The proposed opportunity funds will take the form of local pots of money, administered by England's 388 local authorities, worth up to 30,000 in each area.
Young people will be encouraged to apply for funding in order to set up small-scale projects.
Mary Mills, development director of YouthBank UK, said she was thrilled that the Government had embraced the idea.
"It will need to involve more than just giving out money, but it's great the Government has recognised that young people can manage resources themselves successfully," she said.
The green paper states that local authorities should try to ensure that disadvantaged young people can also benefit.
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