Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Google, BMW, Volvo, and Samsung SDI sign up to WWF call for temporary ban on deep-sea mining

Stock MarketsMar 31, 2021 01:20AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Black coral pictured on the seabed

(Reuters) - Google (NASDAQ:GOOGL), BMW, Volvo and Samsung (KS:005930) SDI are the first global companies to have signed up to a World Wildlife Fund (WWF) call for a moratorium on deep-sea mining, the WWF said on Wednesday.

In backing the call, the companies commit not to source any minerals from the seabed, to exclude such minerals from their supply chains, and not to finance deep seabed mining activities, the WWF said in a statement.

Deep-sea mining would extract cobalt, copper, nickel, and manganese - key materials commonly used to make batteries - from potato-sized nodules which pepper the sea floor at depths of 4-6 kilometres and are particularly abundant in the Clarion-Clipperton Zone in the North Pacific Ocean, a vast area spanning millions of kilometres between Hawaii and Mexico.

"With much of the deep sea ecosystem yet to be explored and understood, such activity would be recklessly short-sighted," WWF said in a statement.

The moratorium calls for a ban on deep seabed mining activities until the risks are fully understood and all alternatives are exhausted.

BMW said raw materials from deep-sea mining are "not an option" for the company at present because there are insufficient scientific findings to be able to assess the environmental risks. Google and Volvo did not immediately respond to emailed requests for comment.

South Korea's Samsung SDI said it was the first battery maker to participate in WWF's initiative.

In the meantime, deep-sea mining companies are pushing ahead with preparatory work and research on seabed licence areas.

Companies that hold exploration licences for swathes of the sea floor, including DeepGreen, GSR and UK Seabed Resources - a subsidiary of Lockheed Martin (NYSE:LMT)'s UK-based arm - hope to eventually sell minerals from the seabed to carmakers and battery companies.

DeepGreen, which recently announced plans to go public in a merger with a special purpose acquisition company (SPAC), has previously said seabed mining will be more sustainable than mining on land because it creates less waste and the nodules containing minerals have higher concentrations of metals than deposits found on land.

Meanwhile Norway has said it could license companies for deep-sea mining as early as 2023, potentially placing it among the first countries to harvest seabed metals.

Google, BMW, Volvo, and Samsung SDI sign up to WWF call for temporary ban on deep-sea mining
 

Related Articles

U.S. business lobby calls on China to play fair
U.S. business lobby calls on China to play fair By Reuters - May 10, 2021

BEIJING (Reuters) - China should implement its commitments to equal treatment for foreign business and abandon "implicit" guidance to replace foreign products with domestic...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email