After the private sector, the Ministry of Oil and Energy is strengthening the negotiation skills of its agents in order to make the most of this new source of financing.
Senegal is one of the few African countries to have benefited from the resources of the Green Climate Fund. Its private sector is also among the first on the continent to benefit from the carbon market. This booming market is attracting more and more players, including the Ministry of Oil and Energy.
In partnership with the Global Green Growth Institute (GGGI), the department organised a training workshop on Article 6 of the Paris Agreement for its staff on Thursday in Dakar.
“The objective is to put the staff of the Ministry of Energy in a position to take maximum advantage of this agreement,” said the Director of Cabinet of the Ministry, Issa Dionne.
According to the GGGI Resident representative in Senegal, Assana Magagi, “this training session will allow actors to understand the financing mechanisms, but also to learn about the steps to follow for carbon markets, financial aspects and the global market potential that Senegal has the opportunity to seize.”
This training follows several capacity building sessions for central government officials. The objective is to support targeted public institutions that engage in bilateral negotiations to improve their understanding of the legal, institutional and technical concepts related to Article 6 for cooperative approaches.
In the same vein, on February 21, Dakar validated its strategy for implementing Article 6 of the Paris Agreement, which should enable it to benefit more from the carbon market. The latter was instituted to limit and reduce greenhouse gas emissions.
It allows CO2 emission rights to be traded in the same way as financial securities. A tradable carbon credit is equivalent to one ton of carbon dioxide, or the equivalent amount of another greenhouse gas, that is reduced,
sequestered or avoided.
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