Deep sea mining, once a distant possibility, is now on the brink of becoming a reality as The Metals Company (TMC) gears up to submit a mining license application by the end of 2024. This move comes despite the absence of formal regulations governing seabed mining.
The International Seabed Authority (ISA), responsible for regulating deep sea mining, missed a deadline set by the Pacific island nation of Nauru to enact mining regulations by 2023. With no rules in place, the ISA must now start accepting license applications from companies like TMC.
The upcoming leadership battle within the ISA adds more uncertainty to the situation. The new secretary-general will play a crucial role in determining how strictly environmental assessments and safeguards are enforced for mining activities. Analysts suggest that the election of Carvalho, known for his environmental advocacy, could signal a shift towards more environmentally sustainable practices compared to the current leadership under Michael Lodge.
Supporters of deep sea mining argue that it could meet up to 45% of the world’s critical metal needs by 2065 and significantly lower the environmental impact of producing battery metals. The potential economic benefits are also significant, with mineral reserves on the ocean floor estimated to be worth trillions of dollars.
However, not all countries are on board with deep sea mining. Some nations, like Norway, have cautiously approved seabed mining exploration in their territorial waters, while others, like China, have blocked proposals aimed at safeguarding the marine environment from potential mining activities.
As the world waits to see how the ISA responds to mining license applications and navigates the complexities of deep sea mining, the future of this controversial industry remains uncertain.
