Senegal will receive EUR 2.5 billion (USD 2.7bn) from wealthier nations to accelerate its adoption of clean energy sources.
The African country and the International Partners Group (IPG), including France, Germany, the EU, the UK and Canada, on Thursday launched a Just Energy Transition Partnership (JETP), the fourth such partnership after pacts with South Africa, Indonesia and Vietnam.
As part of it, the international partners and multilateral development banks commit to mobilising EUR 2.5 billion in new and additional financing over an initial period of three to five years.
The partnership is expected to help increase the share of renewables to 40% of Senegal’s electricity mix by 2030. It will provide opportunities for investment from the private sector, sovereign wealth funds and philanthropic foundations.
According to a joint declaration, an investment plan will be prepared within 12 months to identify the investments required and the opportunities to implement a just and equitable energy transition.
“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,” said Senegal’s President Macky Sall.
France’s President Emmanuel Macron commented that “[t]hanks to the accelerated deployment of renewable energies, this partnership will enable Senegal to continue its economic development and provide access to energy for the entire population, while setting the country on a low-carbon trajectory.”
Michael Bloomberg, UN Secretary-General’s Special Envoy for Climate Ambition and Solutions, said that bolder action is needed to help developing countries speed up investment in clean energy and added that collaboration between the public and private sectors is key to expedite progress.
(EUR 1 = USD 1.098)
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