AVPN, the largest network of social investors in Asia, has launched the Climate x Health: Lighthouse for Asia Fund, supported by the Bayer Foundation.
The US$5 million ($6.72 million) fund, announced on Nov 18 at the Singapore Pavilion at COP29 in Baku, Azerbaijan, will provide selected non-profit organisations with up to US$200,000 each to address the impact of climate change on health, especially on vulnerable communities in the region.
Peng Zhong, director of social innovation at Bayer Foundation, aims to foster “more than 20 innovations” through the first round of the fund. “We hope our philanthropic grants can catalyse additional capital from other public and private sectors.”
With the new fund, AVPN says it will pool philanthropic capital and deploy it through “grants and non-grant instruments” to “develop, scale and co-invest” in food security solutions, infectious disease management, water and sanitation services, and climate-health intelligence systems, among others.
These focus areas were chosen for their immense impact on vulnerable communities and the potential for tech solutions to mitigate them, says AVPN in a press release.
“For example, food security solutions ensure access to nutritious food during climate disruptions, while climate health intelligence, such as monitoring and early-warning systems, helps anticipate and reduce health risks from extreme weather events that disproportionately affect vulnerable communities,” adds the network.
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Applications for the fund will open in early 2025. All applicants, including non-grantees, will receive capacity-building support, such as actionable guidance and networking opportunities within AVPN’s ecosystem of over 600 members.
The climate crisis is a health crisis, disproportionately affecting the most vulnerable, says Aravindan Srinivasan, executive director, climate action at AVPN. “As we convene at COP29, the urgency of the climate crisis in Asia has never been more pressing, with climate events projected to cause two billion disability-adjusted life years by 2050 and Asia bearing 30% of this burden.”
Social investors are “indispensable” for driving change in under-invested impact areas like climate and health, adds Srinivasan in a statement. “AVPN is committed to bringing together the right organisations, investors and policymakers to harvest the potential of climate adaptation solutions for social good.”
