The International Seabed Authority is trying to agree regulations to allow the mining of deep sea ecosystems for valuable metals. Read more at straitstimes.com.
KINGSTON - Delegates to the UN-affiliated organisation that regulates seabed mining cut a livestream of their negotiations on Wednesday and retreated behind closed doors in an attempt to resolve a dilemma the could determine the fate of the deep ocean.to enact regulations to allow the mining of deep sea ecosystemsThat means the Authority must accept licence applications from mining companies.
“It would be outrageous for negotiators here to cook up a deal that sets a start-date for this risky industry,” Casson said. As of Wednesday night, no deal had been announced. The treaty also directed the Authority to establish the Enterprise, a for-profit corporation to mine the seabed and share revenues and technology with developing nations. In other words, the Authority will regulate its own company.
The ISA has issued 31 licenses to mining contractors to explore the seabed for minerals but none are yet allowed to start mining.Environmental activists, meanwhile, are pressuring corporations to pledge not to use or finance seabed minerals, saying deep-sea mining risks destroying otherworldly seabed-dwelling animals such as “Casper” the ghost octopus.
Matthew Gianni, co-founder of an alliance of environmental groups called the Deep Sea Conservation Coalition, recalls weekend retreats at a Jamaican resort where ISA participants would mingle. “People really did socialize–contractors dancing with NGOs, NGOs with delegates,” he says. “Nobody was really taking strong positions on things back then and the negotiations were fairly easy-going.”
Nauru is the ISA state sponsor of The Metals Company, a Canadian-registered firm, and it invoked the two-year provision shortly after executives told potential investors they expected to begin mining in 2024. That started a countdown to finish a complex set of regulations that had been the works for more than five years.
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