According to new research from Boston University's Global Development Policy Center, the G20 pledge means that 99% of all development finance institutions are committed to cutting coal investment and raising support for renewables.
The study said only three major “holdouts” remain — the Development Bank of Latin America, the Islamic Development Bank and the New Development Bank — though many of the major shareholders in those institutions were part of the G20 pledge.
The decision appears to have had an immediate effect on the country's financial institutions, with the Bank of China vowing to end new overseas coal mining and power projects starting in October. “They are quite serious about it,” said the expert, who did not want to be named because of the sensitivity of the matter. “They are not looking for excuses to continue the projects; they are looking for reasons not to continue.”
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