19 July 2023

Halt deep-sea mining 'madness', financial institutions urge governments

36 financial institutions with over €3.3 trillion ($3.7 trillion) in assets have asked governments to prevent commercial deep-sea mining before the risks are understood.

Aviva, Federated Hermes and UBP Asset Management are among the signatories of a statement coordinated by Finance for Biodiversity (FfB) Foundation.

Commercial deep-sea mining of minerals could be authorised for the first time at an International Seabed Authority event later this month, FfB said.

Jan Erik Saugestad, CEO of Storebrand Asset Management, said: "We must remember that the deep sea is really one of the very few pristine ecosystems remaining, and to just open [it up] for exploitation without insight is close to madness."