Financial institutions reaffirm statement to governments on deep-seabed mining

15 July 2025

A group of 40 financial institutions, representing over EUR 3.8 trillion of combined assets, have reissued a joint statement urging governments to protect the ocean and not go ahead with deep-seabed mining (DSM) until the environmental, social, and economic risks are comprehensively understood, and alternatives to deep-sea minerals have been fully explored.

The Global Financial Institutions Statement to Governments on Deep-Seabed Mining, coordinated by the Finance for Biodiversity (FfB) Foundation, has been published before the upcoming Assembly meeting of the International Seabed Authority (ISA), scheduled from 21-25 July 2025. This meeting will continue the elaboration of rules, regulations, and procedures (RRPs) relating to the commercial exploitation of mineral resources from the deep sea.

The statement is backed by financial institutions committed to protecting and restoring biodiversity and ecosystems through their investment and financing activities. They recognise the crucial role that the ocean plays in tackling climate change, protecting biodiversity, and supporting long-term social and economic stability.

Concerns for marine habitats and the oceanic carbon cycle

There is widespread concern in the scientific community regarding DSM and the irreversible impact it would have on delicately balanced and sensitive deep ocean ecosystems. The debris generated by deep-sea drilling could harm habitats of marine species for hundreds of metres. Scientists do not know how the disturbances in the deep-sea could affect biological processes along the entire column of water.

Interfering with deep-sea processes could trigger cascading effects, including the degradation of the ocean’s carbon storage capacity. The ocean is the planet’s largest carbon sink, generating 50% of the oxygen we need, absorbing 30% of all carbon dioxide emissions, and capturing 90% of the excess heat generated by these emissions. As such, it is a vital buffer against the impacts of climate change.

Ensuring priority to circular economy investments and policies

The assumption that DSM is a key solution for the provision of minerals required for the economic transition to meet climate change goals is heavily contested. The Energy Transitions Commission (2023) found that implementing circular economy strategies could completely address the expected supply shortages of copper and nickel, while also significantly reducing the gaps for lithium, cobalt, and neodymium by 2030. Furthermore, policy shifts that promote energy efficiency and behavioural changes could moderate resource demand.

As of today, the economic case for DSM is not demonstrated. In 2024, PlanetTracker estimated that the industry would deliver an average return on invested capital of -2% in the report ‘How to Lose a Half a Trillion”, indicating it would fail to cover its own capital costs.

For long-term investors, the ocean is worth more than just the value of its finite resources. In our view, the intrinsic long-term benefits of a healthy ocean far outweigh any short-term incentives offered by DSM. Opening this new frontier to extraction would destabilise delicate ocean ecosystems and fatally undermine the foundations of a circular ocean economy.

30th Assembly of the International Seabed Authority (ISA)

The ISA is an organisation that governs and regulates activities in the seabed, the ocean floor, and subsoil beyond national jurisdiction. The ISA Council is tasked with the creation and enforcement of policies and regulations under the UN Convention on the Law of the Sea (UNCLOS) for deep-sea mineral prospecting, exploration, and exploitation, overseeing contract approvals, and setting environmental standards.

At the ISA 30th Assembly in July 2025, negotiations will continue on the Mining Code and the integration of scientific and environmental considerations into decision-making processes. These discussions will take place in the context of the High-Seas Treaty ratifications and the UNFCCC COP30 on climate change approaching.

Signatory financial institutions

The following 40 financial institutions voluntarily signed the statement: Achmea; Achmea Investment  Management; Aéma Groupe; Alternative Bank Schweiz; AndraAP-fonden (AP2); Tredje AP-Fonden (AP3); Fjärde AP-Fonden (AP4); Arbeitskreis Kirchlicher Investoren; Arkéa Asset Management; ASR Nederland N.V.; Australian Ethical Investment; Avesco Sustainable Finance AG; Aviva Plc; Change Finance, PBC; Clear Skies Investment Management; CZ Group; Domini Impact Investments LLC; ERAFP; Ethos Foundation; Etica Funds – Responsible Investments; Federated Hermes Limited; GLS Gemeinschaftsbank eG; Greenbank Investments; La Banque Postale Group; La Financière de l’Echiquier; Mirova; Montpensier Finance; Nordea Asset Management; Oakham Wealth Management Ltd; Ossiam; Pictet Group; Robeco; Storebrand Asset Management; Swedbank Robur; Tribe Impact Capital; Triodos Bank; UBP Asset Management; United Nations Joint Staff Pension Fund; WHEB Asset Management; and Zencap Asset Management.