South African businessman Mike Teke, chairman of FutureCoal and Group CEO of Seriti Resources , has urged global financiers to reconsider their stance on coal funding, saying the resource remains vital to energy security and economic growth.
In an open letter to banks, insurers, and institutional investors, Teke, one of South Africas most influential Black business leaders, called for equal treatment of metallurgical coal and new-generation low-emission thermal coal. He pointed to record global coal consumption in 2024 and noted that coal still provides 33 percent of the worlds electricity supply.
FutureCoal backs technology-driven energy transition