Australia's biggest coal producer Glencore has bowed to pressure from the global anti-coal lobby and will cap coal production at 2019 levels in what is arguably the most significant and unlikely victory yet for the global and local anti-coal movement.

Having spent $US2.7 billion over the past two years adding critical mass to its Australian thermal coal business, the famously aggressive Swiss-based miner and commodities trader has now been convinced to wave the white flag on growth.