Just prior to the start of a new series of climate discussions in Glasgow, the G20 countries announced their commitment on Sunday to cease funding for coal-fired power plants outside of their borders. This decision echoed 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 revealed that the G20's pledge signifies that nearly all development finance institutions are dedicated to reducing investments in coal and increasing support for renewable energy. Senior researcher Rebecca Ray, who co-authored the study, stated that if these institutions follow through on their promises, it will become easier for developing nations to secure official funding for renewable energy projects and phase out coal power plants, rather than constructing new coal-fired facilities. The study identified only three major exceptions - the Development Bank of Latin America, the Islamic Development Bank, and the New Development Bank - although many of the key stakeholders in these institutions were part of the G20 commitment. According to a study, Xi's announcement in September that China would no longer support overseas coal projects was a significant change, as it removed major financial backers like 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 committing to stop new overseas coal projects from October onwards. An expert involved in creating guidelines to reduce carbon emissions from China's Belt and Road investments noted that Chinese financial institutions were aware of the declining demand for coal power, which made it easier to implement Xi's directive. The expert emphasized that Chinese institutions were serious about ending these projects and were not seeking excuses to continue them. Analysts believe that China's decision to withdraw from coal investments was a significant move due to the economic challenges faced by the coal industry in competing with renewable energy sources. The decision was seen as a convergence of political, economic, and climate interests, with experts pointing out that the shift in economics and negative experiences with financing coal projects through the Belt and Road Initiative played a role. Matt Gray from TransitionZero noted that China now has the political support to stop investing in coal, a move that has been long-awaited.