Right before the start of new climate talks in Glasgow, the G20 nations announced their commitment to stop financing coal-fired power plants overseas. This decision 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 by the G20 means that nearly all development finance institutions are now dedicated to reducing investment in coal 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 become easier for developing countries to secure official finance for renewable energy and phasing out coal power plants. The study identified three major "holdouts" - the Development Bank of Latin America, the Islamic Development Bank, and the New Development Bank - although many of the main shareholders in these institutions were part of the G20 commitment. Xi's announcement in September that China would no longer participate in overseas coal projects marked a significant change, as it cut off major financial support for coal-fired power from institutions like the China Development Bank and the Export-Import Bank of China. The decision quickly impacted the country's financial sector, as the Bank of China committed to ending new overseas coal projects in October. An expert involved in developing guidelines for decarbonizing China's Belt and Road investments noted that Chinese financial institutions were already aware of the declining demand for coal power, which facilitated the implementation of Xi's order. The expert expressed that Chinese institutions are genuinely committed to this shift, actively seeking reasons to discontinue coal projects rather than justifying their continuation. Analysts believe that China's decision to withdraw from coal projects aligns with shifting economic and climate interests, as coal struggles to compete with renewables and faces the risk of becoming stranded assets worth billions of dollars. The Belt and Road Initiative's experience with financing coal projects was not successful, with issues of host countries defaulting on debt. This shift in policy provides China with the political signals they have been seeking to stop investing in coal.