Is it difficult to get out of the coal business?: narrative from coal mining companies in Indonesia / Maxensius Tri Sambodo, Akihisa Mori and Mesnan Silalahi

The response of incumbent coal miners to the global coal phase-out significantly influences the trajectory and pace of the energy transition. This phenomenon is particularly pronounced in countries with high coal dependency where coal is deeply ingrained in societal structures, resulting in lock-ins and vested interests. This study examines the adaptation strategies of five major Indonesian coal mining business groups, characterized by robust upstream and downstream linkages. Through a co-occurrence and content analysis of prominent online newspapers and a documented survey of companies' annual reports, this research investigates their adaptation strategies. The findings reveal that all companies engage in coal business divestment, partial shifting to electric vehicle business, diversification into high-value products, and the implementation of best mining practices, albeit to varying degrees. The underlying factors influencing these strategies include the scale of the company, corporate image, affiliation with the current government and prevailing government policies on coal production.