AfDB Says $1bn to Boost Access to Climate Finance for Youth in Africa
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has announced a new $1 billion fund to accelerate climate financing for Africa’s youth businesses.
In a statement, it noted that the additional financing would boost YouthAdapt, a joint initiative between the Bank and the Global Centre on Adaptation.
The AfDB invited young entrepreneurs and micro, small, and medium enterprises in Africa to submit innovative solutions and business ideas that have the potential to drive climate change adaptation and resilience across the continent.
Adesina, made the $1 billion announcement during a HighLevel Intergenerational Dialogue: Africa Driving Climate Adaptation Solutions and Jobs, held at the Wangari Maathai Institute of Peace and Environment on the outskirts of Nairobi.
The statement also stated that the institute, funded by the AfDB, was officially opened in 2022.
Adesina was joined by the 8th Secretary General of the UN, Ban Ki Moon; Chair of the board of trustees of the Graça Machel Trust, Graça Machel; and the African Child Policy Forum GCA’s CEO Patrick Verkooijen; Kenya’s Cabinet Secretary for Youth Affairs, the Arts and Sports, Ababu Namwamba; Norway’s
Minister of International Development, Anne Beathe Tvinnereim; Minister of Foreign Affairs for Barbados, Kerrie Simmonds; as well as other dignitaries.
Announcing the $1 billion-dollar additional funding, the Bank chief said: “African youths didn’t want little things being doled out to them. We have no option but to invest in our youths.
“Over the past two years, YouthAdapt has provided more than $1.5 million to 33 young entrepreneurs across 19 African countries. Some have gone on to raise their profits by 200 per cent.
“Africa’s youth are the present. It is their views and perspectives that are going to change the continent. Failing to invest in the youth will hurt Africa, failure is not an option.”
In his remarks, Moon told the youths that, as global citizens, they should not be held back by national boundaries.
He urged them to hold their leaders accountable for the promises they make, urging them to challenge your leaders today, and use their voting power to ensure climate adaptation and finance are a priority.
Namwamba, highlighted that some of the initiatives the Kenyan government launched to drive climate adaptation.
He said: “We are recruiting a one million youth Green Army as Climate Action Warriors to support President William Ruto’s ambitious plan to plant 15 billion trees in 10 years. This, would increase the country’s forest cover from 12 per cent to 30 per cent.”
Namwamba, noted that Kenya was the first country to ratify the Sports for Climate Action Initiative under the United Nations Framework Convention on Climate Change.
The statement revealed that under the initiative, sports organisations would be able to pursue climate action in a consistent and mutually supportive fashion through disseminating good practices, lessons learned and collaboration.