In 2021, the decision to close the last Norwegian coal mine on Svalbard was made, and with that, the Norwegian coal adventure on the archipelago came to an end. This was a result of a political process, which is the focus of this article. Drawing on fieldwork conducted during the fall of 2022, I argue that the political process of phasing out coal changed from a conflict over interests to a contest over symbolic capital. The article contributes to the understanding of Norwegian Svalbard politics and the “balancing act” that this represents. I focus on how power, in the form of shaping people’s perceptions and as prestige, influenced what interests prevail and why. The article addresses (1) why the decision to phase out coal was not made earlier, (2) what ultimately made this decision possible and (3) why and over what the key actors were still competing after the decision to phase out coal was made.