EconomyLens.com
No Result
View All Result
Tuesday, June 17, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Other

Talks on divisive deep-sea mining resume in Jamaica

Andrew Murphy by Andrew Murphy
March 18, 2025
in Other
Reading Time: 7 mins read
A A
0
39
SHARES
482
VIEWS
Share on FacebookShare on Twitter

Activists rallied against deep sea mining outside the European Parliament in March 2023. ©AFP

**United Nations (United States) (AFP)** – Several countries united with campaign groups Monday to call for caution in regulating the divisive practice of deep-sea mining at a meeting on the issue in Jamaica. Members of the International Seabed Authority (ISA) are meeting in Kingston to thrash out the first mining code on deep-sea extraction that has faced accusations of imperiling marine ecosystems. The clock is ticking because a metals company has said it will imminently submit an extraction license application, raising the prospect that their operations could go unregulated.

Related

Swiss insurers estimate glacier damage at $393 mn

Brazil sells rights to oil blocks near Amazon river mouth

Taiwan tests sea drones as China keeps up military pressure

G7 leaders urge Trump to ease off trade war

Oil prices jump, stocks drop as traders track Israel-Iran crisis

“We are still far away from any consensus on a final mining code,” said French envoy Olivier Guyonvarch, with the latest draft text still riddled with caveats highlighting lingering disagreement. Costa Rica’s representative called for a “precautionary pause” as work continues on gathering data and establishing the legal framework. The prospect of a pause has gained traction but is far from winning the backing of the ISA’s 169 member states. “Environmental protection, however, does not mean abandoning exploitation,” countered China’s representative, saying that regulations could be further tailored as mining is carried out.

– **’Planetary crisis’** – The UN Convention on the Law of the Sea gives the ISA responsibility for regulating extraction of highly coveted seabed minerals that lie outside of national marine borders. However, it also directs the organization to protect the little-understood marine environments. The ISA Council, which currently only awards exploration licenses, has been negotiating for more than ten years over a mining code governing nickel, cobalt, and copper extraction — key materials in the energy transition.

The painstaking talks have gained momentum since the activation of a clause allowing any company with national backing to apply for a license — even in the absence of a code — but several issues remain outstanding. Though the riches of the international seabed are classified as “common heritage of mankind,” African countries fear they will miss out on benefits or even see their economies suffer. Underwater extraction must “not come at the expense of Africa’s existing mining economies and their sustainable development aspirations,” the continent’s representative said.

Industry on the other hand has been highly critical of delays to the agreement of a code. In a January letter to the ISA, several companies claiming to have collectively invested more than $2 billion in the development of extraction technology said they faced “escalating legal and financial risks.” Among them was Nori — Nauru Ocean Resources Inc. — a subsidiary of Canadian firm The Metals Company. In June, it will submit the first application for extraction of “polymetallic nodules” — mineral deposits made up of multiple metals on the deep ocean floor.

Pacific island nation Nauru has given its official backing to Nori’s application and is pressing the ISA to agree on a mechanism for reviewing and approving applications in the absence of a mining code. Their request has been opposed by countries such as Chile who maintain the council had agreed rules would only be drafted after such an application is submitted. “ISA Member States need to stand firm against the unacceptable pressure by an industry that risks wreaking irreparable damage on our ocean and exacerbating the planetary crisis,” Sofia Tsenikli, Deep-Sea Mining Moratorium Campaign Director at the Deep Sea Conservation Coalition (DSCC).

NGOs like the DSCC are placing hope in new ISA chief Leticia Carvalho, a Brazilian oceanographer who replaced Britain’s Michael Lodge after two terms at the helm, during which he was accused of favoring industry. While the council has set itself the goal of finalizing the mining code this year, Carvalho called Monday for negotiators to make “significant progress” by July while raising the prospect of an amended timetable.

© 2024 AFP

Tags: deep-sea miningenvironmental protectionmarine ecosystem
Share16Tweet10Share3Pin4Send
Previous Post

New blow to German auto sector as Audi announces job cuts

Next Post

Starbucks ordered to pay $50m for hot tea spill

Andrew Murphy

Andrew Murphy

Related Posts

Other

Oil prices rally, stocks mixed as traders track Israel-Iran crisis

June 17, 2025
Other

Venezuela’s El Dorado, where gold is currency of the poor

June 17, 2025
Other

Oil prices jump after Trump’s warning, stocks extend gains

June 17, 2025
Other

Despite law, US TikTok ban likely to remain on hold

June 16, 2025
Other

OpenAI wins $200 mn contract with US military

June 16, 2025
Other

G7 leaders urge Trump to ease off trade war

June 17, 2025
Next Post

Starbucks ordered to pay $50m for hot tea spill

Trump taps Michelle Bowman to be US Fed vice chair for supervision

Nvidia showcases AI chips as it shrugs off DeepSeek

Markets track Wall St gains as tech inspires Hong Kong

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

US retail sales slip more than expected after rush to beat tariffs

June 17, 2025

Taiwan tests sea drones as China keeps up military pressure

June 17, 2025

G7 leaders urge Trump to ease off trade war

June 17, 2025

Oil prices rally, stocks slide as traders track Israel-Iran crisis

June 17, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.