A group of wealthier countries last week at the Summit for a New Global Financing Pact agreed on a deal that will see the West African country of Senegal receive an initial US$2,74 billion in finance to build renewable energy projects as part of the Senegal Just Energy Transition Partnership (JETP).
The partners backing the deal include France, Germany, the European Union, the United Kingdom and Canada. The deal is expected to help Senegal achieve its target to source 40% of electricity from renewable energy sources by 2030.
The Just Energy Transition Partnership (JETP) for Senegal is the fourth such partnership after pacts with South Africa, Indonesia and Vietnam.
“We are teaming up with Senegal to accelerate investments in clean energy infrastructure, to achieve a low carbon and climate resilient economy,” said Ursula von der Leyen, President of the European Commission
“Together, we are supporting a major energy transition, which will benefit people in Senegal and across the world – with access to affordable and reliable renewable electricity, good local jobs, and a healthier planet. I am proud that our Global Gateway strategy supports this partnership,” she added.
Senegal commits to energy transition
According to the partners, an investment plan will be developed within twelve months, and will identify the investments required and the opportunities to implement the just transition in Senegal.
“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,” said Macky Sall, the President of the Republic of Senegal.
In a joint declaration, Senegal committed 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.