Climate Policy Engagement Analysis
Climate Policy Engagement Overview: Seriti Resources engages actively and negatively on the energy mix, advocating for the continued role of coal as an energy source in South Africa. However, the company appears to have limited top-line messaging on climate policy, and limited engagement on specific climate-related regulations.
Top-line Messaging on Climate Policy: Seriti Resources appears to have very limited top-line communications on climate policy. The company supported the Paris Agreement in its August 2022 low-carbon future fact sheet, however it has not disclosed a position on the need for government regulation to respond to climate change, or the need to reduce GHG emissions.
Engagement with Climate-Related Regulations: Seriti Resources does not appear to have any transparent public engagement with specific climate-related regulations. Seriti has also not responded to CDP’s climate change information request in 2021.
Positioning on Energy Transition: Seriti Resources has supported the continued role of coal in the energy mix in South Africa. In a February 2023 ESI Africa article, Seriti CFO Doug Gain was reported to have advocated for the role of thermal coal in the medium to long term in South Africa, stating that the country needs “more coal, coal for longer”. Similarly, In a May 2022 World Coal article, Seriti CEO Mike Teke supported the transition to ‘clean coal’ and renewables, and also supported the role for coal in the South African energy mix alongside renewables in a May 2022 Mining Weekly report. Furthermore, Teke also appeared to oppose the retirement of coal-fired power plants in a July 2021 Mining Weekly article, stating that the plants should be managed responsibly rather than shutting them down.
Despite this, Seriti Resources CEO Mike Teke appeared to support the decarbonization of the South African economy in an October 2021 press release. However, Teke did place this on the condition that South Africa’s industrial base cannot be destroyed. Additionally, on its corporate website, accessed in November 2022, Seriti Resources also appeared to support the closure of coal-fired power stations, with any residual production being dependent on carbon emissions abatement technology. This appears to be a change in position by Seriti. The company also appeared to support South Africa’s 30-year Integrated Resources plan, and the integration of renewable energy into the country’s energy mix.
Industry Association Governance: Seriti Resources has no dedicated disclosure on its industry association memberships, and does not disclose details of the nature of its memberships or its industry association’s climate policy positions. The company has also not completed an audit of its industry associations and their positions on climate change policy. Seriti is a member of the World Coal Association which has strongly and actively supported the role of coal in the future energy mix, and is also a member of Minerals Council South Africa which has lobbied negatively on South African climate change policy.