Zim youths can benefit from US$1bn AfDB fund
Zimbabwean youths have an opportunity to secure significant funding to support their enterprises under the African Development Bank’s (AfDB) US$1 billion facility meant to accelerate climate financing for youth businesses on the continent.
The AfDB president Dr Akinwumi Adesina, announced the facility during a High-Level Intergenerational Dialogue: “Africa Driving Climate Adaptation Solutions and Jobs”, held at the Wangari Maathai Institute of Peace and Environment in Nairobi last week.
Kenya hosted the Africa Climate Summit, which was attended by several Heads of State.
President Mnangagwa, who was inaugurated on Monday last week, was represented by Energy and Power Development Minister Zhemu Soda, according to Mr Nick Mangwana, the permanent secretary of Information, Publicity and Broadcasting Services.
Youth leaders, entrepreneurs, and key policymakers presented the Africa Youth Climate Assembly Declaration (AYCAD) to Kenya’s President William Ruto and Dr Adesina.
The declaration, which was the culmination of the Africa Youth Climate Assembly held in Nairobi between September 1 and 3, 2023, advocates for the accelerated establishment of a Global Green Bank and a New Global Financial Pact, aiming to prioritize young people and their interests in climate financing. The delegates also called for the establishment of a United Nations Youth office to be based in Africa, the continent that hosts the largest youth population in the world.
“We all know that the biggest challenge facing humankind is climate change,” Chenjerai Chitsanza, a climate change activist said. “This challenge brings along opportunities and we urge all young people in Zimbabwe to come up with innovative business ideas, which make them qualify for funding. It is an opportunity not to miss.”
Some climate experts urged Zimbabwean youth entrepreneurs to develop innovative solutions and business ideas that have the potential to fight climate change.
“This must be looked at from two angles: preventing the greatest threat facing humankind today that is climate change and making money as well,” a climate strategy consultant with a local Non-Governmental Organisation said in an interview.
In response to the AYCAD, President Ruto and Dr Adesina recognised Africa’s youth as the biggest asset for Africa and the whole world, praising their dynamism and innovation.
They backed their demand for greater involvement in setting national and international climate policies.
The duo responded to questions from youths in a two-hour session moderated by African Youth Climate Assembly Lead Coordinator Elizabeth Watuthi on a wide range of issues including youth access to finance, Africa’s energy transition, the plight of millions displaced owing to the impacts of climate change and mobilisation of resources for sustainable development.
President Ruto emphasised the importance of investing in youth and highlighted Africa’s agricultural potential due to its vast uncultivated lands (65 percent of the world’s total), which he said could foster job creation and boost wealth. Dr Adesina echoed similar sentiments, underscoring the critical nature of youth investment in fostering growth and stability on the continent. “The biggest risk in this continent is not investing in the youth,” he said, adding “The youth need investment, not empowerment.”
To illustrate this point, Dr Adesina said the African Development Bank has set up the Jobs for Youth strategy to provide 25 million jobs.
Some analysts believe climate change is the next century’s biggest financial and business opportunity.-herald
