NAIROBI, Kenya, Sept 24 –African Development Bank has launched the African Youth Adaptation Solutions(YouthADAPT) Challenge which is seeking young entrepreneurs who can galvanize climate-resilient actions to address the impacts of Covid-19, climate change, and the economy.
Under the challenge done in partnership with the Global Center on Adaptation, winners will get grants of up to USD 100,000 each as well as an opportunity to participate in a 12-month business accelerator program to help them scale their businesses
The initiative targets young entrepreneurs between the ages of 18 and 35 innovators from micro, small and medium-sized enterprises (MSMEs) and other youth-led enterprises in Africa who are implementing solutions for building resilience and adapting to the adverse impacts of climate change.
“Winning youth-led enterprises will be provided with mentorship and support to expand partnerships, knowledge sharing, and learning through a network of young entrepreneurs in climate adaptation,” a joint statement added.
The competition aims to leverage the resources, complementary expertise, and networks of both organizations to support the ‘missing middle of mid-sized companies in the areas of funding, thereby promoting sustainable climate adaptation and resilience practices on the African continent.
Patrick Verkooijen, CEO of the Global Center on Adaptation said the firm’s vision is to empower one million young people in Africa with the financing and skills they need to pursue jobs and careers in climate adaptation.
“ With this new challenge we aim to unlock the business opportunities in adaptation action by innovative youth-owned enterprises and prepare a new generation of African youth for the transition towards green and climate-resilient development. ”
African Development Bank’s President, Akinwumi Adesina affirmed AfDB’s commitment to invest in the youth adding that “the challenge will unleash the entrepreneurial drive and capacities of African youth to grow their businesses, address the continent’s pressing climate challenge and create decent jobs, building a more climate-resilient Africa”.
