Financing the economy: The Ministry of the Environment highlights the need to make financial flows much greener

Financing the economy: The Ministry of the Environment highlights the need to make financial flows much greener
Financing the economy: The Ministry of the Environment highlights the need to make financial flows much greener

The secretary general of the Senegalese ministry in charge of the environment and ecological transition stressed, Monday May 6, 2024, that “it is urgent, given the increasing complexity and multiplicity of ecological crises, to work to mobilize more resources than in the past and to make financial flows much greener.

Fodé Fall, in this case, confided that the establishment of a green taxonomy is part of this logic and aims to provide financial solutions to sustainable development issues insufficiently taken into account by traditional financing.

Speaking on Monday during the meeting of the steering committee on the green taxonomy in Senegal, Mr. Fall maintained that it is necessary to establish a climate of trust with investors and to promote better transparency in matters of green activity.

For investors, he explained that the taxonomy will help ensure that their investments have a significant environmental impact, in particular, for debt-based investments.

For project leaders and companies, the taxonomy will, according to him, allow them to know whether their activities are in compliance with the objectives and commitments of the State of Senegal, particularly in achieving the objectives of the Contribution determined at the national level ( Cdn).

“Our country is positioning itself today as a pioneer of sustainable finance in West Africa, particularly in its French-speaking zone,” he said.

For Fodé Fall, the strong and beneficial initiatives of the State of Senegal concern, among other things, membership in the international platform on sustainable finance, the definition of a reference framework for sustainable financing, the creation of a steering committee on sustainable financing.

And very recently, he underlined, our membership in the Partnership for a Just Energy Transition (Jetp), marks our determination to establish strong, inclusive and environmentally friendly economic growth.

The process of developing a green taxonomy, started in Senegal 10 months ago, includes the contribution of the German firm Climate and Company and the Consortium for Economic and Social Research (Cres) made up of professors and researchers from Cheikh University. Anta Diop from Dakar.

Bassirou MBAYE

Source: https://www.lejecos.com/SENEGAL-Financement-de-le…

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