Japanese conglomerate Itochu has missed a self-imposed deadline to exit its Australian thermal coal investments, becoming the latest major company to water down climate pledges to prioritise energy security amid rising geopolitical tensions.

Itochu’s decision to make a slower exit from the Maules Creek coal mine in NSW comes as Glencore leaves open the possibility of retaining a division that it previously signalled would be demerged to create a pure-play coal miner.