The newly-appointed chairperson of lobby group FutureCoal, has sent an urgent appeal to global financial leaders, urging them to fund coal “fairly and equally”.
“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,” Mike Teke, who is also the chief executive of Seriti Resources, wrote in his open letter.
He argued that 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 $130 billion across Asia, the US 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,” he said. “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.”
Teke highlighted FutureCoal’s Sustainable Coal Stewardship framework, which presents a “pragmatic, technology-led pathway for coal’s transformation, claiming it can reduce coal emissions by up to 99% across the value chain.
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