A new international fund has been launched with a target of mobilising more than US$1 billion by 2030 to help young entrepreneurs establish and expand businesses in the green economy.
Minister of State in the Office of the Prime Minister of Barbados with responsibility for Youth and Culture Senator Shane Archer announced the Green Rising Fund on behalf of Prime Minister Mia Mottley during the A Billion Reasons to Rise event at the Commonwealth Youth Forum in Antigua and Barbuda on Tuesday.
The initiative, developed through United Nations Children’s Fund (UNICEF’s) Generation Unlimited programme, is intended to address the shortage of financing available to young people pursuing climate-related business ventures.
It will combine grants, early-stage financing and investment to support enterprises at different stages of development, including businesses involved in renewable energy, sustainable agriculture, recycling and other environmentally sustainable activities.
Archer said the initiative was necessary because young people were already developing solutions to environmental challenges but continued to struggle to secure the financial resources needed to turn their ideas into viable businesses.
“Less than one dollar in every hundred of climate finance reaches youth-led initiatives,” he said.
“We’re asking a generation to help solve a crisis while leaving most of the resources somewhere else.”
The senator said governments would be expected to help establish priorities and share financial risks, while businesses would contribute investment, technical expertise and access to markets.
However, he stressed that the success of the fund would depend on whether young entrepreneurs could access the assistance being offered.
“That only works if a young founder can actually access it. We should be just as ambitious about making the process usable as we are about the amount we raise,” Archer said.
He challenged governments, investors and development partners to make concrete commitments to the initiative, whether through financing, technical support or business opportunities.
The new fund builds on the wider Green Rising initiative, launched internationally in 2023 to expand opportunities for young people to participate in climate action and develop sustainable livelihoods.
Barbados established its national Green Rising programme in June 2025, with financial commitments totalling US$1.5 million. These included a US$1 million grant from Generation Unlimited through UNICEF and US$500 000 pledged by Prime Minister Mottley from her Zayed Award funds.
At the time, the programme was presented as an opportunity to provide young Barbadians with training, mentorship and support for environmentally sustainable businesses and careers.
In his address on Tuesday, Archer said the national chapter was now aiming to equip 5 000 young Barbadians with skills and support for green and blue livelihoods.
He said the resources committed to the programme must translate into practical opportunities for young people.
“Those resources must reach the young person who needs equipment, a mentor or help getting their business off the ground. Climate action must also give them a way to earn a living,” he added.
According to UNICEF Generation Unlimited, the new global fund will seek financing from governments, development institutions, philanthropic organisations and private investors, with a focus on supporting youth-led enterprises across developing countries.
While the fund has been announced, its US$1 billion target represents financing to be mobilised by 2030 rather than money already secured. Details of its initial funding commitments, application process and timetable for disbursements have not been specified.
(BT)
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