As economic case for deep-sea mining weakens, industry should halt urgency to begin operation (commentary)
The economic justification for deep-sea mining is increasingly being challenged, raising questions about its urgency. Proponents must address the environmental and social costs associated with this extraction method. As financial institutions begin to withdraw support, the viability of deep-sea mining remains uncertain.
- ▪Deep-sea mining is considered a global commons and should benefit all of humankind.
- ▪The financial case for deep-sea mining is being undermined by evolving arguments and changing demand patterns.
- ▪Concerns about environmental impacts and the legality of mining under international law are significant.
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Deep-sea mining in international waters is a unique proposition, given that the seabed is considered a global commons, so any extraction should be justified for the benefit of all humankind.But given the likely environmental and social costs and the increasingly weak economic arguments for it, its proponents must address why there is a supposed urgency to begin commercial production.“The financial case for deep-sea mining is being dismantled one argument at a time. As a small number of actors attempt to rush toward seabed mining, it is only a matter of time until more financial institutions join the momentum against [it],” a new op-ed argues.This article is a commentary.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Mongabay — News.
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