Financial institutions rally against deep-sea mining

Deep Sea MiningA group of 36 financial institutions managing over €3.3 trillion in assets has released a joint statement calling on governments to refrain from deep-sea mining until its potential risks are understood. 

Coordinated by the Finance for Biodiversity (FfB) Foundation, the Global Financial Institutions Statement to Governments on Deep Seabed Mining warns against the irreversible damage to ocean ecosystems and the circular economy.

The statement precedes the upcoming annual meeting of the International Seabed Authority (ISA), scheduled from July 24-28, 2023, where commercial authorisations for deep-sea mining could be granted for the first time.

Financial institutions also highlighted the lack of knowledge about deep-sea mining's economic viability and outcomes, exposing them to significant policy and reputational risks.

The joint statement disputed the assumption that deep-sea mining is a crucial solution for meeting climate change goals, advocating for increased investment in the circular economy instead.

Deep-sea mining involves extracting minerals from below 200 meters, comprising 95% of Earth's biosphere, with the potential to release carbon into the oceanic carbon cycle, exacerbating environmental consequences.

The International Seabed Authority, governing activities beyond national jurisdictions, will play a decisive role in shaping deep-sea mining's future.

Jan Erik Saugestad, CEO of Storebrand Asset Management, said: "We must remember that the deep sea is one of the very few pristine ecosystems remaining, and to just open for exploitation without insight is close to madness. There is increasing recognition that biodiversity loss is a true financial risk and something we must consider when we invest in companies."

© 2023 funds europe

Thought leadership


As the damage from extreme weather events becomes more apparent, this research from S&P Global seeks to measure the financial costs of climate hazards on corporate assets in different sectors & geographies.


2024 will be a year of multiple transitions in the global economy and markets. Find out how to seize the opportunities and manage risks.



What should investors expect in 2024?

For the year ahead we expect lower growth, lower inflation and limited interest rate easing. Find out more in AXA IM’s Outlook 2024.

Ocorian switching admins native

Why are managers switching fund administrator?

13% of alternative fund managers are looking to switch their fund administrator over the next 18 months. Find out why.



This whitepaper outlines key challenges impeding the growth of private markets and explores how technological innovation, when bolstered by the operational experience and global reach of FMIs, can provide solutions to unlock access to private market funds for a growing investor base.


Transporting goods by sea is the lowest carbon way of transporting goods. That said, the shipping sector contribute 3% of global carbon emissions, so we need it to get to net zero. Breakthrough technologies have the power to reshape the industry and drastically reduce its environmental footprint.


Executive Video Interviews

Why fund admin tech is a key competitive advantage

Cian Hyland, Strategic Client Relationship Director at Deep Pool Financial Solutions spoke to us about how technology enables efficient data management, reporting automation and secure data access.

Insights from State Street

Cuan Coulter, Global Head of Asset Managers and Head of UK and Ireland at State Street, discusses how fund managers decide between the two cross-border fund domiciles, namely Ireland and Luxembourg, and why asset managers find managing data so difficult.

Unlocking access to private markets

Vincent Clause, who heads the global funds strategy at Euroclear and David Genn, CEO of Goji, sit down with Funds Europe to explain how technological innovation, bolstered by operational experience and global reach, can provide solutions that unlock access to private markets.

Sustainable investing in the DC world

Claire Felgate, a specialist in UK defined contribution pension schemes at asset manager BlackRock, talks with Funds Europe editor Nick Fitzpatrick about how - and the pace at which - DC pension schemes are adapting to the requirements of sustainable investment.



Watch our webinar for a deep dive into the findings of the fresh-off-the-press EU Taxonomy 2023 Insights Report, based on Clarity AI's best-in-class coverage of EU Taxonomy reported data and CDP industry-leading environmental datasets. 

In this webinar, we discuss tools for optimising fund data management and distribution, the role of global fund classifications and ratings, and how technology and automation enhance data integrity and insights.