The International Labour Organisation (ILO) has launched the first Green Jobs for Youth pacts and Just Transition Finance Tool on Banking and Investment Activities.

The launch took place at the COP27 Climate Change Conference in Egypt.

It is understood that the aim of the pact, which is a partnership with the United Nations (UN) and other agencies, is to close the skills gap for young people in developing countries and target climate vulnerable sectors.

It also aims to create one million green jobs, support the greening of one million existing jobs, and help 10,000 green entrepreneurs.

SDG Eight: Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

The pact is part of the ILO’s work to promote a Just Transition to a more sustainable and greener future.

It brings together the ILO, the United Nations Children’s Fund (UNICEF), the European Commission, the UN Environment Programme (UNEP), and the children and youth constituency of the United Nations Framework Convention on Climate Change (YOUNGO) and LinkedIn.

Available data reveals that youths account for 60 percent of all of all persons in Africa without a job.

The Global Coordinator for Green Jobs at ILO, Moustapha Kamal Gueye, at the ceremony launch, said that investments in the green economy will create 8.4 million jobs for young people by 2030.

Similarly, ILO, together with the London School of Economics Grantham Research Institute for Climate Change and Environment, launched the Just Transition Finance Tool on Banking and Investment Activities.

The initiative aims to provide financial institutions with practical advice, emerging practices and links to relevant resources on how to embed a just transition lens into their operations, in alignment with the Paris Agreement.

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