Senegal is poised to reaffirm its commitment to a €2.5 billion ($2.67 billion) program aimed at reducing its reliance on fossil fuels, Bloomberg reports, citing a key funder.
The Just Energy Transition Partnership, originally announced in June 2023 by former President Macky Sall, faced uncertainty following a change in government earlier this year. However, a commitment to the deal is now expected, according to Remy Rioux, CEO of France’s state development bank, Agence Française De Developpement (AFD).
Rioux indicated that the new President, Bassirou Diomaye Faye, is expected to announce support for the project after parliamentary elections on November 17. The elections are widely expected to secure a majority for Prime Minister Ousmane Sonko’s Pastef party, strengthening Faye’s power in parliament.
The investment plan, currently in its final stages of development, is slated for completion by December and will outline Senegal’s strategy for boosting renewable energy in its energy mix.
The funding for the program will be provided by France, Germany, the European Union, the UK, and Canada over the next five years. This commitment adds to similar agreements with other large developing nations reliant on fossil fuels for electricity, including South Africa, Indonesia, and Vietnam.
The Just Energy Transition Partnership initiative is a collaborative effort by industrialized nations to support emerging economies in transitioning to cleaner energy sources. The initiative aims to help these nations reduce their greenhouse gas emissions while fostering sustainable development.
