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Addressing the Financial Consequences of Unknown Environmental Impacts in Deep-Sea Mining

Author

Listed:
  • Sarah P. Hoyt

    (Duke University [Durham])

  • Linwood H. Pendleton

    (AMURE - Aménagement des Usages des Ressources et des Espaces marins et littoraux - Centre de droit et d'économie de la mer - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - UBO - Université de Brest - IUEM - Institut Universitaire Européen de la Mer - IRD - Institut de Recherche pour le Développement - INSU - CNRS - Institut national des sciences de l'Univers - UBO - Université de Brest - CNRS - Centre National de la Recherche Scientifique - CNRS - Centre National de la Recherche Scientifique, Nicholas School of the Environment - Duke University [Durham])

  • Olivier Thébaud

    (AMURE - Aménagement des Usages des Ressources et des Espaces marins et littoraux - Centre de droit et d'économie de la mer - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - UBO - Université de Brest - IUEM - Institut Universitaire Européen de la Mer - IRD - Institut de Recherche pour le Développement - INSU - CNRS - Institut national des sciences de l'Univers - UBO - Université de Brest - CNRS - Centre National de la Recherche Scientifique - CNRS - Centre National de la Recherche Scientifique)

  • Cindy Lee Van Dover

    (Duke University [Durham])

Abstract

The emerging deep-sea mining industry faces an opportunity for tremendous economic gain through the commercial harvest of a variety of high-grade minerals found at great ocean depths around the world. A certain negative consequence of mining, and thus a potential flashpoint for social conflict, lies in the damage to deep-sea ecosystems that will result from these activities. To advance the conversation on managing the economic consequences of currently unknown environmental impacts of deep-sea mining, we develop a typology of potential environmental impacts. We draw on the literature from similar industries to show how others have implemented financial tools – specifically, environmental bonds, environmental insurance, and mutual insurance – to deal with each type of impact. We argue that proper planning is needed to specify and identify the most appropriate mechanism, or combination thereof, that provides adequate financial protection against unknown environmental impacts related to deep-sea mining.

Suggested Citation

  • Sarah P. Hoyt & Linwood H. Pendleton & Olivier Thébaud & Cindy Lee Van Dover, 2017. "Addressing the Financial Consequences of Unknown Environmental Impacts in Deep-Sea Mining," Post-Print hal-02155053, HAL.
    • Handle: RePEc:hal:journl:hal-02155053
    DOI: 10.3917/re1.085.0043
    as

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