Financial think tank Planet Tracker has argued there is “no financial justification” for the “irreversible” environmental damage caused by deep-sea mining (DSM). In a new report evaluating the financial versus environmental impacts of DSM, as the International Seabed Authority (ISA) mulls allowing the activity in international waters, Planet Tracker found that DSM provides “minimal” financial benefits for countries which are far outweighed by negative impacts on the planet. The organisation has urged investors and governments to back a moratorium on the practice, with the report noting growing opposition to DSM. Even in a best-case scenario, countries would only earn up to US$6.25 million each in annual corporate income tax, which Planet Tracker branded an “insignificant contribution to government revenues for almost all countries”. The ISA has 170 Members, including 169 Member States and the EU, with states likely to only receive a small amount of royalties from DSM between US$42,000 and US$1.1 million each per year. The report warned that the negligible financial benefits would be on top of negative impacts on the ocean, climate, natural capital, and investor returns caused by DSM. Planet Tracker has also released a separate report which found that DSM will negatively affect countries that mine copper, cobalt, nickel and manganese on land, collectively risking more than US$560 billion in annual export earnings per year.
🌊Our latest report analyses the taxes and royalties countries could receive, revealing insignificant economic returns. There is no financial justification for deep sea mining, yet the environmental impact is vast. Learn more: https://t.co/bx4EpgmsFn pic.twitter.com/TXA2TugL7T
— Planet Tracker (@planet_tracker) November 14, 2024
