More

    Another Deep-Sea Drama

    Share post:

    While many of us were glued to our screens following the tragic faith of the Titan sub crew in the aftermath of its disappearance last week, a different deep-sea story was evolving in parallel. Perhaps less dramatic than the implosion of a submersible packed with ultra-rich explorers, the Norwegian government’s proposal to open its waters for deep-sea mining has far-reaching consequences, nevertheless.

    Norway’s complicated approach to sustainability has always been a bit of a puzzle, even for us up here in the Nordics. Universally considered one of the greenest countries in the world, our neighbour regularly scores high in the Environmental Performance Index, running almost exclusively on hydropower and boasting the most impressive fleet of electric vehicles globally, courtesy of generous government incentives. Add to this the breathtaking nature that Norwegians certainly know how to cherish and promote, and you might almost forget that the country is still among the top five oil-producing nations per capita. Of course, that makes Norway one of the major fossil fuel exporters, too (remember, the country itself is run on clean hydropower). Most of that oil comes from deep-sea drilling operations in the North Sea.

    - Partner Message -

    And now, it seems like Norway is also about to venture into commercial seabed mineral activities. In the name of accelerating the green transition, mind you. “Seabed minerals can become a source of access to essential metals, and no other country is better positioned to take the lead in managing such resources sustainably and responsibly,” claims Terje Aasland, Norway’s Minister of Petroleum and Energy. “Success will be crucial for the world’s long-term energy transition,” he adds. Reassuringly, the government promises that environmental considerations will be safeguarded throughout the value chain, and extraction will only be permitted if the industry can demonstrate sustainability and responsible practices.

    Well, not everyone seems to be appeased by their promises. “To forge ahead and unleash deep-sea mining in the Arctic would be criminal,” tweeted Louisa Casson at Greenpeace International upon hearing the news. “Norway talks about leading the world, but they clearly didn’t get the memo of the growing opposition to this industry. Companies at the forefront of the green transition are already calling for a halt to this destructive industry, as are citizens and governments from Europe to the Pacific.”

    You might think it’s just another case of extreme environmentalists being unreasonable about a pragmatic and relatively harmless solution. A statement signed by 765 marine science and policy experts from over 44 countries might persuade you otherwise. “There is a paucity of rigorous scientific information available concerning the biology, ecology and connectivity of deep-sea species and ecosystems, as well as the ecosystem services they provide,” write the experts, calling for a moratorium on deep-sea mining.

    And some asset managers, including those in Norway, seem to be paying attention. “Following the precautionary principle, Storebrand will not invest in companies involved in deep-sea mining until we have more scientific knowledge on the impacts of these activities,” writes Norway’s largest private asset manager in their new policy on protecting nature. “Significant challenges must be overcome before the sector can be recognized as environmentally and economically sustainable.”

    Storebrand Asset Management’s CEO, Jan Erik Saugestad, explains the simple rationale for his company’s policy decision in the trailer for a movie produced by the Environmental Justice Foundation, yet to be released. “From a financial point of view, a precautionary approach is the most sensible approach to avoid financial loss,” he says. “My concern about deep-sea mining is that we know so little, and exploration may very well have significant unintended consequences. The deep sea is one of our few remaining pristine ecosystems, and to just open it up for exploitation, without proper insight, is close to madness.”

    Let’s hope the Norwegian government takes the time to watch the whole movie, or better still, read the evidence collected by the scientists, and avoid this madness. It is high time for our neighbours to get their story straight.

    Image courtesy of NordSIP / Midjourney
    - Partner Message -

    Nordsip Insights

    From the Author

    Related articles