Sign in
Despite environmental concerns, Norway’s parliament passed the world’s first bill to allow commercial-scale deep sea mining activities last week, according to a statement released last week. With the laws passing, the country can now move forward with plans to explore some 280k sq km of seabed in the Arctic waters between Norway and Greenland for minerals critical to the energy transition, including precious metals (gold, silver), metal ores (manganese, nickel, cobalt, copper), as well as rare earths critical to electric vehicle production.
Leveraging its newfound mining potential: The new law — coming a year after a Norwegian study found substantial amounts of minerals on the seafloor of the country’s continental shelf — will allow private companies to apply for drilling permits in the Norwegian sea, with the cabinet noting it will only approve projects “if the industry can demonstrate that it can be done in a sustainable and responsible manner.” The country joins a growing list of nations looking to capitalize on oceanic mineral reserves including Japan and the Cook Islands.
Biodiversity concerns: Scientists say oceanic mining comes at the expense of a substantial impact on the environment including the destruction of natural habitats and the USD 5.5 bn tuna industry, in addition to creating sediment plumes that disrupt aquatic life and the ocean’s ability to capture and sequester CO2.
REMEMBER- The UN’s International Seabed Authority (ISA) said it would begin accepting permit applications from corporations looking to launch deep-sea mining projects last July following two weeks of negotiations on standards and requirements of the new practice. A notable sticking point in the decision is the lack of a standard mining code that would guide the ISA in its application reviewing process. Back in October, the UK announced support for a moratorium on deep sea mining until the environmental impact of the practice is better understood.
