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A general view of a wind turbine at Westmill Wind Farm & Solar Park, which is owned by the community and supports local renewable energy, at Watchfield, near Swindon, Britain, September 24, 2021. "More than 110 countries have joined already," European Commission President Ursula von der Leyen told the COP28 summit on Thursday of the renewables pledge. A draft of the renewable energy pledge, seen by Reuters, called for "the phase down of unabated coal power" and ending the financing of new coal-fired power plants. Africa receives just 2% of global investments in renewable energy. Somalia has the highest onshore wind power potential of any African country, yet one of the lowest electrification rates in the continent, according to the International Energy Agency.

Persons: Andrew Boyers, Ursula von der Leyen, Najib Ahmed, Kate Abnett, Richard Valdmanis, William Mallard Organizations: REUTERS, Rights, European Union, United Arab, BP, Reuters, International Energy Agency, ___, Thomson Locations: Watchfield, Swindon, Britain, United States, United Arab Emirates, China, India, South Africa, Vietnam, Australia, Japan, Canada, Chile, Barbados, COP28, Africa, Somalia

France's minister of state for development Chrysoula Zacharopoulou told the Indian government about the plan, called the "New Coal Exclusion Policy", for private financial institutions and insurance companies, two Indian officials said. The plan to stop private financing for coal-fired power plants has not been previously reported. They are concerned private international financing continues to support large additions to coal capacity in developing nations, according to the plan shared by France with India. "And countries need to stop digging a deeper hole by building new unabated coal power plants, because unfortunately, there's still some 500 gigawatts of new coal-fired power plants in the pipeline globally, and the IPCC and the International Energy Agency have both been quite clear that that needed to stop already." Member countries are divided on emissions abatement technologies that are yet to evolve to commercial scale for use in developing countries, one of the Indian officials said.

Persons: Rula, Chrysoula Zacharopoulou, Zacharopoulou, Emmanuel Macron, Rick Duke, Duke, there's, Sarita Chaganti Singh, Valerie Volcovici, Kate Abnett, Benjamin Mallet, Sonali Paul Organizations: Abu Dhabi Sustainability, REUTERS, OECD, French, Organisation for Economic Co, Development, U.S, International Energy Agency, Thomson Locations: UAE, Abu Dhabi, DELHI, BRUSSELS, WASHINGTON, France, United States, India, Europe, Dubai, China, New Delhi, U.S, Union, Canada, COP28, Washington, Brussels, Paris

REUTERS/Stringer/File PhotoSummary Countries at odds over which should pay climate financeEU wants China to contribute to climate fundsChina among countries not currently obliged to payBRUSSELS/BEIJING, July 21 (Reuters) - Record-breaking heat in China. The EU, today the biggest contributor of climate finance, has lobbied to expand the pool of donor countries that provide it. Climate finance refers to money that wealthy countries pay toward helping poorer nations reduce CO2 emissions and adapt to a hotter, harsher world. Advocates for the change argue that an expansion needs to happen before a new - and, likely, far bigger - U.N. target for climate finance kicks in after 2025. "It would earn China diplomatic clout, and pressure Western donors to raise their stakes on climate finance," he said.

Persons: Stringer, John Kerry, Janet Yellen, Kerry, Li Qiang, Pa'olelei Luteru, Luteru, Byford Tsang, Kate Abnett, Valerie Volcovici, Katy Daigle, Stephen Coates Organizations: REUTERS, BRUSSELS, U.S, Union, Reuters, EU, United Arab Emirates, of Small, WHO, United, Climate Cooperation, Initiative, Bridgetown Initiative, Thomson Locations: Hangzhou, Zhejiang province, China, EU, BEIJING, COP28, Dubai, Beijing, U.S, Brazil, Saudi Arabia, Qatar, Singapore, States, United States, South Korea, U.N, Barbados, Bridgetown, Brussels

Those pledges include making steep cuts in climate-warming emissions within this decade and contributing to hundreds of billions of dollars needed each year by developing nations already struggling to cope with the impacts of climate change. That could also complicate the talks among government ministers on the so-called cover decisions - which make up the core political deal from the two-week summit. "We haven't seen huge solidarity between the developed and developing countries" but instead "disappointing commitments and action this year, which has dented trust." Developing nations have demanded that COP27 agree to launch a special fund to address loss and damage. The United States and other rich nations are wary of this idea, saying these rapid funds are better channeled through existing programs.

The declaration would build on an agreement spearheaded by the United States and EU last year to slash methane emissions 30% by 2030 from 2020 levels. The draft said signatories could also bolster monitoring and reporting of methane emissions - forcing companies to face up to the scale of their problem. The 27-country EU is the world's biggest buyer of gas, while the United States is the world's biggest oil and gas producer. Agriculture is the top source of methane emissions worldwide, but experts say the energy sector can cut emissions faster - and often at low cost. So far, the Global Methane Pledge does not include China, the world's biggest methane emitter.

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