The Precautionary Principle Applied to Deep Sea Mining

This briefing paper discusses the precautionary principle to be applied to deep sea mining which impacts would be extensive and last for generations.

Mounting evidence points to deep sea mining’s long term environmental, economic, and social harm, including to ocean economies such as high value fisheries and tourism, financial, reputational and ESG risks for investors.

Numerous resolutions urge a precautionary approach to seabed mining in national and international jurisdictions. Seabed mining also carries the legal requirement to implement the precautionary principle, use best environmental practices, and conduct prior environmental impact assessments.

However precautionary regulatory frameworks are yet to be developed with the rush to develop regulations within two years. Deep sea mining companies are hastening toward commercial exploitation of seabed minerals despite scientific predictions of significant and widespread ecological harm.

In particular mining companies, partnered with developing nations that lack the capacity to develop or implement environmental safeguards, are seeking to commence exploitation without precaution.

The finance sector has an important role to play in protecting the interests of the wider community and the health of oceans worldwide by establishing its own precautionary approach to deep sea mining. In particular financial institutions have a responsibility to encourage sustainable ocean investments and to exclude finance to deep sea mining.