GIF partners with PATH to launch new Health-Climate Fund.

The Global Innovation Fund and PATH, a leader in global health innovation, formally launched our new $120 million health-climate impact fund at a reception in Geneva, on the sidelines of the 78th World Health Assembly. 

The Thrive Fund invests exclusively in early- and growth-stage technologies that strengthen public health amidst rising temperatures and extreme weather events.

Leveraging an innovative finance structure, it is designed to accelerate the adoption and rapid deployment of transformative health innovations in emerging markets through patient capital and knowledge support, enhancing health systems and community resilience. 

PATH and GIF announced their partnership during lively discussion on scaling public health resilience innovations. Experts from the World Health Organisation, Unitaid, the Asian Development Bank and Foundation S, and from start-up Blackfrog, contributed to a keynote and a subsequent panel addressing the urgent need for financing to develop and scale holistic solutions to climate-health challenges.

Nikolaj Gilbert, President and CEO, PATH, explained the origins of the partnership and what each organisation will contribute. 

“PATH advances health equity by scaling innovative technologies - more than 120 in over 70 countries—through technical assistance and partnerships with governments, communities, and the private sector,” he said.

“We found that these proven innovations for climate-health challenges exist - but often failed to scale post-validation due to funding shortfalls, market uncertainties, policy gaps, and a fragmented ecosystem.

“While our technical assistance helped them with some of these challenges - it wasn’t enough, these technologies need comprehensive support including access to patient capital to scale. This support is not currently provided to validated technologies anywhere in the ecosystem.

“Meanwhile, for over a decade, GIF has identified and helped de-risk innovations for scale, with tangible impact across emerging economies. It has financed over 70 innovations in emerging markets. It considers climate adaptation and resilience every time it invests, and has a dedicated ‘Innovating for Climate Resilience fund, which uses grants, equity and debt to support adaptation at scale.

“With GIF, PATH shares a mutual desire to address emerging climate-health needs through innovation - and we have complementary areas of experience and expertise. This is what first powered conversations between us two years ago, and what brings us together now. Our unique partnership is set to deliver a groundbreaking vehicle for climate-health innovation.” 

GIF CEO, Joseph Ssentongo, outlined the importance of the challenge that GIF and PATH are seeking to address - and why their partnership offers a unique approach. 

“We are launching the Thrive Fund - to invest in high-potential innovations with patient capital and catalytic technical support for bridging their scale gap,” he said.

“Combining GIF’s investment expertise and PATH’s public health specialisation, Thrive will accelerate innovation in emerging markets to strengthen health systems and help vulnerable communities thrive amid climate change.

“Our ambitions and focus are compelling and exciting. We will improve climate-health resilience for 100 million people, mobilising $10 in private capital for every dollar invested. We will fill a financing gap by providing patient capital and knowledge support, addressing the capital-intensive nature of climate-health technologies. We will foster innovation in business models by commercialising early-stage technologies and developing cost-effective go-to-market strategies for start-ups. 

“We will build the capacity of health systems to absorb these innovations, supporting policy development and generating evidence on what works - and what doesn’t. And we will convene stakeholders across the value chain to scale climate-health solutions sustainably and effectively.

“At its core, Thrive is a bold new fund that fills a critical financing gap with patient capital, hands-on support, and policy engagement, thereby turning promising ideas into scalable solutions that strengthen health systems where that support is needed most.”

GIF Investment Director Lily Steele, who has been a driving force behind the Thrive Fund, outlined our intention that the fund will be made open for support by donors, multilaterals, philanthropic organisations and other development finance institutions.

“Our goal is to raise and deploy $120 million over the next five years to address emerging climate-health needs,” she said.

“The Fund will blend equity investments with catalytic grant support, enhancing returns for private investors and crowding in more capital. Thrive already has a robust pipeline of over 100 potential investment opportunities. The fund will target a first close of $12 million in its first year, with a final close in 2030.”

Joseph Ssentongo concluded the launch with a call to action for other donors, multilaterals, philanthropic organisations and DFIs. 

“Both GIF and PATH are aware that we can’t do this alone,” he said. “That is why we are asking you to thrive with us. We’re raising $120 million over the next five years to tackle the world’s most urgent climate-health challenges, and we’re inviting like-minded partners to join us. Please reach out to GIF and PATH to find out more. We look forward to what we’ll build together.”

To find out more about the Thrive Fund, contact GIF Investment Director Lily Steele.