Global Competition for Undersea Minerals

The International Seabed Authority, the UN-affiliated regulatory body for the deep seabed, is preparing to review its first commercial request for deep-sea mineral mining in July, amid international divisions over the necessity of this step. Estimates indicate that the demand for vital minerals used in batteries and electric vehicles will quadruple by 2040 due to increasing needs for elements like nickel, cobalt, and manganese. While some countries, such as Nauru, are calling for a swift approval of these requests, others are demanding a temporary halt to mining activities over environmental concerns, particularly regarding sensitive ecosystems and rare deep-sea species. The authority faces criticism from diplomats who see it as adopting pro-mining stances without sufficiently protecting the environment, with differing national positions on regulating offshore mining and the legal responsibilities related to pollution and damage. Many companies are eager to capitalize on these opportunities, but challenges remain, including environmental issues, legislation, funding, and competition between deep-sea and terrestrial mining.

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