An activist from Greenpeace USA held up a banner that read “Stop Deep Sea Mining” during a presentation by Craig Shesky, Chief Financial Officer of The Metals Company (TMC), at the 121 Mining Investment conference in New York TMC, the leading advocate for the launch of deep-sea mining, is facing financial and regulatory challenges due to increasing global and corporate opposition to the destructive industry. The activist left after being asked to.
Jackie Dragon, Greenpeace USA’s Senior Oceans Campaigner who took part in the action, said: “Deep sea mining is not a good investment in the future of our planet. It could lead to irreversible biodiversity loss, disturb one of the world’s largest carbon sinks, add to the climate crisis, and damage fragile ocean ecosystems that provide food and medicine. It risks the well-being of our entire planet and is a clear threat to Pacific communities, who face the destruction of their livelihoods and the decimation of their cultural heritage. TMC has falsely claimed that we need deep sea mining for EV batteries and a green transition. But the truth is, new batteries that don’t utilize deep sea metals are quickly eliminating the purported need for this destructive extractive industry. Investors would be wise to steer clear of this risky and destructive scheme.”
The reportedly cash-strapped company has faced a string of financial woes, including several Nasdaq delisting notices, and many of its core investors may actively be seeking to sell their shares in the company. Barron’s previous deep sea mining company placed Pacific countries at risk when it lost $500 million of investors’ money, destroyed important seabed habitats, and went bankrupt.
Undercover footage of TMC’s deep-sea mining tests in the Pacific Ocean showed toxic wastewater dumped on the sea’s surface. TMC and its partner, Allseas, did not report the incident until the footage was leaked. The scientists who watched the tests and collected scientific data questioned TMC’s credibility, as concerns about environmental harm, transparency, and monitoring of the nascent deep sea mining industry were heightened in the wake of the incident.
Dragon continued: “We cannot place the fate of one of our most important and life-sustaining ecosystems in the hands of industries and corporations like TMC that place profits before the interests of people and the planet. The deep sea is the ‘Common Heritage of Humankind’, and we must protect it and start giving back to it so it can continue to support us. We do not need to destroy the deep ocean or decimate critical habitats to secure a green future. We just won a historic Global Ocean Treaty, and if countries are serious about protecting the oceans, they must put protection and preservation ahead of exploitation.”
Through its wholly-owned subsidiary, Nauru Ocean Resources Inc. (NORI), TMC used an obscure and controversial legal loophole to set an ultimatum for governments to allow deep-sea mining to start by July 9 this year. Their gambit failed. The company has since announced that it plans to apply for an exploitation license despite the lack of regulations and the growing momentum for a moratorium, pause, or ban on the industry, supported by 22 countries, over 700 scientists, civil society, Pacific Indigenous communities, and numerous NGOs.
In July, U.S. Congressman Ed Case (HI-01) introduced two measures calling for a moratorium on deep seabed mining unless and until its consequences are fully understood and an appropriate protective regulatory regime is established. The American Seabed Protection Act would put a moratorium on deep-sea mining activities in American waters or by American companies on the high seas. It would direct the National Oceanic and Atmospheric Administration and the National Academies of Science to assess how mining activities could affect ocean species, carbon sequestration processes, and communities that depend on the framework to guarantee protection for these unique ecosystems and the communities that rely on them. Finally, it would require the United States to oppose international and other national seabed mining efforts until the President certifies that the ISA has adopted a suitable regulatory framework to guarantee protection for these unique ecosystems and the communities that rely on them.
Photo Banner Credit to Gustavo Graf from the article, “Greenpeace confronts deep sea mining vessel to highlight the threat to the ocean.“
Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.
This piece was prepared online by Panuruji Kenta, Publisher, SEVENSEAS Media