Air and water pollution are killing millions, but also creating new investment frontiers

A study has revealed that air and water pollution constitute a significant share of premature deaths in major Asian economies, including India and Indonesia.

India ranks among the lowest globally on urban air quality, and severe ambient PM2.5 exposure is one of Indonesia’s leading health risks. This crisis is a top investment priority for adaptation, cited by 87 per cent of investors, says the ‘Unlocking Capital For Climate x Health: The Investment Landscape in Asia’ report prepared by AVPN and Prudence Foundation, in partnership with Catalyst Management Services (CMS).

Also Read: Unlocking climate x health capital: A data-driven blueprint for smarter impact investing

The economic impact of pollution-linked health issues is enormous. In the Philippines alone, air pollution caused 66,230 deaths per year, incurring a cost of US$44.8 billion. In India, 1.6 million deaths were attributed to air pollution in 2021.

Investment tailwinds from national programmes

Governmental commitment is driving investment opportunities through national programmes. India’s National Clean Air Programme commands approximately US$1.7 billion for implementation across 132 cities. Indonesia has also tightened its air-quality standards in 2023, signalling increased public demand and potential procurement pathways.

Investors are moving beyond traditional, capital-intensive mitigation technologies like smog towers, favouring scalable, subscription-based models.

Case study: Devic Earth’s subscription model

Devic Earth, based in India, exemplifies how a technology-driven, subscription model can succeed in this market.

• The technology: Devic Earth’s Pure Skies system utilises Radio Frequency (RF) waves to passively and efficiently clear particulate matter from the air, creating wide-area clean air zones without reliance on expensive filters or heavy infrastructure.
• The model: The company offers “clean air as a service” via subscription, with modular systems for industrial and city environments. This structure removes high upfront capital expenditure for clients and facilitates integration into ESG mandates.
• Impact: The solution has proven effective at scale. Deployment across over 40 sites by 2021 showed remarkable results, including a reduction in PM2.5 and PM10 levels by approximately 50 per cent at an ACC Cement facility in 30 days. Furthermore, during a 35,000-runner event, PM2.5 was reduced by 30 per cent, with no reported health incidents.
• Funding: Devic Earth has attracted commercial capital, raising US$2.5 million from investors including Axilor Ventures and Blue Ashva Capital.

Also Read: Investors bet on algorithms and insurance to tame Asia’s climate-health crisis

This success highlights the importance of scalable delivery over standalone technology. Distribution-focused models and policy alignment (India’s National Clean Air Programme) are being prioritised as they offer quicker adoption and clearer pathways to commercial returns.

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