Just prior to the start of a new series of climate negotiations in Glasgow, the G20 nations declared on Sunday their intention to cease providing financial support for all coal-fired power plants outside their borders. This announcement came on the heels of a similar promise made by Chinese President Xi Jinping during his address to the United Nations General Assembly in September. Recent research conducted by the Global Development Policy Center at Boston University indicates that with the G20's commitment, nearly all development finance institutions are now dedicated to reducing investments in coal and increasing backing for renewable energy sources. 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 simpler for developing nations to secure official financing for renewable energy initiatives and phasing out coal-fired power plants, rather than constructing new coal facilities. The study identified only three major institutions - the Development Bank of Latin America, the Islamic Development Bank, and the New Development Bank - as "holdouts," although many of the key stakeholders in these entities were part of the G20's pledge. According to a study, 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, such as the China Development Bank and the Export-Import Bank of China. The decision quickly influenced the country's financial institutions, with the Bank of China pledging to halt new overseas coal mining and power projects starting in October. An expert involved in creating guidelines to reduce carbon emissions from China's Belt and Road investments stated that Chinese financial institutions were aware of the declining demand for coal-fired power, making it easier to implement Xi's directive. The expert emphasized the seriousness of Chinese institutions in complying with the order, noting that they are not seeking excuses to continue such projects but rather reasons to discontinue them. Analysts stated that China's decision to withdraw from coal projects was a unique convergence of political, economic, and climate factors, as coal struggles to compete with renewables and is expected to result in billions of dollars of "stranded assets." The change in economics, coupled with difficulties in financing coal projects through the Belt and Road Initiative, has led China to reevaluate its investments in the sector. Matt Gray from TransitionZero noted that there have been issues with host countries defaulting on debt, prompting China to heed political signals to halt further investments in coal.