Understanding the real economics of Deep Sea Mining

© Schmidt Ocean Institute
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University of British Columbia

The UBC (University of British Columbia) Institute for the Oceans and Fisheries (IOF) envisions a world where the ocean, freshwater systems, and those dependent on it – from microbes to plankton, fish to marine mammals, and human populations – are healthy and their resources are used sustainably and equitably. Through a combination of research and outreach, they seek to understand and address the overall impacts of our changing global environment on marine and freshwater ecosystems

DEEP SEA MINING ECONOMICS RESEARCH

2003 - Present

Challenge

Deep sea mining (DSM) extracts rare minerals from the abyssal plains to support decarbonization, yet there are critical knowledge gaps about deep-sea ecosystems hinders robust cost–benefit analysis, leaving policymakers uncertain about the true long-term social, environmental, and economic impacts.

Action

Since 2023 and in collaboration with leading researchers from University of British Columbia, we support a greater understanding of the full economic picture of deep-sea mining. The work examines costs, benefits, risks, and externalities to generate robust, data-driven insights for policy makers. The research team, led by Professor Rashid Sumaila, has conducted a comprehensive literature review to gather data on deep-sea mining social, environmental and economic risks, potential, and benefit distribution. This research has been followed with in-depth case studies for key stakeholders and states to assess the full economic picture of deep-sea mining. The research team’s findings will be synthesized and shared to provide robust, data-driven insights for sustainable and informed policymaking.
© Schmidt Ocean Institute

Impact

papers to be published

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experts from all sectors involved

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scientific studies about the implication on DSM

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