Senegal: Dakar wants to finance its green industrialization differently

Senegal aims to accelerate the development of renewable energy while ensuring its industry benefits from this transformation. To achieve this, the country seeks to mobilize more local financing for projects related to solar, wind, and energy efficiency.

The objective is to produce more clean electricity, but also to develop activities around these new energies capable of creating jobs and value in Senegal.

The country has set itself the goal of increasing the share of renewable energy in its energy mix to 40% by 2030. To support this ambition, a financing mechanism dedicated to renewable energy and energy efficiency projects should make it possible to mobilize more resources from local banks and investors.

This approach should, in particular, help to limit dependence on foreign currency financing, the cost of which can fluctuate with exchange rate movements. Projects will thus be able to be financed more readily in local currency.

The development of renewable energies should also encourage the emergence of local activities around the manufacturing, installation, maintenance and recycling of equipment.

Ultimately, Senegal intends to transform its energy transition into an industrial opportunity, with more activities and jobs generated on its own territory.

Yolande Bazié