As thermal coal becomes politically delegitimised, metallurgical coal is being strategically positioned as indispensable for steelmaking, renewable energy infrastructure, and industrial competitiveness. In other words, metallurgical coal is increasingly being presented not as a barrier to decarbonisation, but as central to it. Previous research has demonstrated how industry and government actors have discursively repositioned metallurgical coal as a transition-enabling commodity, yet we know far less about what happens after these narratives are established. This paper asks, how is metallurgical coal expansion being financially and politically reproduced in Australia? To do this, it explores how claims of metallurgical coal’s necessity shape government policy, investment decisions of banks and investors, and broader practices that sustain continued mine approvals and expansions and justify subsidies, despite commitments to net zero. Drawing on policy documents, parliamentary debates, regulatory decisions, investor reports, and media coverage, the paper examines interactions between political, industry, and financial actors in reproducing support for metallurgical coal. In doing so, the paper contributes to emerging research which argues for a more fine-grained understanding of what is happening within industries and the need to pay greater attention to the complexities of transition pathways, including the role of high emission commodities like metallurgical coal in decarbonisation.
