France, US to propose ban on private finance to coal-fired plants at COP28: Sources
The HinduFrance, backed by the United States, plans to seek a halt to private financing for coal-based power plants during the U.N. climate conference later this month, three sources familiar with the deliberations told Reuters in India and Europe. France's minister of state for development Chrysoula Zacharopoulou told the Indian government about the plan, called the "New Coal Exclusion Policy", for private financial institutions and insurance companies, two Indian officials said. They are concerned private international financing continues to support large additions to coal capacity in developing nations, according to the plan shared by France with India. "And countries need to stop digging a deeper hole by building new unabated coal power plants, because unfortunately, there's still some 500 gigawatts of new coal-fired power plants in the pipeline globally, and the IPCC and the International Energy Agency have both been quite clear that that needed to stop already."
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