In an open letter to the chief executives of global banks, asset managers, and institutional investors, FutureCoal Chief Executive Michelle Manook challenges financial leaders to abandon exclusionary thermal coal policies and apply the same investment approach used for metallurgical coal.
The letter urges adoption of innovation-led strategies that reflect global energy realities and leverage breakthrough technologies capable of reducing emissions, including CO2, from coal activities by up to 99%.
“Many in the financial world have chosen to withdraw from thermal coal investments to align capital with corporate climate goals,” Manook writes. “While continued investment in metallurgical coal is welcome, the selective exclusion of thermal coal ignores its critical role in society and the global economy.”
Thermal coal accounted for 35% of global electricity generation in 2024, making it the largest single source of power worldwide. “Underinvesting in thermal coal risks destabilising electricity grids and undermining energy security, both domestically and internationally,” Manook warns.
FutureCoal’s members operate under its Sustainable Coal Stewardship (SCS) Roadmap, a technology-led, innovation-driven approach that promotes responsible coal use across the entire value chain — for both thermal and metallurgical coal — from advanced mining and combustion technologies to beyond combustion conversion into high-value materials, such as steel, cement, chemicals, and
renewables.
“There is a way to invest in coal responsibly,” Manook writes. “SCS provides a credible pathway for financing coal in a way that supports that supports sustainability goals and industrial resilience, while opening the door to new investment opportunities.”
Manook calls on global finance to reassess risk models that fail to reflect regional realities.
“Disregarding thermal coal’s evolving role in emissions reduction and energy-efficiency is not only shortsighted but risks the resilience of the very systems you aim to protect.”
“SCS offers a pragmatic path forward. Let it guide responsible investment that values energy security, sustainability, and innovation,” Manook concludes.
