Development of a Green Finance Taxonomy in Senegal

For Senegal to achieve the objectives set out in its new development framework (the “Plan Sénégal Emergent”), substantial annual investments will be needed. Only then can the country’s economy move towards a path of strong, inclusive, and sustainable growth, while preserving the country’s environment and natural resources. Sustainable finance plays a crucial role in the forward-looking vision of the “Plan Sénégal Émergent”; thus Senegal has joined the International Platform on Sustainable Finance and decided to develop a green finance taxonomy with the aim of attracting more sustainable investments. 

Together with the German Development Cooperation (GIZ), the Senegalese Ministry of Environment, Sustainable Development and Ecological Transition (MEDDTE) and the Senegalese Ministry of Finance and Budget (MFB), Climate & Company and its Senegalese partner organisation, the Consortium pour la Recherche Economique et Sociale (CRES), are currently developing Africa’s third green finance taxonomy, which will also be the first taxonomy in the French language. 

The assignment has the following objectives: 

1. Build the capacities of all local stakeholders on sustainable finance taxonomies; 
2. Establish an appropriate governance structure that will drive the taxonomy development process forward; 
3. Identify the potential taxonomy objectives, methodology, scope, and priority sectors, based on the Senegalese socio-economic and political context, and analyse approaches to ensure international taxonomy interoperability and alignment; and 
4. Prepare a roadmap for the Senegalese Green Finance Taxonomy that can be used as foundation for the next taxonomy development phase.