Dialogue with private sector on green investment and climate finance in Senegal

The Agricultural Bank (LBA), the first Senegalese private commercial bank accredited to the Green Climate Fund (GCF) for direct access, and the Global Green Growth Institute (GGGI) hosted a high-level dialogue on mechanisms and opportunities for climate finance.

“The dialogue took place on 16 and 17 June 2022  in Dakar, under the chairmanship of the Ministry of Environment and Sustainable Development. This dialogue aims to establish a strong partnership with the national private sector for the construction of sustainable and resilient business models backed by the mobilisation of financing adapted to investment needs. The overall objective is to discuss with the private sector the opportunities and means to accelerate access to green and productive investments and to engage in a strong partnership with the agricultural bank in the structuring of a portfolio of bankable projects with a clear strategy for the mobilization of short and medium term financing,”

The country director of the Global Green Growth Institute (GGGI) reiterated during the opening sesion, the support of the GGGI to the State of Senegal in the coneption and the adoption of policies to increase green investment.

”I would like to recall that within the framework of our mandate and under its strategic objectives, the GGGI supports the State of Senegal in the conception and adoption of policies to increase investment and access to climate finance. Several projects are being implemented around the objectives of the Nationally Determined Contribution (NDC) and the Paris Climate Agreement to stimulate green, job-creating and climate-resilient post-Covid growth.

The meeting on green investment opportunities and climate finance mobilization in Senegal opened this morning co-organized in partnership with the Agricultural Bank and the GGGI in the presence of the Secretary General of the MEPC, The MEDD, members of the private sector: access to climate finance for an acceleration of private investments in favour of the NDC is the theme of this edition declined on several panels aiming at a better involvement of the private sector up to the climate ambitions of the 🇸🇳. ✅️ access to climate finance ✅️ Partnership for a transition to a green and inclusive economy ✅️contributions expected from the national private sector.

Senegal, through its Nationally Determined Contribution (NDC), has set itself a conditional target of 23.7% and 29.5% reduction of GHG emissions in 2025 and 2030 respectively. “We are delighted that such an event is being held, which is  important to our stakeholders and is in line with the strategy of La Banque Agricole in terms of sustainable financing. Today, it has been shown that no country is immune to the effects of climate change, particularly developing countries, which are characterized by a high level of vulnerability of their economies and populations,” said Malick Ndiaye, Managing Director of the Banque Agricole.

The private sector, as a generator of jobs and growth, is strongly expected to contribute to the achievement of this ambition in addition to the public contribution by multilateral development institutions and Senegal’s TFPs.

Furthermore, private sector financing for resilient and low-carbon growth, if well designed and implemented, could not only contribute to the achievement of the objectives of the NDC, but could also help our country to fight against poverty and inequality.