France, with the backing of the United States, is planning to propose a halt to private financing for coal-based power plants during the upcoming UN climate conference (COP28) in Dubai. The plan, named the “New Coal Exclusion Policy,” was communicated to India earlier in the month. The proposal aims to stop private financing for coal-fired power plants and is expected to deepen divisions at the COP28 summit. India and China are opposed to attempts to block the construction of coal-fired power stations for their energy needs. The plan involves the Organisation for Economic Cooperation and Development (OECD) setting coal-exit standards for private finance firms. The U.S., European Union, and Canada are seeking ways to expedite the phase-out of coal, citing it as a significant threat to climate goals.
Key Points:
- France, supported by the U.S., plans to propose a “New Coal Exclusion Policy” to halt private financing for coal-based power plants during the upcoming UN climate conference (COP28).
- The plan was communicated to India earlier in the month and aims to stop private financing for coal-fired power plants.
- The proposal is expected to deepen divisions at the COP28 summit, with India and China opposing attempts to block the construction of coal-fired power stations for their energy needs.
- The plan involves the OECD setting coal-exit standards for private finance firms, and the U.S., EU, and Canada seek ways to expedite the phase-out of coal, considering it a significant threat to climate goals.
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