Innovative Finance
August 1, 2024
Context and Issue
The economic growth in most African countries could be viewed as a more energy-intensive sector that has a deteriorating impact on the overall environment. Along with that, unemployment, especially in the young population, is high. In response to this challenge, many young entrepreneurs have been involved in developing innovative ideas by working towards new systems, products, and services. However, they require financial and capacity-building support for specific sectors, such as green environments.
Solution
The BeGreen Africa Entrepreneurship Programme aims to help marginalized young people prosper socially and economically while speeding up efforts to combat the climate crisis. The program gives African youth the knowledge, skills, and support to set up and sustain thriving green businesses—making for a healthier planet and prosperity for all. The program included strategies such as providing financial literacy, mentoring, capacity building regarding green solutions, and networking with investment circles.
Impact
In the first two years of implementation, the program demonstrated a significant impact on youth empowerment and green entrepreneurship. A total of 660 young green entrepreneurs received training, equipping them with the knowledge and skills needed to launch environmentally sustainable businesses. Among them, 105 entrepreneurs were awarded $5,000 in seed funding, leading to at least 70 successful and sustainable enterprises. These enterprises not only strengthened the green economy but also became engines of job creation, generating 182 jobs in the first year and 364 jobs by the second year. By the end of year two, a total of 434 jobs had been created, combining the employment opportunities from the enterprises with the direct engagement of the youth entrepreneurs themselves.
Other countries
Senegal, South Africa, and Morocco