Akinwumi Adesina, the President of the African Development Bank (AfDB), has revealed a groundbreaking initiative—a $1bn fund aimed at accelerating climate financing for youth-led businesses across Africa. This significant announcement reinforces the commitment to empower young entrepreneurs to spearhead climate change adaptation efforts.
The additional funding is set to amplify the impact of YouthAdapt, a collaborative initiative between the AfDB and the Global Centre on Adaptation. YouthAdapt calls upon young innovators and micro, small, and medium enterprises (SMEs) in Africa to submit pioneering solutions and business concepts with the potential to drive climate adaptation and resilience throughout the continent.
Adesina made this momentous announcement during the High-Level Intergenerational Dialogue: Africa Driving Climate Adaptation Solutions and Jobs, held at the Wangari Maathai Institute of Peace and Environment near Nairobi. The institute, funded by the AfDB and officially inaugurated in 2022, served as the backdrop for this significant declaration.
The event was attended by prominent figures including Ban Ki Moon, the 8th Secretary General of the United Nations; Graça Machel, Chair of the board of trustees of the Graça Machel Trust and the African Child Policy Forum; Patrick Verkooijen, CEO of the Global Centre on Adaptation; Ababu Namwamba, Kenya’s Cabinet Secretary for Youth Affairs, the Arts, and Sports; Anne Beathe Tvinnereim, Norway’s Minister of International Development; and Kerrie Simmonds, Barbados’ Minister of Foreign Affairs, among other dignitaries.
President Adesina stressed the importance of substantial investments in Africa’s youth, stating, ‘African youths didn’t want “little things being doled out to them.” We have no option but to invest in our youths.’ Over the past two years, YouthAdapt has already disbursed more than $1.5 million to support 33 young entrepreneurs across 19 African countries, with some experiencing a remarkable profit increase of up to 200 percent.
Ban Ki Moon addressed the youth, encouraging them not to be confined by national boundaries and to hold their leaders accountable for climate promises. Namwamba highlighted Kenya’s initiatives, including the recruitment of a one-million-strong Youth Green Army for climate action, aiming to increase the country’s forest cover from 12 percent to 30 percent.
Patrick Verkooijen, CEO of the Global Centre on Adaptation, starkly stated, ‘Adapt or die,’ emphasising the critical nature of adaptation. However, he also highlighted the tremendous potential for success when youth are equipped with the necessary tools and resources.
The event included the presentation of the Youth4Adaptation Communiqué, urging global leaders to involve young people in decision-making processes for climate adaptation and to double financial support for adaptation by 2025. Adesina and other dignitaries symbolically planted trees in honour of the late Professor Wangari Maathai, celebrating her legacy of environmental conservation and social justice.
