During the Summit for a new financial pact, the objective of which is to build a new consensus for a more united international financial system, Senegal and the group of international partners, made up of Germany, France, the European Union, the United Kingdom and Canada, launch a Just Energy Transition Partnership (JETP) to support Senegal’s efforts to achieve universal energy access and consolidate a low-carbon, resilient and sustainable energy system .
In a joint declaration , Senegal reaffirms, with the financial and technical support of international partners, its determination to strengthen the deployment of renewable energies in its energy mix as part of its Integrated Lower Cost Plan for electricity and in a logic reducing emissions from the sector, while enabling fair and resilient development.
The partnership will provide significant opportunities for investments from the private sector, sovereign wealth funds and philanthropic foundations.
To enable the acceleration of this deployment of renewable energies, international partners and multilateral development banks will mobilize, for an initial period of 3 to 5 years, from 2023, 2.5 billion euros in new and additional. Additional funding could be mobilized during and beyond this period to support Senegalese ambitions.
This partnership will enable the acceleration of the deployment of renewable energies so as to increase the share of renewable energies in installed capacity to 40% of the Senegalese electricity mix by 2030, and the publication by COP28 of a vision in sight of a long-term low greenhouse gas (SLT) development strategy planned to be finalized in 2024.
Senegal’s new nationally determined contribution which will be published at COP 30 will reflect the reinforced climate ambition of this new energy strategy.
Senegal, in liaison with members of the international partners group, will prepare within twelve months an investment plan which will identify the required investments and opportunities to implement its vision of a just and equitable energy transition.
The just energy transition partnership concluded today with Senegal is the fourth after the launch of partnerships with South Africa, Indonesia and Vietnam.
The President of the Republic of Senegal, Mr. Macky Sall, declared: “The multifaceted crises that we are experiencing today are putting African economies to the test, particularly in their significant efforts devoted to economic development, access to energy and industrialization. Diversifying our energy sources and 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 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 French Republic, Mr. Emmanuel Macron, said: “France is proud to support the partnership for Senegal’s just energy transition. Thanks to the accelerated deployment of renewable energies, this partnership will allow Senegal to continue to develop economically and provide access to energy to the entire population, while placing the country on a low-carbon trajectory. This partnership is part of the priorities of the Summit for a new financial pact to meet our common challenges: reconciling development and the fight against climate change. »
The Chancellor of the Federal Republic of Germany, Mr. Olaf Scholz, declared: “Germany welcomes today’s signing of a Just Energy Transition Partnership (JEPP) with Senegal . . This is an important step which confirms Senegal’s ambition to expand renewable energies. This JETP represents a major step on the path leading to a Senegalese economy that is both climate neutral and socially just. »
The President of the European Commission, Ursula von der Leyen, said: “We are partnering with Senegal to accelerate investments in clean energy infrastructure, to build an economy that is both low-carbon and climate-resilient. climate change. Together, we are supporting a major energy transition, which will benefit people in Senegal and around 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.”
The Prime Minister of the United Kingdom, Mr. Rishi Sunak, said: “The United Kingdom is delighted to support the Just Energy Transition Partnership with Senegal. Senegal has ambitious plans to drive economic growth and create a more prosperous future, and this partnership will bring vital investment in Senegal’s renewable energy infrastructure and help provide access to clean, affordable energy for all.” .
The Prime Minister of Canada, Mr. Justin Trudeau, said: “It is becoming increasingly clear that clean energy is a fundamental part of building an economy that works today and tomorrow. Climate change knows no borders, and as the world moves toward our shared goal of climate neutrality by 2050, we must all come together – regional governments and the private sector – to find innovative solutions. that guarantee our children and grandchildren access to clean air and clean water, as well as quality jobs. This is what the JETP model will allow us to do in Senegal and beyond.”
Mr. Michael R. Bloomberg, Special Envoy of the United Nations Secretary-General for Climate Ambition and Solutions and Founder of Bloomberg LP and Bloomberg Philanthropies said:
“The climate crisis will continue to worsen unless we take bolder action to help developing countries accelerate clean energy investments – and the more we bring the public and private sectors together, the faster we can make progress. 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 the work done by Bloomberg Philanthropies and its partners to expand access to energy in Africa and end the use of coal worldwide, and to build momentum towards COP28.”
Mr. Mark Carney, GFANZ Co-Chair and UN Special Envoy for Climate Action and Finance: “Collaboration between the public and private sectors is essential to unlock clean energy investment and support the transition to a towards carbon neutrality in emerging markets and developing economies GFANZ works to remove barriers to the flow of much-needed private finance to countries demonstrating leadership in the transition, particularly through JETPs. As part of this effort, the GFANZ African Network is mobilizing private finance to support sustainable and affordable energy on the continent.We look forward to working with the Senegalese government and IPG to support the Senegalese JETP.”