In a monumental stride towards empowering Africa’s youth and combatting climate change, Akinwunmi Adesina, President of the African Development Bank (AfDB), has unveiled a groundbreaking $1 billion climate adaptation initiative.
Some Background to the Story
This visionary project, forged in partnership with the Global Center on Adaptation, was announced during the African Climate Youth Assembly, a pivotal event known as the ‘Youth Adapt’ initiative, which preceded the Africa Climate Summit held in Nairobi, Kenya.
This initiative’s primary mission is to offer initial financial support to ignite the innovative ideas and ventures led by young individuals across the African continent, marking a significant investment in the future of Africa’s youth.
The primary objective of this initiative is to provide initial funding to support the innovative ideas and ventures led by young individuals across the African continent. President Adesina pointed out that the program has a track record of success, having previously financed more than 33 businesses operated by African youths in 19 different countries.
Remarkably, some of these businesses have achieved exceptional growth, with profits surging beyond 200 percent. This stands as a testament to the potential and entrepreneurial spirit of Africa’s youth.
Notable Comments
During the conference, Kenyan President William Ruto expressed his unwavering commitment to investing in the future of Africa’s youth. Recognizing that the continent boasts a youthful demographic, President Ruto emphasized the pivotal role of the younger generation as Africa’s most significant stakeholders.
He stressed the importance of investing in their education and nurturing green skills, empowering them to effectively contribute to the continent’s development.
In his words, President Ruto stated:
“We have been financing this. We put $4 million into this, supporting the ideas and businesses of young people. Basically, seed financing and eventually if those businesses then work, then they can get a little bit more financing and eventually, they get a growth capital to grow their businesses.”
He went on to highlight the substantial impact of these investments, noting that businesses supported by such initiatives have seen their profits soar by 200 percent, with 20 percent of them expanding into other parts of Africa.
Furthermore, President Ruto announced a monumental initiative, saying:
“So, I’m very pleased to announce to you today and I will say at the main plenary, that the African Development Bank and the Global Center on Adaptation will launch a $1 billion Youth Adapt initiative that would provide seed financing. It will also provide growth capital for big businesses that will come out of that. That is a big thing for the young people of Africa.”
Predictions to the Trend
As the $1 billion Youth Adapt initiative takes shape, it is expected to become a catalyst for youth-led entrepreneurship and innovation across Africa.
With substantial funding available, young Africans are poised to develop impactful solutions to climate-related challenges and drive economic growth on the continent.
This initiative has the potential to not only transform individual lives but also contribute significantly to Africa’s sustainable development goals.
