Deep-seabed mining on hold: Finance for Biodiversity Foundation welcomes ISA result following a global call for caution by Financial Institutions

Following a joint statement coordinated by the Finance for Biodiversity Foundation and signed by 40 Financial Institutions, the International Seabed Authority (ISA) Assembly closed this week without approving a mining code, effectively ensuring a pause on deep-seabed mining activities, marking significant progress for sustainable ocean stewardship. The outcome follows mounting global concerns about the environmental, social, and economic risks of exploiting seabed ecosystems. 

Earlier this month, a group of 40 financial institutions, representing over €3.8 trillion of combined assets, reissued their statement, urging governments to protect the ocean and to not go ahead with deep-seabed mining until the risks are comprehensively understood, and alternatives to deep-sea minerals fully explored. 

The Global Financial Institutions Statement to Governments on Deep-Seabed Mining was released ahead of this week’s Assembly meeting of the International Seabed Authority (ISA), which continued discussions on the development of rules, regulations, and procedures (RRPs) for the potential commercial exploitation of deep-sea mineral resources. The ISA has concluded without a decision to adopt a mining code and has reaffirmed that DSM cannot begin in the absence of clear and robust regulation.  

These financial institutions, which are committed to protecting and restoring biodiversity and ecosystems through their investments and financing activities, stand alongside a broad and diverse global community deeply concerned by the negative consequences of DSM. This growing global coalition includes 37 governments, Indigenous leaders, and leading businesses, as well as organisations like the Deep Sea Conservation Coalition, which is calling on ISA Member States to advance a moratorium that protects the ocean and strengthens multilateralism. Together, they recognise the ocean’s vital role in addressing climate change, protecting biodiversity, and supporting long-term social and economic stability. 

Signatory and co-chair of the FfB Public Policy Advocacy Working Group, Emine Isciel of Storebrand Asset Management commented:

“Leading financial institutions, including Storebrand AM, have urged governments not to go ahead with deep-seabed mining until the risks are comprehensively understood. We therefore welcome the conclusion of the ISA Council Meeting without a decision to adopt a mining code, reaffirming the widely held view that mining should not begin in the absence of clear and robust regulations. This pause offers states a critical opportunity to prioritise science, precaution, and long-term value over short-term gains.” 

Continued pressure will be needed 

Although no licenses have been approved yet, the pressure to begin commercial mining of the deep seabed continues. The financial institutions will therefore remain vigilant and continue to advocate for governments to protect the ocean against irreversible damage and its far-reaching consequences.