AbstractThe concept of a ‘just transition’ to a low‐carbon economy is firmly embedded in mainstream global discourses about mitigating climate change. Drawing on Karl Polanyi's political economy elaborated inThe Great Transformation, we interrogate the idea of a just transition and place it within its historical context. We address a major contradiction at the core of global energy transition debates: the rapid shift to low‐carbon energy‐systems will require increased extraction of minerals and metals. In doing so, we argue that extractive industries are energy and carbon‐intensive, and will enlarge and intensify social and ecological injustice. Our findings reveal the importance of understanding how the idea of a just transition is used, and by who, and the type of justice that underpins this concept. We demonstrate the need to ground just transition policies and programmes in a notion of justice as fairness.