The Africa Development Bank (AfDB), in collaboration with the Global Center on Adaptation (GCA), has unveiled a substantial commitment of Sh145.5 billion ($1 billion) aimed at supporting youth-led startups across the continent. This initiative represents a vital step in the ongoing battle against climate change.
AfDB shared the news on its social media platform, X (formerly Twitter), emphasizing that the funding is intended to empower and bolster youth-led businesses in Africa. In a statement, AfDB Group and GCA jointly announced the launch of this initiative, highlighting its potential to foster economic growth across the continent.
GCA, an international organization dedicated to accelerating climate change solutions, is partnering with AfDB on this endeavor.
During the Africa Youth Climate Assembly, AfDB’s president, Akinwumi Adesina, emphasized the critical importance of investing in Africa’s youth for fostering growth and stability. Adesina noted, “The biggest risk is not investing in the youth,” emphasizing the need for investment rather than just empowerment.
Adesina also stressed the importance of African nations voluntarily adopting climate-friendly practices, emphasizing the intrinsic value of such actions.
AfDB is set to expand its existing $4 million investment into the YouthADAPT program, a collaborative effort with GCA. This program, an annual competition and awards scheme, aims to stimulate sustainable job creation by supporting entrepreneurship and youth-led innovation in climate change.
Entrepreneurs and Micro, Small, and Medium-sized Enterprises (MSMEs) in Africa are invited to submit innovative solutions and business ideas that can drive climate change adaptation and resilience.
In addition to supporting the YouthADAPT program, AfDB is actively backing the Africa Adaptation Acceleration Programme as part of its partnership with GCA. The organization also called for a reevaluation of the global financial architecture to prioritize Africa’s needs and urged delegates to mobilize resources for climate financing.
Despite accounting for only four percent of global greenhouse gas emissions, Africa bears a disproportionate burden from climate change, posing a significant threat to human well-being and development on the continent. Many African countries rely heavily on climate-vulnerable sectors like energy, tourism, water resources, and agriculture for their economic sustenance and growth.
President William Ruto urged delegates and world leaders to treat Africa as an equal partner in the fight against climate change, recognizing the dire implications of climate change on sustainable development, especially among the poorest and most vulnerable countries that have contributed the least to greenhouse gas emissions.
AfDB has significantly increased its climate-informed project designs, rising from 77 percent in 2016 to an impressive 94 percent in 2022. Its climate finance investments have also seen a notable increase, reaching $3.6 billion in 2022, with a focus on adaptation efforts. This highlights the bank’s commitment to addressing climate change and supporting Africa’s sustainable development.
Photo Source: Google
6th September,2023
By: Delino Gayweh
Serrari Financial Analyst
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
