France and the US Collaborate on Global Ban on Private Investments in Coal Power Plants
France, with the support of the United States, intends to achieve a worldwide prohibition on private financing for coal power stations. The country plans to announce these measures during the UN Climate Conference scheduled to take place in Dubai from November 30 to December 12, as reported by Reuters, citing its own sources.
The proposal involves the Organization for Economic Cooperation and Development (OECD) setting standards for coal abandonment for private financial companies. Private investments in coal power stations will be monitored by regulatory bodies, rating agencies, and non-governmental organizations.
France has already informed India about its plans for the ban, despite over 73% of India's electricity being generated using coal. India, along with China, opposes any restrictions on coal power generation.
The United States, the European Union, and Canada are working to coordinate a comprehensive plan to accelerate the phase-out of coal, which they consider the "number one threat" to achieving climate goals.
Countries express concern that private international financing continues to support significant growth in coal capacities in developing countries. Approximately 490 GW of new coal capacities are planned or already under construction, primarily in India and China.
In total, there are approximately 2,400 coal power stations worldwide, with a total capacity of 2,000 GW.
The Gaze reported that global government efforts are insufficient to prevent planetary overheating. According to the UN, even if countries can fulfill all current climate commitments, global warming pollution in 2030 will still be 9% higher than in 2010.
According to the Intergovernmental Panel on Climate Change, to limit global warming to 1.5 degrees Celsius, global emissions need to be reduced by about 45%. Scientists believe the 1.5-degree mark is a critical threshold, beyond which both humans and ecosystems will struggle to adapt to the consequences of climate change. The planet is expected to experience radicalization of weather conditions, including more frequent and intense heatwaves, droughts, and storms.