New Delhi/Brussels/Washington (Reuters) – According to insiders, France wants to push for a halt to private investment in coal-fired power plants at the COP28 world climate conference in Dubai.

The Organization for Economic Co-operation and Development (OECD) must present targets for phasing out coal use for financial companies and insurance companies, which can then be monitored by supervisory authorities and rating agencies, among others. People familiar with the project in India told Reuters news agency. India was informed about this US-backed move by French Development Minister Chrysoula Zacharopoulou. India and China refuse to stop building coal-fired power plants.

The proposal from France is likely to further deepen divisions between developed and developing countries ahead of the world climate conference. The US, EU and Canada are working to reduce coal use, which they see as a major obstacle to achieving climate goals. However, many new coal-fired power plants are being built or planned, especially in India and China. The two insiders said there was about 490 gigawatts of capacity, which is equivalent to about a fifth of existing global capacity. For French President Emmanuel Macron, the plan now presented to India is a top priority, said another Europe-based insider.

Initially there was no response from the Indian government or the OECD. The French government did not comment directly, but said the issue of coal investment had been discussed at various international levels in recent years.

Representatives from nearly 200 countries took part in the World Climate Conference from November 30 to December 12. The main goal is an agreement to reduce the greenhouse gas carbon dioxide. This must be done unanimously. However, this is often negotiated between the largest economic powers. China is the country with the second largest economy in the world after America. The EU is the third largest country.

(Reporting by Sarita Chaganti Singh, Kate Abnett and Valerie Volovici, writing by Elke Ahlswede, editing by Hans Busemann. If you have any questions, please contact our editorial team at [email protected] (for politics and economics) or frankfurt. newsroom @thomsonreuters.com (for companies and markets).)