In addition, the U.S. and China issued a joint declaration on enhancing climate action with specific focus on reducing methane emissions.

As China seeks to reduce reliance on Australian coking coal in the long term, much will depend on the steel technology path chosen in countries such as India, where steel demand is set for continued growth. India is already a significant user of DRI technology using gasified domestic thermal coal as the reductant but it is also a major importer of Australian coking coal for its blast furnaces.

However, the Indian Government is now eyeing steps to increase the domestic supply of coking coal and reduce dependence on imports while also aiming to diversify imports away from Australia.

Given ongoing resource security concerns and advancing alternative technologies, the days of coking coal being protected from the kind of investor and financier pressure on emissions faced by thermal coal look increasingly like they are over.

Source: Twilight of the coal boom as banks run out of excuses to fund coking coal – Michael West Media