AfDB to disburse $1 billion to Nigerian, other entrepreneurs to tackle climate change

To combat climate change, the African Development Bank (AfDB) and the Global Centre on Adaptation (GCA) have promised $996.6 million to boost young entrepreneurs in Africa.

GCA is a global organisation that prioritises climate change rapid change solutions.

AfDB commits to youth investments

AfDB revealed on its X, formerly Twitter, page that AfDB and GCA are launching the initiative to finance youth-led companies and start-ups across Africa.

According to reports, youth investment is critical to fostering prosperity and stability on the continent.

AfDB President Akinwunmi Adesina revealed that the most significant risk is not investing in the youth population, adding that the youth does not need empowerment but investment.

Adesina also revealed that African countries should take climate-friendly initiatives seriously.

Per the statement, the bank will increase its current $4 million contribution to the GCA-backed YouthADAPT programme.

Youth-led organisations to pitch climate change solutions

The initiative consists of an annual competition and prizes to boost entrepreneurship and youth-led climate change creativity to enhance the development of African jobs.

Micro, small, and medium-sized businesses led by young African entrepreneurs are invited to pitch creative solutions and business plans to promote climate change adaptation and resilience for the competition.

Africa reportedly suffers disproportionately from climate change, thereby jeopardising the welfare and growth of its people.

Climate change financing has increased over the years Many countries in Africa rely on industries that are vulnerable to climate change.

The countries rely on tourism, water resources, and agriculture as the centrepiece of their economic survival.

Investments in climate financing rose from $2.1 billion in 2020 to $2.4 billion in 2021 and $3.6 billion in 2022, with about 67% of those investments going to adaptation in 2021 and 63% in 2022.

Organisations have been pouring funds into startups in Africa in recent years to drive economic and youth investment on the continent.

Recently, Google launched an empowerment initiative for youth-led businesses in Africa, offering thousands of dollars in support.