In an effort to combat climate change, the Africa Development Bank (AfDB) and the Global Center on Adaptation(GCA) have pledged $996.6 million to encourage young entrepreneurs throughout the continent.
According to AfDB President Akinwumi Adesina, who spoke at the Africa Youth Climate Assembly, youth investment is essential to promoting prosperity and stability on the continent. Adesina stated, “The biggest risk is not investing in the youth,” adding, “The youth need investment, not empowerment.”
The AFDB president also noted that African countries should actively take climate-friendly initiatives into account “not because someone has told us so, but because we have to.”
The bank will increase its $4 million contribution to the GCA-affiliated YouthADAPT program. The initiative, which consists of an annual competition and prizes, aims to encourage entrepreneurship and youth-led climate change innovation in order to increase the development of sustainable jobs.
Young businesspeople and Micro, Small, and Medium-sized Enterprises in Africa are invited to propose creative solutions and business plans that can promote climate change adaptation and resilience for the competition.
Despite producing only 4% of the world’s greenhouse gas emissions, Africa suffers disproportionately from climate change. This issue jeopardizes the welfare and advancement of people on the continent. Many African countries rely heavily on industries that are vulnerable to climate change, such as energy, tourism, water resources, and agriculture, as the cornerstones of their economic development and survival.
In the fight against climate change, President William Ruto has urged participants and international leaders to treat Africa equally. Sustainable development in Africa is in jeopardy due to climate change, especially in the continent’s poorest and most vulnerable nations, which have made the smallest contributions to greenhouse gas emissions.
Its investments in climate financing rose from $2.1 billion in 2020 to $2.4 billion in 2021 and $3.6 billion in 2022, with 67% of those investments going toward adaptation in 2021 and 63% in 2022.
