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is the most carbon-intensive fossil fuel, therefore phasing it out is critical to limiting climate change and keeping global warming to 1.5 °C as laid out in the Paris Climate Agreement. The International Energy Agency (IEA) estimates that coal is responsible for over 30% of the global average temperature increase above pre-industrial levels. China is the major provider of public finance for coal projects. Several countries and financial institutions have taken initiatives to phase out coal out such as ending funding for building coal plants. The health and environmental benefits of coal phase-out, such as limiting biodiversity loss and respiratory diseases, are greater than the cost. It has been suggested that developed countries could finance the process for developing countries provided they do not build any more coal plants and do a just transition.[10] One major intergovernmental organisation (the G7) committed in 2021 to end support for coal-fired power stations within the year.[11] It has been estimated that coal phase-out could benefit society by over 1% of GDP each year to the end of the 21st century,[12] so economists have suggested a Coasean bargain in which developed countries help finance the coal phase-out of developing countries.[13]