The International Labour Organization (ILO) has launched the first Green Jobs for Youth Pact at the Climate Change Conference (COP27) in Sharm el-Sheikh, Egypt, as part of its work to promote a Just Transition to a more sustainable and greener future.
The labour organization stated that the Youth Pact, a partnership with UN and other agencies, was initiated to close the skills gap for young people in developing countries and target climate vulnerable sectors.
Specifically, it listed the goals of the job creation initiative as including, creating one million green jobs, supporting the greening of one million existing jobs, and helping 10,000 green entrepreneurs.
Apart from the ILO, the Pact has as partners, 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
Speaking during the launch, Global Coordinator for Green Jobs at the ILO, Moustapha Kamal Gueye, reminded the participants that “investments in the green economy including clean and renewable energy, construction, sustainable agriculture will create 8.4 million jobs for young people by 2030.”
Similarly, the ILO and the London School of Economics Grantham Research Institute for Climate Change and Environment last Thursday 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 the Paris Agreement. It focuses on banking and investment activities and outlines entry points for a systematic integration of social considerations in financial institutions’ approach to a just transition.
Speaking during the launch, Director of the Enterprises Department at the ILO, Vic Van Vuuren, said: “We are seeing first movers, we are seeing concrete actions coming from the financial sector. But to move from the current nascent stage into mainstream, the sector can benefit from further guidance. We trust that the tool will support implementation of tangible measures.”
