By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > Norway’s parliament backs deep-sea mining plans
News

Norway’s parliament backs deep-sea mining plans

News Room
Last updated: 2023/12/05 at 7:13 AM
By News Room
Share
4 Min Read
SHARE

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Norway has secured a parliamentary majority for its plans to open up for deep-sea mining despite opposition from environmentalists and the fishing industry, who warn the move risks further damage to fragile oceans.

The country’s minority centre-left government on Tuesday said it had won the support of the two main opposition centre-right parties for deep-sea mining exploration but that there would be tough environmental criteria to proceed with any extraction.

“The renewable green industries run on minerals. This is an important contribution internationally,” said Bård Ludvig Thorheim, an MP from the main opposition Conservatives.

But the decision by Norway, western Europe’s largest petroleum producer, drew fierce criticism from environmentalists as the Nordic country aims to become the first in the world to conduct deep-sea mining on a commercial scale.

“This is the biggest disgrace in Norway’s management of the oceans in modern times, and the final nail in the coffin for Norway’s reputation as a responsible maritime nation,” said Karoline Andaur, chief executive of wildlife campaign group WWF Norway.

Oslo’s plans could also generate geopolitical tensions. The area it proposes to open up to exploration, in the Barents Sea and Greenland Sea, is close to Svalbard, the Norwegian archipelago in the Arctic. Norway believes it has exclusive mining rights off the Arctic islands, a position disputed by Russia, the EU and UK.

A map showing the location of Norway’s proposed deep-sea mining area

Sea beds in Norway and elsewhere are thought to contain vast deposits of minerals needed for electric batteries, wind turbines and other green industries, including copper, cobalt and rare earth metals such as neodymium and dysprosium.

But the plans are deeply controversial, with companies such as Google, BMW, Samsung and Volvo Group signing a WWF call for a stop to deep-sea mining. Environmentalists say that the consequences of extraction on the seabed are unknown but are likely to damage fragile marine ecosystems.

Greenpeace released a video late last week showing deep-sea miners using hoses to target activists who were trying to stop exploration in the Pacific Ocean between Mexico and Hawaii. The Metals Company, the group behind the exploration, said the environmental campaign organisation was attempting to decide the fate of deep-sea mining instead of allowing evidence to be gathered on its environmental impact.

A cross-section of a manganese crust at the bottom of the Norwegian Sea
A cross-section of a manganese crust at the bottom of the Norwegian Sea. Ocean floors are thought to contain vast deposits of minerals needed for green industries © University of Bergen, Centre for Deep Sea Research/Handout/Reuters

Miners operating in other countries, including China, Papua New Guinea, the Cook Islands, Japan and New Zealand, have been looking at how to extract metals from coastal waters.

Norway plans to open up about 280,000 sq km — an area just smaller than Italy — for exploration. Any extraction would take place only with parliamentary approval, similar to the country’s regime for oil and gas.

The government has presented the proposal as a “responsible and sustainable” attempt to extract crucial minerals to reduce reliance on China in the supply chain of many green industries.

Norway’s own environment agency has opposed the plans because of “significant and irreversible consequences for the marine environment”, while the UK and Norwegian fishing industries have criticised the idea.

But the proposal was welcomed by Norway’s offshore oil and gas industry, which said that deep-sea mining could provide alternative jobs as petroleum activities wind down.

Read the full article here

News Room December 5, 2023 December 5, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Google and Anthropic reportedly in cloud deal talks, Netflix falls after earnings miss

Watch full video on YouTube

Why Manhattan Condos Are Selling At A Loss

Watch full video on YouTube

Delaware high court reinstates Elon Musk’s $56bn Tesla pay package

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

How Ford’s bet on an electric ‘truck of the future’ led to a $19.5bn writedown

Ford chief executive Jim Farley declared his all-electric F-150 Lightning the “truck…

Which genius from history would have been the best investor?

With hedge fund founders peppering the Forbes list of billionaires, top traders…

- Advertisement -
Ad imageAd image

You Might Also Like

News

Delaware high court reinstates Elon Musk’s $56bn Tesla pay package

By News Room
News

How Ford’s bet on an electric ‘truck of the future’ led to a $19.5bn writedown

By News Room
News

Which genius from history would have been the best investor?

By News Room
News

How Friedrich Merz’s EU summit plan on frozen Russian assets backfired

By News Room
News

Cannabis Investing In The Trump Era

By News Room
News

The argument Iranians have in private

By News Room
News

Carmakers sour on EU’s ‘disastrous’ petrol engine rule changes

By News Room
News

Elon Musk makes an unhelpful cameo in Warner Bros buyout

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?