AfDB allocates $1B for youth climate ventures
The $1 billion fund announced by President Adesina reinforces the commitment to empower African youth to drive climate adaptation and resilience on the continent
Nairobi, Kenya - The President of the African Development Bank, Akinwumi Adesina, has unveiled a $1 billion fund aimed at expediting climate financing for youth-driven enterprises in Africa, writes Winston Mwale.
This financial boost will fortify YouthAdapt, a collaborative initiative between the Bank and the Global Centre on Adaptation, which invites young entrepreneurs and micro, small, and medium-sized enterprises (MSMEs) across Africa to submit innovative solutions and business concepts capable of promoting climate change adaptation and resilience on the continent.
President Adesina announced the $1 billion allocation during a High-Level Intergenerational Dialogue titled "Africa Driving Climate Adaptation Solutions and Jobs," held at the Wangari Maathai Institute of Peace and Environment on the outskirts of Nairobi.
The institute, which was funded by the African Development Bank and officially inaugurated in 2022, served as the venue for this significant announcement.
Adesina was joined by esteemed figures such as Ban Ki Moon, the 8th Secretary-General of the United Nations, Graça Machel, Chair of the board of trustees of the Graça Machel Trust, Patrick Verkooijen, CEO of the Global Centre on Adaptation (GCA), Ababu Namwamba, Kenya's Cabinet Secretary for Youth Affairs, the Arts and Sports, Anne Beathe Tvinnereim, Norway's Minister of International Development, Kerrie Simmonds, Minister of Foreign Affairs for Barbados, and other distinguished guests.
Highlighting the importance of investing in Africa's youth, President Adesina emphasized that young people are not seeking small handouts but substantial investments. He stressed that there is no alternative to investing in the youth, given their pivotal role in the continent's future.
Over the last two years, the YouthAdapt initiative has provided more than $1.5 million to 33 young entrepreneurs across 19 African countries, with some achieving a remarkable 200% increase in profits.
"Africa's youth are the present. It is their views and perspectives that are going to change the continent," Adesina stated. "Failing to invest in the youth will hurt Africa, failure is not an option."
Ban Ki Moon encouraged young people to transcend national boundaries as global citizens and hold their leaders accountable for climate promises. He urged them to challenge their leaders and utilize their voting power to prioritize climate adaptation and finance.
Ababu Namwamba outlined Kenya's efforts to drive climate adaptation, including recruiting a one-million-strong youth Green Army as Climate Action Warriors to support the ambitious plan of planting 15 billion trees in 10 years.
He also noted Kenya's ratification of the Sports for Climate Action Initiative under the United Nations Framework Convention on Climate Change.
Patrick Verkooijen emphasized that Africa faces a stark choice, "Adapt or die," but he also highlighted that adaptation offers opportunities.
He expressed confidence that providing the youth with the right tools, finance, and a voice will make them unstoppable.
The event featured the presentation of the Youth4Adaptation Communiqué, which calls on global leaders to involve youth in climate adaptation decision-making and advocates for doubling adaptation finance by 2025.
As a tribute to the late Professor Wangari Maathai, renowned environmentalist and Nobel laureate, Adesina and other dignitaries planted trees on the grounds of the Wangari Maathai Institute, celebrating her legacy of environmental conservation and social justice, particularly her work in engaging young people and women in tree planting initiatives through the Green Belt Movement.
The $1 billion fund announced by President Adesina reinforces the commitment to empower African youth to drive climate adaptation and resilience on the continent, reflecting the Bank's dedication to fostering sustainable development in Africa.