The African Development Bank (AfDB) has pledged $1 billion to provide assistance for youth-focused climate initiatives in Africa

The African Development Bank (AfDB) has committed $1 billion in partnership with the Global Center on Adaptation (GCA) to support young entrepreneurs in Africa who are addressing the challenges of climate change

The African Development Bank (AfDB) has committed $1 billion in partnership with the Global Center on Adaptation (GCA) to support young entrepreneurs in Africa who are addressing the challenges of climate change.

The bank's X social media page recently made an announcement, highlighting their aim to support and promote entrepreneurial initiatives driven by young people throughout the continent. The partnership between the AfDB Group and GCA aims to allocate a significant amount of $1 billion to support and empower young entrepreneurs in Africa. This collaboration is seen as a major step forward in promoting economic growth across the continent.

The GCA serves as a crucial global organization, expediting efforts to address climate change. The president of the African Development Bank (AfDB), Akinwumi Adesina, emphasized the significance of investing in the youth during his speech at the Africa Youth Climate Assembly. He highlighted that neglecting such investments carries the greatest risk, emphasizing the need for substantial investment that goes beyond mere empowerment. Adesina further urged African nations to take the lead in promoting environmentally-friendly initiatives from within, rather than solely in response to external pressures.

This additional funding will increase the bank's existing $4 million investment in the YouthADAPT program, which was jointly initiated with GCA. YouthADAPT is an annual competition that supports entrepreneurship and climate change solutions geared towards youth, with the aim of promoting sustainable employment.

The competition aims to inspire innovative ideas from young entrepreneurs and small and medium-sized enterprises in Africa that promote climate adaptability and resilience. As part of its partnership with GCA, AfDB provides assistance to the Africa Adaptation Acceleration Programme, emphasizing the necessity of enhancing global financial systems to better address the specific needs of Africa. Africa's contribution to global greenhouse emissions is only 4%, yet the consequences it faces are disproportionate, posing a significant threat to key sectors such as energy, tourism, water, and agriculture that are crucial for many African economies. President William Ruto underscored the importance of considering Africa as a significant partner in the global fight against climate change. The threat posed by climate change poses a substantial risk to sustainable development, particularly in economically fragile African countries that have minimal greenhouse gas emissions.

Furthermore, the financial institution has increased its efforts in climate-focused projects, with a notable rise from 77% in 2016 to an impressive 94% in 2022. The bank has also shown a significant increase in its financial investments, raising the commitment from $2.1 billion in 2020 to a substantial $3.6 billion in 2022. In recent times, there has been a particular emphasis on supporting adaptation measures.