Major world economies seeking to stop new private sector coal financing – Reuters

Reuters reported this week that some of the world's major economies want to finalize a plan before this year's UN COP29 climate summit in November to halt new private sector financing for coal projects.

If the draft proposal is approved by The OECD would be the first step by a multilateral institution to limit financing for coal, according to the report a report.

The draft plan reportedly requires investors, banks and insurance companies to halt new financing for existing or planned coal projects, and to end financing for companies building coal infrastructure.

OECD countries – whose 38 members include most of the world's major market-focused democracies – are said to be preparing responses to the proposed policy, which will be non-binding but aim to set an international standard for use by company boards and shareholders.

The United States, Britain, France, Canada and the European Union are reported to be among the supporters of this proposal, with the largest opposition coming from Japan, the world's third-largest coal importer.

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