The Biden administration is preparing to join France in a proposal at the United Nations climate summit seeking to ban the private financing of coal-fired power plants.
Citing three sources familiar with the matter, Reuters reported that the plan will be revealed at the upcoming COP28 conference, to be held from Nov. 30 to Dec. 12 in the United Arab Emirates.
The proposal, called the New Coal Exclusion Policy, was reportedly explained to members of the Indian government by Chrysoula Zacharopoulou, France's minister of development and international partnerships.
It would allow the Organization for Economic Co-operation and Development to set coal standards for private finance firms so regulators, rating agencies, and non-governmental organizations can track it.
The proposal would devastate the United States coal industry and other countries like India, which generates 73% of its electricity using coal, and China, which is still approving new coal plants.
"France has no coal, so their position banning it is easy. The U.S., on the other hand, has the largest coal reserves – by far – in the world," Dan Kish, a distinguished senior fellow at the Institute for Energy Research, informed Daily Caller.
"Coal is the leading source of electricity in the world. All this does is make the rest of the world that is trying to get affordable electricity for their people align themselves with China and against the U.S.," he continued. "Uncle Sam is once again made to look like a Dunce under Joe Biden."
News of the plan comes as the U.S., European Union, and Canada have been at the forefront of trying to devise a plan to expedite coal's phasing-out.
Rick Duke, the U.S.'s deputy special presidential envoy for climate, did not confirm Reuters' report but confirmed that Washington was "pushing to set an expectation globally" to leave coal behind.
India is expected to oppose the proposal and instead push for developed countries to become carbon-negative, rather than merely carbon-neutral, by 2050.
Luca Cacciatore ✉
Luca Cacciatore, a Newsmax general assignment writer, is based in Arlington, Virginia, reporting on news and politics.
© 2026 Newsmax. All rights reserved.