WEF launches deep-sea mineral platform anticipating battery boom
Meeting growing demand for minerals critical to electric vehicle, electronics and battery manufacturers means new avenues must be explored. Significant public and private investment has gone into how to extract cobalt, nickel, lithium and other minerals from the deep seabed, however, more than 80 non-governmental organizations have voiced concerns about the dangers of commercial extraction.
Seeing the importance of this debate, the World Economic Forum (WEF) has created a space for this industry to come together, discuss and engage on this complex issue – the Deep-Sea Minerals Dialogue - as an impartial platform for mineral sourcing manufacturers and metal markets.
A new report highlights why mineral sourcing manufacturers and metal markets need to engage now on the deep-sea mineral discussion.
The coming years are critical as regulatory, technology and investment decisions are made. These decisions could determine the environmental and social impact of deep-sea minerals. Although the minerals may not enter supply chain for a few years, examples involving cobalt mining from the Democratic Republic of Congo and palm oil supply from Indonesia, show that failing to act early, can result in costly efforts to clean up the supply chain and reputational impact afterwards.
A new briefing paper released today, Deep-Sea Minerals: What Manufacturers and Markets Need to Know, highlights why mineral sourcing manufacturers and metal markets need to engage now on the deep-sea mineral discussion. Items covered include responsible sourcing considerations for companies that use or exchange metals and minerals, complementing existing reports on the gap between mineral supply and demand as well as the lack of scientific understanding of the deep sea and potential impacts of mineral extraction.