Indonesia’s most powerful billionaire families are investing in Australian coal mines as ASX-listed miners offload fossil fuel assets and banks withdraw credit to big emitters.

Three mostly private players have spent more than $3 billion on coal mining projects in NSW and Queensland since 2016, records show. The investment wave comes as global miners nominate a lucrative future for coking coal, a key ingredient in steel-making, but step back from the industry to preserve face with investors agitating for decarbonisation.