Why Deep-Sea Mining Is the Next Battleground in the Energy Transition
The company preferred that there were final rules before acting, Mr. Barron told DealBook, “but we reserve the right to move forward.”
Regulators are under pressure to act. A United Nations convention establishes waters beyond 12 nautical miles from a territorial coast as communal property, which means that profits from minerals discovered there should be shared to some extent. The I.S.A. is responsible for setting up the structure for profit-sharing and taxing of mining efforts, as well as the legal and ecological guidelines. Or it could ban large-scale commercial mining altogether — though it’s not clear there is a legal path for a pause.
Mining could damage ecosystems that scientists don’t yet understand, said Jessica Battle, an ocean policy expert at the World Wildlife Fund. A study published in the journal Nature on Tuesday, for example, argued that seabed mining could interfere with tuna migration patterns as climate change drives fish into new waters. Ms. Battle has been leading an effort to have businesses pledge not to finance seabed mining or source seafloor materials in their supply chains. More than 30 companies, including BMW, Google, Samsung, Volvo and Volkswagen, have signed on. Similarly, prominent banks in Britain, such as Lloyds and Standard Chartered, are refusing to do business with deep-sea mining entities. And seafood industry groups have demanded a moratorium.
Some also doubt the economic opportunity. Electric vehicles are expected to make up about 35 percent of cars sold globally by 2030, up from 14 percent in 2022, according to projections from the International Energy Agency. That growth will increase demand for metals like cobalt, copper and nickel that are used in batteries. But critics say that the expense and logistics of mining in the remote ocean — and transporting metals back to land — raise doubts about whether deep-sea mining can be profitable. Ms. Battle argued other solutions in the works — like alternative materials and programs for reusing and recycling batteries — could sufficiently satisfy demand for critical metals. “This industry could start without being needed,” she said of deep-sea mining.
But seabed mining supporters say that existing mining is worse for the environment, and deep-sea mining could help wrestle control of critical metals from China and Russia. Some also see it as an economic lifeline for small island nations that are suffering the worst effects of climate change.
Source: The New York Times
