Senegal Set to Recommit to $2.7B Green Energy Plan at COP29
TLDR
- Senegal poised to reaffirm €2.5 billion Just Energy Transition Partnership commitment at COP29 in Azerbaijan, aimed at reducing fossil fuel reliance.
- Program initially launched in 2023 by former President Macky Sall, facing delays but current President Bassirou Diomaye Faye likely to support post election.
- Funded by nations like France, Germany, UK, Canada, and EU, the pact supports Senegal's renewable energy transition with investments over the next five years.
Senegal is expected to reaffirm its commitment to a €2.5 billion ($2.67 billion) Just Energy Transition Partnership aimed at reducing fossil fuel reliance, potentially announcing the investment plan at COP29 in Azerbaijan, per Bloomberg report.
Initially launched in June 2023 by former President Macky Sall, the transition plan encountered delays due to a change in government. However, Remy Rioux, CEO of France's Agence Française de Développement, indicated that current President Bassirou Diomaye Faye is likely to support the program, pending the outcome of parliamentary elections on Nov. 17.
The pact, funded by nations including France, Germany, the UK, Canada, and the EU, would fund Senegal’s renewable energy transition over the next five years. Similar agreements have been reached with South Africa, Indonesia, and Vietnam, totaling billions of dollars to support renewable energy investments in emerging economies heavily reliant on fossil fuels.
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Key Takeaways
Senegal’s anticipated recommitment to its Just Energy Transition Partnership underscores growing support among emerging economies for climate-friendly energy shifts, facilitated by funding from industrialized nations. As Senegal seeks to reduce oil and gas dependency, success in implementing the investment plan could position it alongside countries like South Africa, which secured $9.3 billion for its transition from coal. If confirmed, Senegal’s plan would expand the global movement to channel climate finance toward developing countries, balancing economic growth with emissions reduction. With the backing of major funders, Senegal’s renewable energy ambitions represent a significant step in the broader global push for sustainable development.
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