This is the proclamation of the inaugural Chairperson of the newly launched future coal Southern Africa, Mike Teke.

Future coal global alliance represents coal participants across the value chain. Teke says the Southern African chapter will revive the story of coal and intends to lead the conversation during SA’s G20 meetings.

The Southern Africa chapter so far has 13 members from the region. The Chapter comprises the top four African coal nations: South Africa, Mozambique, Zimbabwe and Botswana who collectively hold 150 billion tons of coal reserves.

Teke says he hopes future coal will attract and bring back supporters of coal who he says are in the closet.

“It’s my observation, when we talk about joining future coal…that’s what I want people to do,” says Teke.

With the increase of turning ways from coal, some financiers had made it categorically clear that they would not be funding any coal-related projects anymore.

Michelle Manook, Chief Executive Officer of FutureCoal, says some investors and financiers are beginning to backtrack on this.

“The number of in closet conversations we’re having with in closet finance and investment and insurance sectors has increased. I think there is a recognition that energy security, affordability and reliability are key. I think there is recognition that diversity is key. I think there is a recognition of the cost of the transition that it’s not realistic. And we know that all of the statistics including the international panel on climate change. So, it’s now about returning back to something that’s much more balanced, much more level playing field. But obviously, there’s been some very hard policies that now they have to walk back.”


--SABC--