France, with the support of the United States, is initiating a global ban on private financing of coal-fired power plants. Plans for this initiative are to be announced at the UN climate conference to be held in Dubai from November 30 to December 12, Reuters reports, citing its own sources.

The essence of the proposal is that the Organization for Economic Cooperation and Development (OECD) will define standards for coal phase-out for private financial companies. Private investments in coal-fired power plants will be monitored by regulators, rating agencies and non-profit organizations.

France has already announced its plans to ban India, where approximately 73% of electricity is generated by coal. However, India, like China, opposes any restrictions on coal-fired generation.

Together with the United States, the European Union, and Canada, France is seeking to agree on a common plan to accelerate the phase-out of coal, which they characterize as the "number one threat" to achieving climate goals.

The threat is seen as private international financing continuing to support a significant expansion of coal capacity in developing countries. Approximately 490 GW of new coal capacity is planned or under construction, mostly in India and China.

Today, there are about 2,400 coal-fired power plants in operation worldwide with a total capacity of 2,000 GW.