At the Summit for a New Global Financing Pact, which aims to build a new consensus for a more inclusive international financial system, Senegal and the International Partners’ Group, comprising France, Germany, the European Union, the United Kingdom and Canada, launched a Just Energy Transition Partnership (JETP) to support Senegal’s energy access and decarbonization efforts.
This commitment will enable the acceleration of the deployment of renewable energies to increase the share of renewable energies in installed capacity to 40% of its electricity mix by 2030. The publication by COP28 of a vision for a long-term low greenhouse gas emission development strategy (LTS) to be finalized in 2024. Senegal’s new nationally determined contribution, to be published at COP30, will reflect the enhanced climate ambition of this new energy strategy
In a joint declaration, Senegal commits, with the financial and technical support of international partners, to develop and implement an energy strategy for the deployment of renewable energies with a view to reducing emissions from the sector, while enabling fair and resilient development.
Senegal, in liaison with the members of the International Partners’ Group, will prepare an investment plan within twelve months that will identify the investments required and the opportunities to implement the just transition.
The partnership will offer significant opportunities for investment from the private sector, sovereign wealth funds and philanthropic foundations.
To accelerate the deployment of renewable energies, international partners and multilateral development banks will mobilize 2 billion euros of additional new financing over an initial period of 3 to 5 years.
The Summit on a New Global Financing Pact aims to establish a consensus on building a fairer system to fight against poverty, support the green transition and help all nations fulfil the Sustainable Development Goals.
It is in line with the Joint European Strategy Document (2018-2023) for Senegal and fits perfectly with the European Team Initiative “Green Economy in Senegal”, of which sustainable cities are a priority. This initiative is also aligned with the Global Gateway initiative which was launched by the European Commission at the end of 2021.
This JETP concluded today with Senegal is the fourth of its kind, following the launch of partnerships with South Africa, Indonesia and Vietnam.
“The multifaceted crises we are experiencing today are straining African economies, particularly in their significant efforts devoted to economic development, access to energy and industrialization. Diversifying our energy sources and our supply chains will increase our resilience. The partnership for a just energy transition (JETP) that we are establishing today with our partners will make it possible to support the Senegalese dynamic that we started several years ago of incorporating renewable energies into our energy mix and securing our energy system thanks to all our natural resources in line with the Paris Agreement.” – The President of the Republic of Senegal, Mr. Macky Sall
Author: Bryan Groenendaal