Senegal secures $2.7bn JETP funding

Senegal and the International Partners Group (IPG), comprising France, Germany, the EU, the UK and Canada, have announced a Just Energy Transition Partnership (JETP) – a deal that secures $2.7bn for Senegal’s efforts to achieve its transition to a low-carbon economy.

Launched on 22 June at the Summit for a New Global Financing Pact in Paris, the partnership will offer significant opportunities for investment from the private sector, sovereign wealth funds and philanthropic foundations.

According to a statement, the JETP looks to accelerate the deployment of renewable energies in Senegal, to increase the share of renewable energies in installed capacity to 40% of Senegal’s electricity mix by 2030, and the publication by COP28 of a vision for a long-term low greenhouse gas emission development strategy due to be finalised in 2024. Senegal’s new nationally determined contribution, to be published at COP30, will reflect the enhanced climate ambition of this new energy strategy.

Senegal, in conjunction with the members of the IPG, will draft an investment plan within twelve months identifying the investment required and the opportunities to implement its vision of a just and equitable transition. To accelerate the deployment of renewable energies, the listed G7 countries will mobilise $2.7bn in new and additional financing over an initial period of three to five years starting in 2023.

At present, 48% of households in Senegal’s rural areas still do not have access to electricity. Country manager for Senegal at the African Climate Foundation says that with the JETP “the country will have to ensure an open and transparent dialogue in the coming months to better ensure that the investments expected under this pact benefit Senegal’s most vulnerable and those in need of access to electricity in rural areas.”

This is the fourth JETP, following the launch of partnerships with South Africa, Indonesia and Vietnam.

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