Senegal has partnered with several countries and the EU to accelerate its renewable energy deployment, receiving €2.5 billion (US$2.71 billion) in new and additional financing starting in 2023.
The West African country launched the Just Energy Transition Partnership (JETP) with the International Partners Group (IPG) consisting of France, Germany, the EU, the UK and Canada, which will offer significant opportunities for investment from the private sector, sovereign wealth funds and philanthropic foundations.
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This partnership will accelerate the deployment of renewable energy in Senegal, increasing the share of installed renewable energy capacity to 40% of Senegal’s electricity mix by 2030.
Within 12 months, Senegal will draft an investment plan with the IPG to identify the investments required and the opportunities to implement its vision of a just and equitable energy transition. A total of €2.5 billion will be mobilised by international partners and multilateral development banks in new and additional financing over an initial period of three to five years, starting in 2023. Additional financing may be mobilised during and beyond this period to support Senegal’s ambitions.
“The partnership for the 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,” said Macky Sall, president of Senegal.
The JEPT with Senegal is the fourth of its kind, following the launch of partnerships with South Africa, Indonesia and Vietnam.
“The resources and capital this partnership will bring to Senegal will also help drive economic growth and improve public health in the country. It will build on work that Bloomberg Philanthropies and partners are doing to spread access to clean energy in Africa and end coal use around the world – and build more momentum in the lead-up to COP28,” said Michael Bloomberg, UN secretary-general’s special envoy for climate ambition and solutions, who is also the founder of Bloomberg L.P. and Bloomberg Philanthropies.