Empowering a Fair Energy Transition: Launching A New Partnership

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Today, on the occasion of 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 towards universal access to energy and the consolidation of an energy system low carbon, resilient and durable.

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 within the framework of its Integrated Least Cost Plan for electricity and in a logic reduction in 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 may be mobilized during and beyond this period to support Senegalese ambitions.

This partnership will make it possible to accelerate the deployment of renewable energies so as to bring 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 (LTS) development strategy scheduled to be finalized in 2024. Senegal’s new Nationally Determined Contribution to be released at COP 30 will reflect the ambition climate change of this new energy strategy.

Senegal, in liaison with the members of the group of international partners, will prepare within twelve months an investment plan which will identify the investments required and the opportunities to implement its vision of a just and equitable energy transition.

The partnership for the just energy transition 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, said:
“The multifaceted crises we are experiencing today are straining African economies, particularly in their significant efforts devoted to economic development, access to energy and industrialization. The diversification of our energy sources and our chains

of supply 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, declared:
“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 in line with 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 said:
“Germany welcomes today’s signing of a Just Energy Transition Partnership with Senegal (JETP). This is an important step that confirms Senegal’s ambition to expand renewable energy. This JETP represents a major step on the road to a Senegalese economy that is both climate neutral and socially just. »

The President of the European Commission, Ms 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 resilient to 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.”

UK Prime Minister Mr. Rishi SUNAK said:
“The UK 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 investments into 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 fundamental to building an economy that works today and tomorrow. Climate change knows no borders and as the world moves towards our shared goal of climate neutrality by 2050, we must all come together – governments from different regions and the private sector – to find innovative solutions. that ensure our children and grandchildren have access to clean air and clean water, as well as quality jobs. This is what the JETP model will do in Senegal, and beyond”.

Mr. Michael R. BLOOMBERG, Special Envoy of the UN Secretary General for Climate Ambition and Solutions and Founder of Bloomberg L.P. and Bloomberg Philanthropies said:

“The climate crisis will continue to deepen unless we take bolder action to help developing countries accelerate clean energy investment – 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, and will build on the work of Bloomberg Philanthropies and its partners to expand access to energy. in Africa and end the use of coal worldwide, and to build momentum for COP28″.

Mr. Mark CARNEY, GFANZ Co-Chair and UN Special Envoy for Climate Action and Finance:
“Collaboration between the public and private sectors is key to unlocking clean energy investment and supporting the transition to a carbon neutral transition in emerging markets and developing economies. GFANZ works to break down barriers the flow of much-needed private finance to countries that demonstrate transition leadership, particularly through JETPs.As part of this effort, the GFANZ Africa Network is mobilizing private finance to support sustainable and affordable energy on the continent. We look forward to working with the Senegalese government and the IPG to support the Senegalese JETP.”

This article is originally published on elysee.fr

 

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