Summary: US executive orders challenge global deep sea mining regulation, raising environmental concerns and business opportunities in mineral extraction.
Deep sea mining regulation is becoming a pivotal issue in global environmental and business arenas. This process involves extracting valuable minerals from the ocean floor. The Metals Company’s (TMC) recent bid to gain US government approval for mining in international waters, bypassing the United Nations International Seabed Authority (ISA), has sparked intense debate. This move questions the future of global governance for deep sea mining. Environmental lawyer Duncan Currie provides key insights into the legal and environmental consequences of this shift and its effects on sustainable mining and business prospects.
US Executive Order Alters Deep Sea Mining Regulation Globally
TMC’s plan to seek mining permits from US authorities has unsettled the international community. Traditionally, the ISA regulates deep sea mining under the United Nations Convention on the Law of the Sea (UNCLOS). However, a 1980 US law combined with President Trump’s recent executive order allows the National Oceanic and Atmospheric Administration (NOAA) to approve mining operations by US citizens, potentially bypassing multilateral agreements. This challenges established deep sea mining regulation worldwide.
Environmental Risks Highlight Need for Careful Regulation
Deep sea mining targets critical minerals such as nickel, cobalt, and copper. These metals are vital for technologies like electric vehicle batteries and renewable energy infrastructure. However, critics warn about irreversible damage to fragile marine ecosystems. The limited scientific knowledge about these ecosystems and risks of heavy metal pollution raise serious environmental concerns. Environmental groups and several countries call for a global moratorium on deep sea mining until strong regulations and safeguards are in place.
Business Opportunities Amid Deep Sea Mining Regulation Uncertainty
Despite opposition, the growing demand for critical minerals from green technologies drives business interest in deep sea mining. The global seabed holds vast reserves, including over 21 billion metric tons of polymetallic nodules rich in valuable metals. Countries like Norway and regions like the Cook Islands are exploring mining within their exclusive economic zones. Businesses that can navigate emerging regulatory frameworks and develop environmentally responsible mining techniques stand to benefit from a potential $20 trillion market in minerals essential for the energy transition.
In summary, recent US moves to independently authorize deep sea mining challenge existing global governance structures. This intensifies debates about sustainable use of ocean resources and deep sea mining regulation. These regulatory changes bring risks and opportunities for businesses ready to innovate. A cautious and collaborative approach, supported by technological advancements, is essential to balance economic gains with ocean conservation.
Source: Eco-Business