Senegal has recently joined the Just Energy Transition Partnership (JET-P), becoming the fourth country to sign the agreement after South Africa, Indonesia, and Vietnam. This partnership, led by a group of international partners, aims to mobilize substantial financing for Senegal and promote the development of renewable energy infrastructure.
Mobilizing Financing for Senegal’s Renewable Energy:
The JET-P deal will bring 2.5 billion euros of new and additional financing to Senegal over an initial period of 3-5 years. This significant investment will support the country’s renewable energy sector and accelerate the transition towards clean and sustainable sources of power. It offers opportunities for private sector investment, sovereign wealth funds, and philanthropic foundations to contribute to Senegal’s renewable energy development.
Aiming for 40% Renewable Energy by 2030:
One of the primary goals of the partnership is to increase the share of renewable energy in Senegal’s electricity mix to 40% of the installed capacity by 2030. Currently, renewable energy accounts for approximately 31% of the country’s installed capacity. By surpassing the previous targets set in the government planning document, Senegal demonstrates its commitment to a sustainable energy future and reducing greenhouse gas emissions.
Formulating a Long-Term Greenhouse Gas Emission Strategy:
In addition to promoting renewable energy, the JET-P deal will assist Senegal in formulating a long-term greenhouse gas emission development strategy. This strategy, to be finalized by COP28 in 2024, will outline the country’s roadmap to reducing carbon emissions and transitioning to a low-carbon economy. It aligns Senegal with global efforts to combat climate change and underscores its commitment to sustainability.
Just Energy Transition: Fostering Equitable Access to Energy:
The concept of a just energy transition is central to the partnership’s goals. It involves shifting away from non-renewable, fossil fuel-based energy sources towards clean, renewable alternatives to mitigate climate change impacts. The focus is on ensuring equitable access to energy, ensuring that all segments of society benefit from the transition, rather than just corporations and the wealthy.
Senegal’s Gas-to-Power Strategy:
Senegal adopted a gas-to-power strategy in 2018 following the discovery of oil and gas reserves. This strategy aims to utilize gas as a transitional energy source while reducing dependence on coal. By embracing natural gas, Senegal aims to bridge the gap between conventional fossil fuels and a renewable energy future, facilitating a smoother transition.
