WARSAW, Poland (AP) — A European group fighting climate change on Friday hailed the decision by two Polish energy companies to suspend financing for the construction of a new coal power plant.

Climate Action network said suspension of funding for the Ostroleka C plant in eastern Poland should lead to the cancellation of the entire project and wider development of renewable energy sources.

“Finally, a sensible decision,” said Joanna Flisowska from Climate Actions Network - CAN Europe. “This is a long-awaited decision that recognizes the fact that a climate-neutral Europe leaves no room for coal."

Critics of the project have called the plant a “coal monument” to Poland's ruling Law and Justice party which has been pushing for the project as it tries to preserve Poland's coal industry, one of the country's largest employers.

The two companies, Enea and Energa, said their joint decision to suspend the funding was dictated by the new policy by the European Union and the European Investments Bank to focus on green energy. In their statement late Thursday they also noted difficulties in finding more sponsors for the project estimated to cost at least 6 billion zlotys ($1.5 billion.)

They said they need to do more analyses on the project, but that their decision can potentially result in the suspension of the project.