Senegal has forged a groundbreaking alliance with multiple nations and the European Union (EU) to expedite the implementation of renewable energy initiatives, securing a substantial financing package of €2.5 billion (US$2.71 billion) set to commence in 2023.
Through the creation of the Just Energy Transition Partnership (JETP), Senegal has partnered with the International Partners Group (IPG), which includes France, Germany, the EU, the United Kingdom, and Canada. This strategic collaboration aims to attract significant investments from the private sector, sovereign wealth funds, and philanthropic foundations, opening up substantial opportunities for the country.
The primary objective of this partnership is to accelerate the adoption of renewable energy sources within Senegal, with the ambitious goal of achieving a 40% share of renewable energy capacity in the country's electricity mix by 2030.
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Within the next 12 months, Senegal and the IPG will collaborate on an investment plan to identify the required investments and opportunities necessary to materialize their vision of an equitable and sustainable energy transition. Over an initial period of three to five years, beginning in 2023, international partners and multilateral development banks will mobilize €2.5 billion in new and additional financing. Moreover, further financial support may be mobilized during and beyond this period to bolster Senegal's ambitious renewable energy objectives.
Macky Sall, the President of Senegal, expressed his enthusiasm for the JETP partnership, stating, “The establishment of the JETP partnership with our allies will enable us to further support Senegal's ongoing efforts to integrate renewable energies into our energy mix and fortify our energy system by harnessing our abundant natural resources in accordance with the Paris Agreement.”
This collaboration with Senegal marks the fourth of its kind, following successful partnerships with South Africa, Indonesia, and Vietnam. By leveraging the resources and capital provided through this partnership, Senegal aims to stimulate economic growth and enhance public health conditions in the country. The initiative builds upon the efforts of Bloomberg Philanthropies and its partners to promote clean energy access throughout Africa and eliminate coal usage worldwide. The partnership's impact is expected to gain momentum leading up to COP28, the 28th United Nations Climate Change Conference of the Parties.
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Michael Bloomberg, the UN Secretary-General's Special Envoy for Climate Ambition and Solutions, founder of Bloomberg L.P. and Bloomberg Philanthropies, emphasized the significance of this collaboration, stating, “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.”
