Sustainable exploitation of deep seabed mineral resources in the Indo-Pacific through practical cooperation under the Indo-Pacific Oceans Initiative

Abstract

ABSTRACT In order to reduce global temperature rise to 1.5-2oC against the pre-industrial values as agreed in the Paris Agreement, the world community has begun focusing on renewable energy. This effort requires nearly double the quantity of minerals as required for a 4oC rise and has forced humanity to look at exploiting deep seabed minerals. While extracting minerals from the Area Beyond the National Jurisdiction requires rules and permission of the International Seabed Authority, those in the national jurisdiction require permission of the concerned state. With focus on ‘sustainability’ as defined by the UN Sustainable Development Goals and on Security and Growth for all in the Region, the Indian Prime Minister announced the Indo-Pacific Oceans Initiative in 2019 with ‘Marine Resource’ exploitation as one of the pillars of mutual cooperation and growth. Accordingly, this article explores the possible practical cooperation for sustainable deep seabed mineral exploitation in the Indo-Pacific under the IPOI.