By Gwladys Fouche and Nerijus Adomaitis

OSLO (Reuters) -A small leftwing environmentalist political party in Norway succeeded on Sunday in blocking plans to mine the sea bed at the bottom of the Arctic, by demanding the government scrap its first licensing round in return for support for the budget.

“We are stopping plans to open mining on the sea bed,” Kirsti Bergstoe, leader of the SV party which is outside the governing coalition but supports the minority government, told reporters.

The government, which had planned to offer its first deep-sea mining exploration permits in the first half of 2025, said that although the plan was suspended, preparatory work would continue, including creating regulations and mapping the environmental impact.

“This will be a postponement,” Prime Minister Jonas Gahr Stoere, from the Labour Party, told private broadcaster TV2.

Norway, whose vast hydrocarbon reserves made it one of the world’s wealthiest countries, had taken a leading role in the global race to mine the ocean floor for metals that are in high demand as nations transition away from fossil fuels.

“This is a crucial win in the fight against deep sea mining. It should be the nail in the coffin for the destructive industry,” Frode Pleym, head of Greenpeace Norway, told Reuters.

Oslo had plans to open large areas of its Arctic region next year for its inaugural sea bed licensing round, despite opposition from green campaigners and a coalition of 32 countries, including Germany, France, Canada and Brazil.

The agreement concluded on Sunday by SV and the government, consisting of Labour and the agrarian Centre Party, means that planned licensing round will not proceed.

Norwegians head to the polls in September and two opposition parties leading in opinion surveys, the Conservatives and the Progress Party, are in favour of deep-sea mining.

“If a new government attempts to reopen the licensing round we will fight relentlessly against it,” said Greenpeace’s Pleym.

Preliminary official resource estimates showed “substantial” accumulations of metals and minerals, ranging from to rare earth elements, the government said in 2023.

© Reuters. Jan Mayen Vent Fields on the Arctic Mid-Oceanic Ridge. University of Bergen/Handout via REUTERS

At least three Norwegian seabed mineral start-ups – Stavanger-based Loke, Oslo-based Green Minerals and Bergen-based Adepth, have previously said they planned to bid in the first licensing round.

The companies were not immediately available for comment.




Source link

Best Brokers

Unmatched trading fees, generous bonuses, top notch Regulation Frame.

T&Cs Apply

Risk disclosure: All investments involve a degree of risk of some kind. Trading financial derivative products comes with a high risk of losing money rapidly due to leverage.

Top-Tier Regulations. Unmatched Spreads and Commissions. Trading View is available.

T&Cs Apply

Financial Spread Trades and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.7% of retail investor accounts lose money when trading CFDs with this provider.

Modern and Intuitive Interfaces, Solid Regulatory Frame, and excellent Trading Fees.

T&Cs Apply
Risk warning: Trading derivatives is highly speculative, carries an inherent risk of loss and is not suitable for all investors. Before trading, you are strongly advised to read and ensure that you understand the relevant risk disclosures and warnings.

Highly Regulated. Low Spreads and Commissions. Vast Account Options.

T&Cs Apply

Risk Warning: Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment.