Just prior to the start of new climate talks in Glasgow, the G20 countries announced their commitment on Sunday to stop financing coal-fired power plants abroad. This decision came after Chinese President Xi Jinping made a similar promise to the United Nations General Assembly in September. Recent research from Boston University's Global Development Policy Center revealed that 99 percent of all development finance institutions have now agreed to reduce investments in coal and increase support for renewable energy. Rebecca Ray, a senior researcher at the GDP Center, noted that if these institutions uphold their promises, it will be easier for developing nations to secure official financing for renewable energy projects and phasing out coal power, rather than building new coal-fired plants. The study identified 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 the main shareholders in these institutions were part of the G20 pledge. The study noted that Xi's announcement in September regarding China's withdrawal from overseas coal projects had a significant impact, as it removed major financial support for coal-fired power from institutions like the China Development Bank and the Export-Import Bank of China. The decision led to immediate action from the Bank of China, which pledged to halt new overseas coal projects in October. A specialist involved in developing guidelines for decarbonizing China's Belt and Road investments stated that Chinese financial institutions were already aware of the declining demand for coal power, which facilitated the implementation of Xi's directive. The specialist emphasized the seriousness of the institutions in complying with the order, noting their lack of interest in finding excuses to continue coal projects and their focus on reasons to discontinue them. Analysts believe that China's decision to withdraw from coal investments is a significant move, as coal is struggling to compete with renewable energy sources. The decision reflects a convergence of political, economic, and climate interests, with many predicting that coal assets will soon become obsolete. Matt Gray of TransitionZero noted that China's experience with financing coal projects through the Belt and Road Initiative was not successful, with issues arising from host countries defaulting on debt. This decision is seen as a response to changing economic conditions and political signals indicating a need to stop investing in coal.