2023-12-28 21:15:13
Dakar, Dec 28 (APS) – Senegal has made “progress” in ESG (environmental, social and governance) type financing for which the country has issued bonds of around 295 billion CFA francs from which it expects resources for the year 2024, declared Thursday in Dakar, the Director General of Public Accounting and Treasury (DGCPT), Cheikh Tidiane Diop.
ESG type emissions, which appeared a few years ago, are intended to finance environmental, social or governance projects.
“Senegal has made progress in ESG financing in the African region and has already adopted an ESG framework which has been approved and validated by international institutions,” he indicated.
He spoke during a panel organized by the Directorate General of Public Accounting and the Treasury (DGCPT) on the theme “Promotion of ESG financing: issues and roles of the DGCPT services”.
Senegal’s framework document on ESG type financing was developed following “a conclusive review” by the financial rating agency Moody’s, we learned during this panel held at CICES, the International Center for foreign trade of Senegal, as part of the Dakar International Fair (FIDAK).
Cheikh Tidiane Diop recalled that ESG type financing “is linked to the environmental, social and governance triptych”.
»Environment refers to issues of climate change, society refers to sectors such as health, education and access to basic social services, and governance refers to accountability, transparency in the management of resources “, he explained, before specifying that “ESG financing is essentially reserved for green projects”.
“The Treasury, he notes, is often known in its logic of paying public expenditure, but very little known in its mission of mobilizing resources to finance public policies.”
“For the year 2023, it was expected, in terms of resource mobilization, a payment of two thousand six hundred and forty-two billion CFA francs to cover the budget deficit and the financing of public policies,” reported the Director General of Public Accounting and Treasury.
Treasury inspector Aliou Diouf returned to the challenges that Senegal faces in the context of ESG financing.
Senegal faces “high vulnerability to global warming of ecosystems and an increase in Co2 emissions,” he stressed.
He recalled that with “the effective exploitation of oil by Senegal, the level of CO2 emissions might experience a substantial increase”.
Aliou Diouf reported that Senegal has implemented “the green PSE”, designed as “a strategic plan to promote green growth resilient to climate change”.
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