FutureCoal calls for responsible backing for coal
Published by Will Owen,
Editor
World Coal,
Mike Teke, the new Chairman of FutureCoal: The Global Alliance for Sustainable Coal, has called on global finance leaders to fund coal fairly and equally, emphasising the strategic role of both metallurgical and modern, low-emission thermal coal in securing energy, strengthening multiple industries, and driving sustainable economic growth.
Teke, also Group CEO of Seriti Resources, issued the letter to banks, insurers, and institutional investors at a time when coal still remains the world’s largest source of electricity (33%) and demand continues to rise. In 2024, global coal consumption reached a record high, with over US$130 billion invested by commercial banks across Asia, the US, and Europe.
Teke stated: “The reality means coal cannot be excluded from just energy transition or global growth and economic development discussions. It powers industries, protects jobs, and supports national development strategies, especially in regions with limited baseload alternatives. I have called on all my coal value chain peers to ‘come out of the closet’ and support this vital resource and I ask the same of the finance, investment, and insurance stakeholders.”
The letter builds on FutureCoal CEO Michelle Manook’s earlier call to ‘Fund Fair, Fund Equal’ in applying the same investment approach to thermal coal as metallurgical coal. It reinforces FutureCoal’s Sustainable Coal Stewardship (SCS) framework, promoting responsible coal use across the value chain, including advanced mining and combustion technologies and beyond-combustion applications that convert coal into high-value products.
Teke emphasised, “There is no practicable reason nor excuse not to fund coal responsibly under the SCS framework. It is a pragmatic pathway which addresses both economic and environmental solutions across the value chain. Let’s bring back equanimity in policy and decision making.”
Teke clarified the goal is not to replace renewables but to ensure that all resources, including coal, contribute to economic growth, environmental progress, and long-term energy security. He urged institutions to be bold, informed, and united in ensuring coal’s responsible and effective use for the global community.
Read the article online at: https://www.worldcoal.com/coal/02092025/futurecoal-calls-for-responsible-backing-for-coal/