The extra financing will boost YouthAdapt, a joint initiative between the Bank and the Global Centre on Adaptation (GCA).
It invites 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.
AfDB President Akinwinu Adesina made the announcement during a High-Level 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 institute, funded by the African Development Bank, was officially opened in 2022.
Adesina was joined by the 8th Secretary General of the UN, Ban Ki Moon, Graça Machel, Chair of the board of trustees of the Grace Machel Trust, GCA’s CEO Patrick Verkooijen, Kenya’s Cabinet Secretary for Youth Affairs, the Arts and Sports Ababu Namwamba, among others.
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,” Adesina said.
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%.
“Africa’s youth are the present. It is their views and perspectives that are going to change the continent,” Adesina said.
“Failing to invest in the youth will hurt Africa, failure is not an option.”
In his remarks, Ban 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.
“Challenge your leaders today. Use your voting power to ensure climate adaptation and finance are a priority.”
Namwamba highlighted some of the initiatives the Kenyan government has launched to drive climate adaptation.
“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, he said, would increase the country’s forest cover from 12% to 30%.
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