Norway's Race for Deep-Sea Minerals

Deep-sea mining in the waters between Norway and Greenland is gaining attention due to the significant presence of valuable minerals such as cobalt and rare earth elements essential for industries related to electric vehicles and clean technologies. These underwater resources are said to hold an estimated value of $92 billion, which makes them critical from a geopolitical standpoint particularly because such valuable deposits are currently dominated by China. Norway is working to explore and potentially extract these minerals, utilizing technologies such as remote operating vehicles (ROVs) for mapping and drilling core samples at tremendous ocean depths. Environmentalists, however, raise serious concerns about the potential ecological damage that could arise from such extraction processes, emphasizing the fragile state of deep-sea ecosystems. Norway has opened large areas of its continental shelf for exploration, promising to conduct thorough environmental assessments prior to any extraction. The United States, observing these developments closely, faces hurdles in its own endeavors due to legislative delays and lack of access agreements for mining in international waters—especially concerning the lucrative Clarion-Clipperton Zone. Despite the potential benefits of these resources, the challenges posed by environmental impact, regulatory frameworks, and market viability create uncertainty around the future of deep-sea mining. Striking a balance between resource extraction and environmental preservation is paramount as these initiatives progress, potentially impacting global green technology ventures.