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Climate Change : Two Cameroonian StartUps Gain Finances during COP27

Winners _ YouthAdapt- ADB

The country has just been honoured during the COP27 by two of its startups, namely Cassavita and Multi-Tech Sustainable Solutions, which are among the 20 young companies, winners of the 2022 YouthAdapt competition.

 

 

These companies operate in various fields, including agriculture, with the aim of providing sustainable innovation to a variety of social and environmental problems while adding positive values to the country’s growth. Starting with 3,000 applications, the field was whittled down to 50 shortlisted entries. After listening to the promoters of the different projects, the jury finally selected 20.

The results of the competition organized by the African Development Bank (AfDB), the Climate Investment Fund (CIF) and the Global Centre for Adaptation (GCCA) were made public on the occasion of the 27th edition of the United Nations Climate Change Conference (COP 27), which is taking place in Egypt until November 18.

Indeed, the “African Youth Adaptation Solutions Challenge” aims at creating jobs through entrepreneurship and innovations of young people in the field of adaptation and resilience to climate change. According to the AfDB Group President, Akinwumi Adesina, 80% of the winners excel in the agricultural sector.

Adaptation is a profitable business, but it has to be done on a large scale. And that is exactly what the African Adaptation Acceleration Programme (AAAP) is doing. It aims to mobilise $25 billion over five years to scale up and accelerate climate adaptation action in Africa. And one of its four pillars is this flagship YouthAdapt programme,” said Patrick Verkooijen, CEO of the Global Center on Adaptation.

The regional banking institution says the 20 companies are receiving a $2 million (about F1.320 billion) award. The two Cameroonian startups therefore account for 10% of the total amount, i.e. 132 million, of which 66 million F (100,000 dollars) each. The list of winning companies of the competition shows that only three French-speaking African countries are represented: Cameroon, Senegal with AgroExprtfarming and Côte d’Ivoire with its startup Lono.



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Published on 03.01.2023

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