African Development Bank (AfDB) through the Global Center on Adaptation (GCA) has launched Sh140 billion in funding towards a youth adapt program.
The funds are to be utilized by the youth from Africa in creating solutions towards mitigating the effects of climate change.
Announcing the funding, the Bank's President Akinwumi Adesina said this would enable the youth to come up with innovations in areas that include agriculture, energy, water, and sanitation among others.
"The youth of Africa do not require little things being dolled to them. The greatest risk for Africa is not investing in its youth, we have no choice but to invest in the youth," Akinwumi said.
"Our dream and our hope is to ensure this grows," he added.
He said from the initial Sh560 million, a 200 percent revenue expansion has been realised.
He noted that some 20 percent of the youth have now moved their businesses outside their home countries across the continent.
He disclosed this during the opening of a high-level intergenerational dialogue for youth on the sideline of the ongoing Africa Climate Summit.
The discussion was centered on driving adaptation solutions and jobs on climate change in the continent.
Akinwumi noted that as leaders they are under obligation to empower the youth to take an active role in the climate acceleration program.
Africa, he said, loses $ 5 billion (Sh700 billion) to $ 15 billion (Sh2.1 trillion) to climate change yearly yet it only contributes three percent of all emissions.
Former UN Secretary-General Ban Ki-moon opened the meeting at the Wangari Maathai Institute for Peace and Environmental Studies in Nairobi.
It brought together youth from across the continent under the banner Youth4Adaptation.
The group is pushing for their involvement and empowerment to actively contribute to building climate resilience across the continent.
Ki-moon is the chairperson of the GCA.
Youth4Adaptation is one of the pillars under the Africa Adaptation Acceleration Program (AAAP) which is a joint initiative of GCA and ADB.
AAAP was endorsed at the Leaders' Dialogue on the Africa Covid-Climate Emergency in April 2021.
It aims to mobilize $25 billion (Sh3.5 trillion) over the next five years to accelerate and scale climate adaptation action across the continent.
The bank has injected $12.5 billion (Sh1.75 trillion) towards the program.
"We said it is not just about asking for this, we have to put money on the table. Several other partners have also put money into it and this makes the program a great success," Akinwumi said.
