COP27: ILO Launches Initiatives on Green Jobs for Youth and Just Transition Financing Tools
During the first week of the UN Climate Change Conference, the International Labour Organisation(ILO) launched a bold partnership to speed up the creation of green jobs for young people and the Just Transition Finance Tool on banking and investment activities the Just Transition Pavilion.
The Youth Pact, a collaboration with the UN and other organisations, aims to bridge the skills gap for young people in developing countries while focusing on climate-vulnerable sectors. Its goals include making a million new green jobs, making a million existing jobs greener, and helping 10,000 green entrepreneurs.
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), the children and youth constituency of the United Nations Framework Convention on Climate Change (YOUNGO), and LinkedIn.
On November 9, Moustapha Kamal Gueye, ILO Global Coordinator for Green Jobs, reminded participants that "investments in the green economy, including clean and renewable energy, building, and sustainable agriculture, will create 8.4 million jobs for young people by 2030."
On November 10, the ILO and the London School of Economics Grantham Research Institute for Climate Change and Environment introduced the Just Transition Finance Tool on Banking and Investment Activities.
The goal of the effort is to give financial institutions practical advice, information about new practices, and links to useful resources so that they can use a "just transition" perspective in their work in line with the Paris Agreement.
It focuses on banking and investment activities and shows how financial institutions can start to think about social issues as part of their plans for a just transition.
Vic Van Vuuren, Director of the Enterprises Department at the ILO, 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 the mainstream, the sector can benefit from further guidance. We trust that the tool will support the implementation of tangible measures.”