Just prior to the start of new climate negotiations in Glasgow, the G20 countries announced their commitment on Sunday to stop financing coal-fired power plants abroad. This announcement came after Chinese President Xi Jinping also made a similar promise at the United Nations General Assembly in September. A recent study from Boston University's Global Development Policy Center revealed that this pledge by the G20 means that nearly all development finance institutions are now dedicated to reducing investments 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 nations to secure funding for renewable energy projects and transitioning away from coal power. The study noted that there are only three major institutions that have not yet committed to this shift - the Development Bank of Latin America, the Islamic Development Bank, and the New Development Bank - even though many of the key shareholders in these institutions 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, according to a study. This decision removed major financial supporters of coal-fired power, such as the China Development Bank and the Export-Import Bank of China. The Bank of China quickly followed suit by promising to halt new overseas coal projects starting in October. An expert involved in creating guidelines to reduce carbon emissions in China's Belt and Road investments noted that Chinese financial institutions recognized the declining demand for coal power, which made it easier for Xi's directive to be carried out. The expert emphasized that Chinese institutions are committed to this decision and are not seeking excuses to continue coal projects. Analysts believe that China's decision to withdraw from coal investments was a result of a combination of political, economic, and climate factors. The shift is seen as a response to the changing economics of coal, as well as negative experiences with financing coal projects through the Belt and Road Initiative. China now has the political support to stop investing in coal, which they have been seeking for some time.