Societal influences and the Governance of the Deep Sea - the Economic Interest Dimension

The oceans are increasingly seen as the new frontier. This new interest in the oceans is substantially driven by the desire to exploit the oceans economically. One economic interest that is growing in importance is deep-sea mining. The extraction of critical raw materials and minerals from the seabed is presented by its proponents as an economic alternative to mining on land, and as a security tool to secure trade chains. This is contradicted by the puzzling fact that more than 80 major companies and financial service providers have come out against deep-sea mining and called for a moratorium. As economic interests or disinterests have always been important to political actors, ocean governance cannot be explained without considering and understanding economic interests in the ocean. A thematic analysis of the statements of 20 of these companies opposing deep-sea mining identifies four possible explanations for why profit-oriented companies oppose deep-sea mining. These four aspects are environmental concerns, questionable profitability, a signalling effect, and the compatibility of deep-sea mining with voluntary sustainability initiatives. A subsequent process tracing shows how these four explanations have evolved into a position against deep-sea mining. Understanding why and under what circumstances major international economic actors oppose deep-sea mining is valuable not only for this particular sector and in the context of increasing global competition for resources. Rather, it opens up the debate on how economic actors distinguish between seabed and land resources, and under what circumstances companies oppose the economic exploitation of the ocean. Without economic interests, the chances of more effective marine and environmental protection increase. As political actors involved in ocean governance are often confronted with this conflict between economic and environmental interests, these findings can also contribute to understanding ocean politics and how it differs from land-based politics.