Who is financing deep-sea mining?

"More than 20 financial institutions worldwide have publicly vowed not to finance deep-sea mining an activity scientists say could cause irreversible harm to ocean ecosystems. However, a DW investigation has found that some have invested at least $684 million (581 million) in companies linked to the industry. Hundreds of millions of dollars are flowing into companies racing to extract nickel, cobalt, and copper for batteries and other industrial uses from deposits buried thousands of meters below the ocean surface"

"an environment where scientific knowledge remains limited. Less than 0.001% of the seafloor has been explored. Among the investors are some of the world's largest financial institutions including Deutsche Bank, UBS, Credit Suisse, Credit Agricole and BNP Paribas according to DW's analysis of company filings compiled by Greenpeace Germany's investigation unit. The investments come as the United States pushes to advance deep-sea mining as a future source of critical minerals. At the same time, some 40 countries have already announced a moratorium on the practise, arguing the environmental risks for these critical ecosystems need to be properly assessed."

""The deep sea is "home to incredible life that is fragile, yet essential to the planet," Diva Amon, a marine biologist and scientific advisor at the University of California, told DW. "We don't yet understand what we're planning to destroy, and once it's gone, we can't bring it back.""

More than 20 financial institutions publicly pledged not to finance deep-sea mining, yet some have invested at least $684 million in companies linked to the industry. Hundreds of millions flow into firms racing to extract nickel, cobalt and copper from deposits thousands of meters below the ocean, where scientific knowledge is limited and less than 0.001% of the seafloor has been explored. Investors include major banks such as Deutsche Bank, UBS, Credit Suisse, Credit Agricole and BNP Paribas. The United States is pushing to advance deep-sea mining while about 40 countries have announced moratoria. Some banks limit commitments to project financing rather than company investments, creating a gap between pledges and exposure.

Read at www.dw.com