2.7 B USD for energy transition in Senegal
Senegal will utilize 2.7 B USD for energy transition with partners
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Senegal, Dakar: Senegal will utilize 2.7 B USD for energy transition with partners
Senegal and the International Partner’s Group (IPG) launched a Just Energy Transition Partnership (JETP) last week. The IPG comprises France, Germany, the European Union, the United Kingdom, and Canada.
The partners alongside multilateral development banks will utilize 2.7 B USD (€2.5 B) in new and additional financing to accelerate clean energy deployment, according to a statement from the European Commission.
The international partners will also provide technical support to Senegal to increase the deployment of renewable energies in its energy mix as part of its ‘Integrated Low-Cost Electricity Plan’. Senegal plans to increase clean energy contribution to the country’s installed capacity to 40 % of the total electricity mix by 2030.
The partners will also support the development of renewable energy infrastructure and technologies, such as improved storage and grid stabilization, to accelerate clean energy deployment.
The partners expect that Senegal will adopt a new nationally determined contribution (NDC) by 2030 that reflects the enhanced climate ambition of its new energy strategy. With international support, the conditional targets increase to 335 MW of solar, 250 MW of wind, 50 MW biomass, and 50 MW Concentrated Solar Power capacities.
Senegal has already met its unconditional 2030 solar and wind NDC targets, signalling that with adequate investment and support it can do more and become a clean energy transition leader in Africa.
Source: Energy&Utilities
#energy transition#International Partner's Group#Just Energy Transition Partnership