Mike Teke, Chairman of FutureCoal—the Global Alliance for Sustainable Coal—has issued an open letter urging financial institutions to reassess their approach to coal investment.

FutureCoal, the only multilateral and neutral representative organisation for coal worldwide, advocates for a balanced energy future.

Also Read: FutureCoal launches Southern Africa Chapter for sustainable coal

Teke, who is also Group CEO of Seriti Resources, calls for fair and equal funding of metallurgical coal and modern, low-emission thermal coal.

His message, directed at banks, insurers, and institutional investors, comes at a time when coal still generates 33% of global electricity and demand continues to rise.

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In 2024, global coal consumption reached a record high, with over US$130 billion invested by commercial banks across Asia, the United States, 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 or 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 full letter below:

To Global Financial Leaders

As the new Chairman of FutureCoal, and as a mining sector leader from South Africa, I write to you with a clear and urgent message: It is time to fund coal, metallurgical and modern, low-emission thermal coal, fairly and equally.

Coal remains the world’s largest single source of electricity, meeting 33% of global demand. In 2024, global coal consumption reached a record high, with commercial banks investing more than US $130 billion across Asia, the United States, and Europe.

This is not just a measure of demand, it reflects coal’s enduring role in national and energy security, industrial resilience, and sustainable economic growth.

Yet in many policy and investment frameworks, coal is still excluded or unfairly treated. This approach ignores its irreplaceable role in industries like steel, cement, and fertiliser, and its potential to deliver significant emissions reductions when paired with modern technologies.

Through our Sustainable Coal Stewardship (SCS) framework, we present a pragmatic, technology-led pathway for coal’s transformation — one that can reduce emissions from coal activities by up to 99% across the full value chain.

SCS spans:

• Pre-Combustion: mining technologies that increase efficiency and reduce environmental impact, such as AI, drones, and autonomous vehicles.
• Combustion: Available advanced technologies that can reduce emissions by up to 99%, including High-efficiency, low-emissions (HELE), Carbon capture and storage (CCS), and coal gasification plants.
• Beyond-combustion: innovations that are turning coal into high-value products, like coal-to-hydrogen, ammonia production, and the conversion of coal waste into critical minerals, rare earth elements, carbon fibre, and graphene.

These solutions are already being deployed in China, India, Japan, South Africa, the United States, and others, demonstrating that when supported by investment and policy, coal can deliver both economic growth and environmental progress.

Our campaign, “Fund Fair. Fund Equal.”, builds on FutureCoal CEO Michelle Manook’s earlier call to you to evaluate thermal coal on the same basis as metallurgical coal. There is no practical reason nor credible justification to exclude responsibly stewarded coal from funding.

We are not seeking to replace renewables, but to ensure all resources are recognised for their current and future potential in the global energy mix. The energy transition must be inclusive, pragmatic, and fact-based.

I urge you, as leaders in banking, investment, and insurance, to be bold, informed, and united in ensuring that this vital resource continues to serve the global community responsibly and effectively.

If your institution is reviewing its energy portfolio or ESG screening policies, I welcome the opportunity to engage with you directly on how the SCS framework can align with your investment goals.

To arrange a meeting, please contact:

• Paul Baruya, Director of Policy and Sustainability: ([email protected]);
• Christopher Demetriou, Director of Global Communications: ([email protected])

Yours sincerely,
Mike Teke
Chairman-elect, FutureCoal