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