Germany – Financial and insurance services – 81318408-Implementation of the Senegalese Taxonomy

The project "Strengthening sustainable finance in Senegal" (02/25-01/28), mandated by the German Federal Ministry for Economic Cooperation and Development (BMZ) aims to strengthen sustainable financing in the financial sector in Senegal. It advises and develops the skills of political decision-makers. A main activity is supporting the development and implementation of the Senegalese green finance taxonomy. The project also includes advisory services to financial institutions to develop and apply innovative sustainable financing instruments. In this way, the project contributes to improving the conditions for a green and socially just financial market in Senegal. In recent years, sustainable finance taxonomies have emerged globally as policy tools that provide clear definitions of sustainable economic activities. They promote transparency, reduce greenwashing, and help align investment flows with sustainability goals. On behalf of BMZ, GIZ supports partner countries in developing and implementing such taxonomies. GIZ offers technical and strategic advice, facilitates stakeholder engagement, and strengthens institutional capacities. In Senegal, the government is developing a national green finance taxonomy to help shift the financial sector toward environmentally and socially just investments. The process is jointly led by the Ministry of Environment (METE) and the Ministry of Finance (MFB), supported by GIZ since end of 2023. The taxonomy will cover six sectors: agriculture (including forestry, fisheries, and livestock), energy, water and sanitation, manufacturing, construction, and transport. Publication is planned for October 2025. The tasks to be performed by the contractor aim to support the implementation of the Senegalese green finance taxonomy after its publication.