- France and the US seek coal power plants funding halt at COP28.
- The aim is to set standards through the OECD to stop private financing for coal power.
France and the United States propose stopping private financing for coal power plants at COP28. They shared the “New Coal Exclusion Policy” with India earlier this month. This proposal aims to halt private funding for coal power, a top priority for French President Emmanuel Macron at COP28.
The Organisation for Economic Co-operation and Development (OECD) would set coal-exit standards for financial firms, tracked by regulators and NGOs. The United States, the European Union, and Canada want to speed up coal phase-out due to its threat to climate goals.
Around 490 gigawatts of new coal capacity are planned, mainly in India and China. India relies on coal for 73 per cent of its electricity but aims to resist setting a deadline for fossil fuel phase-out at COP28. These countries may urge developed nations to target carbon negativity by 2050.