Precautionary Management of Deep Sea Minerals

Format:

Book

Government document

Author/Creator:

World Bank.

Series:

Mining, Oil and Gas

World Bank e-Library.

Language:

English

Subjects (All):

Energy.

Environment.

Environment and Natural Resource Management.

Environmental Economics & Policies.

Environmental Protection.

Natural Resources Management.

Oceans.

Water Resource Management.

Water Resources.

Local Subjects:

Energy.

Environment.

Environment and Natural Resource Management.

Environmental Economics & Policies.

Environmental Protection.

Natural Resources Management.

Oceans.

Water Resource Management.

Water Resources.

Place of Publication:

Washington, D.C. : The World Bank, 2017.

System Details:

data file

Summary:

This is a background paper to the Pacific Possible report. Technological progress has given rise to increased interest in deep sea minerals. This report takes stock of existing policy, legal and fiscal arrangements supporting DSM decision making and the regulatory and institutional capacities necessary to assure positive outcomes. As such, the report summarizes the knowns and unknowns characterizing the current state of DSM, frames the need to apply the precautionary approach given information uncertainty, and identifies professional and institutional capacity building needs. Given the significant uncertainties and weak institutional capacity in the countries of the Region, the report recommends the precautionary approach to DSM, which among others includes the option of no development if the risks are found to be larger than the benefits. It also recommends that regional regulatory collaboration takes place in a way that is respectful of sovereignty considerations.