Paris: A group of rich nations and multilateral development banks have pledged to mobilize 2.5 billion euros to help Senegal reduce its dependence on fossil fuels, President Macky Sall said on Thursday. "Senegal has committed to increase the share of electricity produced by renewable energy to 40 percent by 2030 with 2.5 billion euros in financing, equivalent to 2.7 billion dollars," Sall said at the two-day New Global Finance Summit. Agreement in Paris. Currently, just over 30 percent of electricity comes from renewable sources, but that is based on "adverse loans," Sall said.

According to a joint statement by Senegal and its JETP partners, the 2.5-billion-euro package of grants, subsidies, soft loans, export credits and technical assistance will cover an "initial period" of three to five years. Pro-business countries are also committed to organizing multilateral development banks and private sector financing. Senegal has not denied developing fossil fuels, saying it "intends to use its natural gas reserves as transitional energy."

The agreement with Senegal, signed by France, Germany, the United Kingdom, Canada and the European Union, is the latest in a series of so-called "just energy transition" partnerships. The first such agreement, announced at the CO26 climate conference in 2021, pledged $8.5 billion to help South Africa wean itself off coal power, but observers have raised concerns that the deal relies too heavily on loans rather than grants. Other agreements followed with Indonesia (USD 20 billion) and Vietnam (USD 15.5 billion). "Senegal's proposed renewable energy target is a good idea, company don't want them to be dependent on gas in the long term," said Ronan Palmer, an analyst at climate think tank E3G. But Senegal's JETP donors must be very careful to avoid the mistakes made in South Africa," he added. "That should not be a debt mechanism." Earlier this week, Sall promised to strengthen "democracy and freedom" in his country. first public reaction 1- to the June 3 unrest sparked by the conviction of a popular opposition leader that shook the West African nation's reputation for stability. Officials say at least 16 people were killed. Amnesty International puts the number of dead at 23 and the opposition at 23. 26. The bloodshed has shaken the West African nation's reputation for stability in a region known for coups and chaos. The financial profile has become very attractive. This year company will start oil and gas extraction," he said on a state visit to Portugal on 6 june 2023.