Home » COP28 at UAE: US, France to propose halt in pvt finance to coal-fired units

COP28 at UAE: US, France to propose halt in pvt finance to coal-fired units

France and the United States, plans to seek a halt to private financing for coal-based power plants during the UN climate conference later this month, three sources familiar with the deliberations told Reuters in India and Europe.


The plan, which was communicated to India earlier this month, will deepen divisions at the COP28 summit in Dubai running from November 30 to December 12, with India and China opposed to any attempt to block construction of coal-fired power stations for their energy-hungry economies.


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. The plan to stop private financing for coal-fired power plants has not been previously reported.


A spokesman for Zacharopoulou did not directly comment on emailed queries from Reuters but said the question of financial investments in coal had been discussed at several different multilateral forums over the past few years.


India’s environment, power and renewable energy, coal, external affairs and information ministries, the OECD and the French embassy in New Delhi did not respond to Reuters’ requests for comment.


A source in Europe familiar with the plan said the aim was to dry up private funding for coal power and that it was a top priority for French President Emmanuel Macron during COP28, seen as a crucial opportunity to accelerate action to limit global warming.

First Published: Nov 21 2023 | 10:17 PM IST