Right before the start of the new climate talks in Glasgow, the G20 countries announced their commitment 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. A recent study from Boston University's Global Development Policy Center revealed that 99 percent of all development finance institutions have agreed to reduce investments in coal and increase support for renewable energy. Rebecca Ray, a senior researcher at the GDP Center, stated that if these institutions follow through with their promises, it will be easier for developing countries to secure funding for renewable energy projects instead of new coal plants. The study identified only three major institutions that have not committed to this pledge - the Development Bank of Latin America, the Islamic Development Bank, and the New Development Bank. However, many of the main shareholders in these institutions were part of the G20 agreement. The study stated that Xi's announcement in September about China no longer participating in overseas coal projects was a significant change, as it removed major financial support for coal-fired power from institutions like the China Development Bank and the Export-Import Bank of China. This decision quickly impacted the country's financial sector, with the Bank of China pledging to cease new overseas coal projects from October onwards. An expert involved in creating guidelines to reduce carbon emissions from 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 institutions are committed to this change and are actively seeking reasons to discontinue coal projects rather than finding excuses to continue them. Analysts said that China's decision to withdraw from coal represented a unique convergence of political, economic, and climate interests, as the sector struggles to compete with renewables and faces the prospect of billions of dollars in stranded assets. Matt Gray, an analyst with the climate think tank TransitionZero, pointed out that the economics have shifted and China's experience with financing coal projects through the Belt and Road Initiative has been problematic. He believes that China now has the political support to stop investing in coal, which they have been seeking for some time.