Just prior to the start of the latest climate talks in Glasgow, the G20 countries promised to stop funding coal-fired power plants overseas. This commitment followed a similar promise made by Chinese President Xi Jinping at the United Nations General Assembly in September. Research from Boston University's Global Development Policy Center shows that this pledge means nearly all development finance institutions are now dedicated to reducing coal investments and increasing support for renewable energy. According to Rebecca Ray, a senior researcher at the GDP Center, if these institutions uphold their promises, it will be easier for developing nations to secure financial assistance for renewable energy projects and phasing out coal power plants. The study identified only three major institutions that have not yet made this commitment - the Development Bank of Latin America, the Islamic Development Bank, and the New Development Bank - although many of their major shareholders were part of the G20 pledge. Xi's announcement in September that China would no longer participate in overseas coal projects was a significant change that removed major financial support for coal-fired power, including from the China Development Bank and the Export-Import Bank of China. This decision quickly impacted the country's financial institutions, with the Bank of China pledging to halt new overseas coal projects starting in October. According to an expert involved in developing guidelines to reduce carbon emissions from China's Belt and Road investments, Chinese financial institutions were already aware of the declining demand for coal power, which made it easier for Xi's directive to be carried out. The expert emphasized the seriousness of the institutions in adhering to the new policy, noting that they were focused on finding reasons to discontinue projects rather than justifying their continuation. Analysts stated that China's decision to withdraw from coal represented a unique convergence of political, economic, and climate interests, as the coal industry struggles to compete with renewables. Due to the changing economics and issues with financing coal through initiatives like the Belt and Road Initiative, China now has the necessary political signals to cease investing in coal, according to Matt Gray from TransitionZero.