Deep sea mining should make businesses and investors think differently about risks and rewards, writes JustinWorland
it will be too expensive to compete in the current rare-earth-mineral marketplace. This could very well mean financial devastation for the companies that pursue it. Still, it seems fair to say that a significant potential financial—and societal—upside remains if mining projects are well executed. As the energy transition accelerates, the rapidly growing demand for critical minerals like manganese and cobalt is enormous.
But there’s a key way in which the downside of deep-sea mining is different from most other high-risk investments. In exploiting the ocean floor, mining companies open themselves up to enormous environmental liability that extends far beyond many other highly speculative investments. Potentially destroying marine ecosystems, contributing to species extinction, and destroying so-called natural capital all have the potential to cause damage that costs the planet trillions of dollars.
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