Just prior to the start of new climate discussions in Glasgow, the G20 nations promised to cease funding for coal-fired power plants abroad. This announcement came after Chinese President Xi Jinping made a similar commitment to the United Nations General Assembly in September. Research from Boston University's Global Development Policy Center revealed that this pledge by the G20 means that nearly all development finance institutions are dedicated to reducing investment in coal and increasing support for renewable energy. According to Rebecca Ray, a senior researcher at the GDP Center and co-author of the study, if these institutions uphold their promises, it will be easier for developing countries to secure official funding for renewable energy and phasing out coal power plants instead of constructing new coal-fired facilities. The study identified only three major institutions - the Development Bank of Latin America, the Islamic Development Bank, and the New Development Bank - as "holdouts," although many of the primary shareholders in these institutions were part of the G20 commitment. Xi's September announcement that China will no longer participate in overseas coal projects has had a significant impact, as it has cut off major financial support for coal-fired power from institutions such as the China Development Bank and the Export-Import Bank of China. The decision prompted the Bank of China to also commit to ending new overseas coal mining and power projects. According to an expert involved in developing guidelines to reduce carbon emissions in China's Belt and Road investments, Chinese financial institutions were already aware of the declining demand for coal-fired power, making it easier to implement Xi's directive. The expert emphasized the seriousness of the commitment, noting that the institutions are actively seeking reasons to discontinue such projects rather than looking for excuses to continue them. Analysts said that China's decision to withdraw from coal projects is a significant alignment of political, economic, and climate interests, as coal struggles to compete with renewables and is forecasted to become "stranded assets" worth billions of dollars. Matt Gray, an analyst with TransitionZero, explained that the change in economics and negative experiences with financing coal through the Belt and Road Initiative have led to this decision. He also mentioned that this decision is a response to the political signals that China has been seeking.