A conference room without windows in Canary Wharf offers unique insights into the deep-sea mining rush to dozens of bankers, mining executives, and government officials.
The promised gold rush lies thousands miles away in the Pacific Ocean’s bed. There, trillions of nodules of rare earth elements of vital importance to the next generation of electric vehicles have been found 4,000m below the surface.
Mining companies hope that global rules for industrial-scale deep-sea mining will be in place by July 2023.
Environmentalists warned that mining for metals would be dangerous and reckless and could cause irreversible damage in little-known ecosystems. One estimate suggests that 90% of deep-sea animals that scientists have encountered are completely new to science.
Louisa Casson, Greenpeace activist, attacked the industry for managing the conference and banks considering investing in dangerous and unneeded projects to make quick profits.
She stated that this new destructive industry wants to destroy an ecosystem that we are just beginning understand. [They are]You are aiming to make quick profits while the oceans and billions of people who depend on them bear the cost.
The nodules found in the Clarion-Clipperton Zone, between Hawaii and Mexico, were The crew of HMS Challenger was the first to discover this in 1875.However, only recent developments in underwater robotics have made large-scale mining of metals possible.
Although companies have been granted licenses to explore the area by the UN-affiliated organization, full-scale mining is yet to begin. However, that could soon change as Nauru, a tiny Pacific island country, has triggered a 2-year rule. This gives the International Seabed Authority two years to establish regulations for the industry. This set a deadline for a roadmap that must be adopted by 9th July 2023.
Deep-sea Gold Rush is a Gamechanger, read the adverts for Deep Sea Mining Summit 2022 at Hilton London hotel in capitals Canary Wharf. Delegates paid 1,195 to attend the two-day event. Deep-sea mining is on the verge of a breakthrough after years of negotiations and failed starts.
As we enter a new era of mining deep-ocean floors, the world’s most remote environment, mining firms are working to overcome the perceived challenges. Developing island nations are also watching closely. As the demand for base metals increases beyond what our land can supply, new technological developments and technical innovations are helping to propel this new industry forward.
Daniel Wilde is an economic adviser on oceans at the Commonwealth Secretariat. He represents Nauru as well as many other small island states that are keen to start seabed mining.
He warned that the audience’s two-year deadline seemed very tight. [and]There are many questions about what to do next if the agreement is not reached.
Ebbe Hartz is a geologist at Aker BP. Aker BP is a Norwegian oil exploration company that is part-owned by BP. Hartz said that mining for seabed metals could eventually surpass drilling for oil. The problem is finding the right solution. [the metals]We don’t have a lot data.
Hartz stated that machine-learning data collection would be crucial to the success and sustainability of seabed mining. It would also ensure that we don’t make the same mistakes with hydrocarbons.
Eleanor Martin, a Norton Rose Fulbright partner who advises banks on financing offshore project, said that global banks were eager to invest in deep-sea mines because they believe the cost of lithium/cobalt for electric cars will continue to rise. To increase the number of [electric]We will require more of these metals for the cars we build.
She said that banks are sitting on pots full of green money. This refers to money for climate-related projects. They must be aware that mining projects are sustainable and green.
Katherine Reece Thomas, associate law professor at City University of London and director of public international legal law, warned the industry to do more to win public support before it plans to begin mining the oceans.
She said that there is an impossible conflict between those who claim we can’t do it and others who believe we must take this stuff to combat climate change.
Jessica Battle, who is the WWF’s No Deep Seabed Mine campaign manager, stated that deep-seabed mining poses a high risk and will cause irreversible damage to the ocean, its life, and its ability to mitigate climate change. It is irresponsible to invest in such an unsustainable industry at a moment when we need reduce our impact on the natural world.
Any short-term incentives are outweighed by the long-term ocean health benefits. WWF and others have called for a global moratorium of deep seabed mines. Alternative solutions exist. Recycling, repair, and innovation can meet industries’ raw material needs without opening the seafloor for mining.
Casson, Greenpeace’s spokesperson, stated that there is no need to extract the deep oceans to cause more harm to the planet. We were pleased to see the largest players in the technology and electric car sectors, such as Microsoft, Google and Volvo, BMW, and Samsung, call out the greenwash by deep-sea mining firms and pledge not to use deep sea-mined minerals in their products.
This emerging industry should stop before it begins. We need to shift to a more circular economy where we reuse more and less waste. This is not the time to try to destroy one of the last great wildernesses of our planet’s oceans in the name profit.