{"id":48758,"date":"2023-06-22T16:56:59","date_gmt":"2023-06-22T15:56:59","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=48758"},"modified":"2023-06-26T11:18:17","modified_gmt":"2023-06-26T10:18:17","slug":"senegal-jetp-energy-transition-2-billion-renewables","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2023\/06\/22\/senegal-jetp-energy-transition-2-billion-renewables\/","title":{"rendered":"Rich nations pledge $2.7 billion for Senegal’s renewable rollout"},"content":{"rendered":"

A group of wealthy European nations and Canada have promised to contribute \u20ac2.5 billion ($2.7 billion) to help the West African nation of Senegal roll out renewables.<\/strong><\/p>\n

At the New Global Financing Pact Summit in Paris, Senegal’s president Macky Sall said the money would help his country get 40% of its electricity capacity from renewables by 2030, up from about 30% now.<\/p>\n

Sall said the deal will help “increase our resilience” and “secure our energy system” while French president Emmauel Macron said it would boost economic development and access to electricity.<\/p>\n

The governments who have said they will contribute funds are France, Germany, the UK, Canada and the European Union. The USA and Japan, which have backed similar deals, are not involved in this one.<\/p>\n

Carbon credits<\/strong> touted as saviour of coal-to-clean energy deals<\/a><\/p><\/blockquote>\n

The deal is known as a Just Energy Transition Partnership (JETP). Similar multi-billion deals have been struck over the last two years with South Africa<\/a>, Indonesia<\/a> and Vietnam<\/a>.<\/p>\n

Unlike these bigger nations, Senegal is a tiny emitter and does not dig up or use much coal. It relies on fossil fuel imports from abroad and has one of the highest electricity prices in Africa.<\/p>\n

Whereas negotiations with these countries have focused on closing coal plants and rolling out renewables, the deal Senegal will just focus on rolling out renewables.<\/p>\n