Risks of deep sea mining https://ift.tt/YvOPKcn Critical minerals are key components of clean energy technologies that are essential for replacing fossil fuels and stabilizing the climate. The United States is currently highly dependent on essential minerals to support the growing electric vehicle market. Still, the United States is vulnerable to growing geopolitical realities and supply chain disruptions. China, the main supplier of these deposits to the world market, has just announcedban on certain exportsto the United States. This situation raises a red flag for Ocean Conservancy as we strive to protect our oceans forever and for all. While some are looking to the ocean as the next frontier to secure these deposits, countries like China are poised to scour the international seabed. If they do, it will further weaken the United States by strengthening China’s dominance of important mineral resources. 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Please try again or contact 1.888.780.6763 Enter your email address …loading Thank you for signing up for Ocean Conservancy emails. var form = document.getElementById(’email-signup-677ed3794fb37′); form.querySelector(‘.rsform__field–email’).addEventListener(“nb:result”, e => { var nbStatus = form.querySelector(“(name=”nb_email_status”)”); var nbDate = form.querySelector( “(name=”nb_validation_date”)); var currentDate = new Date(); nbStatus.value = e.detail.result.result; nbDate.value = currentDate.toISOString().split(‘T’)(0) grecaptcha.enterprise.ready(async () => { var tokenField = document .querySelector(“#email-signup-677ed3794fb37 (name=”token”)”) ; var token = await grecaptcha.enterprise.execute(‘6Lcmr3shAAAAAAVRlvJrsUufEEQuItzNDlkpmB2g’, {action: ‘check’}); tokenField.value = token;}); }); However, according to two new reports from Planet Tracker, an award-winning nonprofit focused on sustainable financing, deep-sea mining will be an economic challenge, especially for developing countries.Simply put, seabed mining is little more than a gold rush, benefiting the few at the expense of the many.. In its first report, Planet Tracker assessed the financial impact of deep-sea miningon the economies of 12 developing countries that currently derive important minerals from terrestrial deposits. All 12 countries are classified as dependent or highly dependent on mining for income. Market flows of marine minerals, particularly cobalt, copper and nickel, are expected to directly compete with these land-based sources, reducing export earnings for surface mining countries. Planet Tracker estimates that these 12 countries, which have $560 billion in export earnings, are likely to experience price volatility as a result. The International Seabed Authority (ISA) has previously identified the seven countries most at risk of economic damage from market saturation if companies began extracting polymetallic compounds from the seabed, according to a Planet Tracker analysis. The ISA obligates developing countries to compensate economic losses related to the impact on exports or market prices of seabed minerals. However, the annual amount of ISA compensation that each country can expect is only $1.1 million, which is a pittance considering that each of the 12 countries currently earns between $5-240 billion in mineral exports. if(typeof window.oc_media_credits === ‘undefined’) { window.oc_media_credits = {}; } window.oc_media_credits(76971) = “Seamounts 2004. NOAA Office of Ocean Research; Dr. Les Watling, Principal Scientist, University of Maine”; Planet Tracker is on the otherreportIt has been established that ISA member countries or countries sponsoring mining companies receive nominal payments in the form of taxes or royalties if they engage in deep sea mining. The amount of member fees depends on the number of financial and legal obligations of the ISA, which may be significant and may take precedence over member fees. For example, the ISA could be required to restore seabed habitats damaged by mining, allowing member states to significantly reduce royalties. One estimate is the cost of seabed restoration per km2base may be 5.3-5.7 million dollars. According to the ISA, a typical 20-year mining operation could affect an area of approximately 8,500 km.2. That means the potential total cost to restore the 20-year mining tract could be $48 billion, all of which would deplete funds for payments. Even developing countries that sponsor mining companies may not see a dime in corporate income tax due to sponsorship deals that exempt the company from taxes. Small Island Developing States can receive much lower royalties than more populous countries if the amount of money to be distributed from the ISA royalty fund is related to population. To add insult to injury, Small Island Developing States may experience a greater share of the environmental impacts of mining if the marine ecosystems they depend on for food or cultural use are damaged. According to oneto studySome Small Island Developing States or developing countries catch about 10% of their tuna catches in areas where the earliest and largest deep-sea mining operations can be seen. Aa separate studyThe Ocean Conservancy has identified potential locations and fisheries for the extraction of important minerals in US federal waters. The potential impact of deep-sea mining on ecosystem services such as fisheries and seafood is one reason the Ocean Conservancy is advocating for a moratorium on deep-sea mining. Adding up all the financial and economic implications, the bottom line is that deep-sea mining would be tragically unnecessary for the ocean and for local communities, especially Small Island Developing States. But we can reverse the energy transition, one that doesn’t depend on minerals scavenged from the seabed. Technological innovations are rapidly moving electric vehicle batteries away from the types of minerals or metals found on the seabed. Some minerals, such as cobalt, an important component of electric vehicle batteries, can be extracted directly from seawater, which contains 70 times more cobalt than land.Offshore oil platforms have been decommissionedIn the Gulf of Mexico, it can serve as a structure for collecting cobalt, a good example of how old energy infrastructure can support new sources of climate- and ocean-friendly energy. if(typeof window.oc_media_credits === ‘undefined’) { window.oc_media_credits = {}; } window.oc_media_credits(76969) = “Seamounts 2004. NOAA Office of Ocean Research; Dr. Les Watling, Principal Scientist, University of Maine”; An international moratorium on seabed mining is needed to prevent further dominance of the global mineral supply chain by China and other countries. This action gives the U.S. valuable time to achieve critical mineral independence through a locally focused supply chain strategy that prioritizes technological efficiency, material interchangeability, and circularity. Society has too much to lose ecologically and too little to gain economically by plundering the seabed for vital minerals. If we don’t act now, we risk deep sea mining and irreparable damage to the ocean.Take action with the Ocean Conservancy to stop seabed mining. Post The risks of deep sea mining appeared first Ocean Conservancy. #Risks #deep #sea #mining https://ift.tt/OUzDhXY
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