Right before the start of new climate talks in Glasgow, the G20 countries announced their commitment to stop funding all coal-fired power plants outside their borders. This decision followed a similar promise made by Chinese President Xi Jinping at the United Nations General Assembly in September. According to recent research from Boston University's Global Development Policy Center, this pledge from the G20 means that almost all development finance institutions are dedicated to reducing investments in coal and increasing support for renewable energy. Rebecca Ray, a senior researcher at the GDP Center, stated that if these institutions follow through on their promises, it will be easier for developing nations to secure financial assistance for renewable energy projects and transitioning away from coal power. The study identified only three major institutions that have not joined in this commitment - the Development Bank of Latin America, the Islamic Development Bank, and the New Development Bank - although many of their major shareholders 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 has impacted coal-fired power's main financial backers, such as the China Development Bank and the Export-Import Bank of China. The Bank of China has also pledged to cease new overseas coal mining and power projects from October onwards. Experts working on guidelines to decarbonize China's Belt and Road investments noted that Chinese financial institutions were already aware of the decreasing demand for coal-fired power, which made it easier for Xi's directive to be put into action. The expert emphasized that Chinese financial institutions are committed to the decision and are not seeking reasons to continue such projects. Analysts believe that China's decision to withdraw from investing in coal is a result of the declining competitiveness of coal compared to renewables, as well as concerns about stranded assets worth billions of dollars. This decision aligns with political, economic, and climate interests. Analyst Matt Gray from TransitionZero stated that the change in economics, along with negative experiences in financing coal through the Belt and Road Initiative, has led to this decision. China now has the political support to stop investing in coal, which they have been seeking for a long time.