The African Development Bank (AfDB), under the leadership of Dr. Akinwumi Adesina, has announced the establishment of a new $1 billion fund aimed at accelerating climate financing for youth-led businesses throughout the African continent.
Adesina unveiled this initiative on Wednesday, during a High-Level Intergenerational Dialogue, themed “Africa Driving Climate Adaptation Solutions and Jobs,” held at the Wangari Maathai Institute of Peace and Environment on the outskirts of Nairobi.
Furthermore, the AfDB’s additional funding will fortify YouthAdapt, a collaborative venture between the Bank and the Global Centre on Adaptation.
The AfDB has invited young entrepreneurs, as well as micro, small, and medium enterprises across Africa, to submit innovative solutions and business proposals with the potential to drive climate change adaptation and resilience across the continent.
The statement also noted that the institute, which received funding from the AfDB, was officially inaugurated in 2022.
Dr. Adesina was accompanied by prominent figures, including the 8th Secretary-General of the United Nations, Ban Ki Moon; Chair of the Board of Trustees of the Graça Machel Trust, Graça Machel; CEO of the African Child Policy Forum GCA, 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; and other distinguished dignitaries.
While announcing the $1 billion additional funding, Dr. Adesina emphasized, “African youth aspire to more than just token support. We have a moral obligation to invest in our youth. In the past two years, YouthAdapt has disbursed over $1.5 million to 33 young entrepreneurs across 19 African countries, resulting in remarkable profit increases of up to 200 percent. Africa’s youth are the driving force of today, and it is their innovative ideas and perspectives that will transform the continent. Failing to invest in youth is not an option.”
During his address, Ban Ki Moon encouraged the youth not to be limited by national boundaries, emphasizing their role as global citizens.
He urged them to hold their leaders accountable for their promises and to advocate for climate adaptation and finance as top priorities through their voting power.
Kenya’s Cabinet Secretary for Youth Affairs, Ababu Namwamba, highlighted some of the initiatives launched by the Kenyan government to promote climate adaptation.
He announced the recruitment of a one-million-strong Youth Green Army, tasked with supporting President William Ruto’s ambitious plan to plant 15 billion trees within a decade, thereby increasing the country’s forest cover from 12 percent to 30 percent.
Additionally, Namwamba mentioned Kenya’s distinction as the first country to ratify the Sports for Climate Action Initiative under the United Nations Framework Convention on Climate Change.
This initiative enables sports organizations to consistently and mutually support climate action efforts through the dissemination of best practices and lessons learned.