Paper short abstract:

I conceptually contribute to the discussion on the de-risking state from historical materialist state theory and bring it into dialogue with a South-centric lens on the state (Bhambra, Mbembe). The empirical part draws on the Senegalese formation in the context of renewable energy finance.

Paper long abstract:

Within the global climate finance arena, much effort is made to push the energy transition in the Global South with the help of private finance through so-called de-risking instruments. Scholars have taken issue with the role of de-risking and have criticized the emergence of the de-risking state (Gabor 2021). Despite growing literature on de-risking, the conceptualization of the state remains vague or is inexistent. This contribution aims to conceptually contribute to this discussion and empirically found it with material on renewable energy finance in Senegal. In the first theoretical part, I draw on historical materialist state theory (Hirsch, Poulantzas) beyond Western Marxism (Jenss, Gerstenberger, Pimmer) and bring it into dialogue with a South-centric lens on the state. Given that historic materialist state theory fails short of conceptualizing the state in the Global South, I complement it with insights from decolonial and postcolonial theorists like Ndlovu-Gatsheni, Mbembe and Bhambra. The goal is thus to develop a conceptualization of the de-risking state at the intersection of materialist state theory and post-/decolonial thought. These theoretical thoughts are henceforth empirically grounded with material from Senegal’s renewable energy financing landscape. Primary interview material has been collected during four field trips. The empirical argument will demonstrate how different actors across various state apparatuses at domestic scale and also the international realm provide a de-risking ecosystem to provide a safety net for international finance while reproducing global post-colonial power relations.