Projects

Senegal needs USD 13 billion between 2020 and 2030 in order to deliver its nationally determined contributions (NDCs) to the Paris Agreement, further development needs not included. Financial markets have a key role to play by ensuring that public and private capital flows into socially and environmentally positive investments and activities that protect people against environmental and climate risks. However, Senegal’s financial sector stakeholders lack the expertise required to identify such risks and harness the opportunities of sustainable finance.

The Project “Strengthening sustainable finance in Senegal” works with public and private stakeholders to anchor the principles of sustainable finance and unlock opportunities of climate finance for diversified resource mobilization in a highly climate-risk exposed country. For example, the project supported the development of a green taxonomy for the Senegalese context. It also contributes to the efforts of financial institutions to design and use innovative green financial products and mechanisms.

The project addresses stakeholders of the financial sector in Senegal: private sector banks, policymakers, public administration, regulators, regional supervisor and central bank to a limited extent, project developers.

After some preparatory work on the green taxonomy by a project on financial inclusion, the project Sustainable Finance started its activities in early 2025 and runs until 2028.

• The Senegalese green taxonomy with thorough technical criteria is developed and the Government is working on a roadmap for its implementation.
• The partnerships with two financial sector associations have been formalized; they play a multiplier role for training and knowledge on sustainable finance among banks and microfinance institutions.
• Priority topics for the introduction of sustainable tools have been identified with selected financial institutions.
• The interministerial commission on sustainable finance has adopted an action plan for the next 18 months, including a comprehensive communication strategy on sustainable finance.