The International Labour Organization (ILO) launched the first Green Jobs for Youth pacts and Just Transition Finance Tool on Banking and Investment Activities at the COP27 Climate Change Conference held in Egypt.

The Youth Pact, a partnership with the United Nations (UN) and other agencies, aims to close the skills gap for young people in developing countries and target climate vulnerable sectors.

Its goals include creating one million green jobs, supporting the greening of one million existing jobs, 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 and 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.

Speaking at the launching ceremony, 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, 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.

Speaking, the 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."

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.