Several major NGOs have cautiously welcomed the announcement by Emmanuel Macron of a multilateral initiative to end the construction of new coal plants.

Reclaim Finance, the Centre for Environmental Rights (CER) and Center for Energy, Ecology and Development (CEED) have supported the initiative to channel financing towards the early phaseout of coal power and the accelerated build out of renewables.

The Coal Transition Accelerator, led by France, the US, and the EU in partnership with countries like Indonesia and Vietnam, includes a potential new gold standard with the OECD and International Energy Agency asked to assess climate and financial risks attached to private sector investments in new coal assets.

But the NGOs warned that the governments and organisations behind the announcement at COP28 must ensure their promises are fully delivered, and that coal is phased out without being replaced by high-emission technologies like gas, biomass, or blue hydrogen.

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