Just before the start of the climate talks in Glasgow, the G20 countries announced their commitment to stop financing coal-fired power plants overseas. This decision came after Chinese President Xi Jinping made a similar promise at the UN General Assembly in September. Research from Boston University's Global Development Policy Center shows that 99 percent of development finance institutions are now dedicated to reducing coal investments and supporting renewable energy. If these institutions uphold their promises, it will be easier for developing nations to secure funding for renewable energy and phasing out coal power. Only three major institutions, including the Development Bank of Latin America and the Islamic Development Bank, have not yet joined the pledge, but many of their major shareholders are part of the G20 commitment. Xi's decision in September to stop China's involvement in overseas coal projects has had a significant impact, as it has cut off major financial support for coal-fired power, such as the China Development Bank and the Export-Import Bank of China. The Bank of China has also followed suit by pledging to cease new overseas coal mining and power projects from October onwards. Experts believe that Chinese financial institutions are well aware of the decreasing demand for coal power, which has made it easier for Xi's directive to be enforced. These institutions are committed to the transition away from coal, with one expert emphasizing that they are not seeking excuses to continue such projects, but rather reasons not to proceed with them. Analysts say that China's decision to withdraw from coal investments is a significant alignment of political, economic, and climate interests, as coal struggles to compete with renewables and faces the risk of becoming stranded assets worth billions of dollars. Matt Gray from TransitionZero stated that China's experience with financing coal through the Belt and Road Initiative was not successful due to issues with host countries defaulting on debt, leading to a change in economics and political signals for China to stop investing in coal.