived [at the renewal of the world; L in the regeneration], the Son of Man [Dan. 7:13–14] will sit on his ·great [glorious] throne. All of you who followed me will also sit on twelve thrones, judging the twelve tribes of Israel.
GNV
And Jesus said unto them, Verily I say to you, that when the Son of man shall sit in the throne of his Majesty, ye which followed me in the regeneration, shall sit also upon twelve thrones, and judge the twelve tribes of Israel.
GW
Jesus said to them, “I can guarantee this truth: When the Son of Man sits on his glorious throne in the world to come, you, my followers, will also sit on twelve thrones, judging the twelve tribes of Israel.
GNT
Jesus said to them, “You can be sure that when the Son of Man sits on his glorious throne in the New Age, then you twelve followers of mine will also sit on thrones, to rule the twelve tribes of Israel.