SMEs as a Key Driver for Climate Adaptation and Innovation in Africa

27 June 2024. SMEs as a Key Driver for Climate Adaptation and Innovation in Africa

The webinar (recording forthcoming) highlighted the pivotal role of small and medium-sized enterprises (SMEs) in driving economic growth and fostering innovation across Africa, particularly in the context of increasing climate-related challenges

Despite their positive impact on Africa’s development, SMEs continue to encounter significant and limiting challenges that hinder their sustainability and potential contributions to the continent’s progress. Consequently, their mortality rate across African nations is alarmingly high, with statistics indicating that five out of seven businesses fail within their first year. For instance, in Uganda, approximately one-third of new company start-ups collapse within their initial year of operations. Similarly, South Africa experiences a wide-ranging failure rate among start-up companies, ranging from 50% to 95%, depending on the industry.

The webinar objectives were:

• To highlight the significance of small and medium-sized enterprises in contributing to economic growth, climate adaptation, and innovation in Africa.
• To emphasize the growing importance of SMEs as key players in addressing climate-related challenges on the African continent.
• To showcase such initiatives as the African Youth Adaptation Solutions Challenge as examples of leveraging young entrepreneurs’ creativity for climate resilience.
• To examine the potential of SMEs as agents of change in climate adaptation and innovation in Africa.
• To explore the role of SMEs in fostering climate resilience and adaptation strategies across various sectors in Africa.

Upcoming:

15 July 2024. Youth Adaptation Forum: Youth Entrepreneurship, Adaptation Jobs & Finance. Taking place on International Youth Skills Day, the Youth Adaptation Forum on Youth Entrepreneurship, Adaptation Jobs and Finance seeks to bring attention to the young people who are working to create and implement adaptation solutions and mobilize adaptation funds for young people.