Research Highlights Inequitable Revenue Sharing
SYDNEY — Pacific Island nations will see minimal financial benefits from deep sea mining, while companies stand to earn billions annually, according to new research commissioned by Greenpeace International. The study highlights a vast disparity in revenue distribution that could leave the region with only thousands of dollars each year.
The research, conducted by Dr. Harvey Mpoto Bombaka and Dr. Ben Tippet, reveals that mechanisms proposed by the International Seabed Authority (ISA) would provide Pacific nations with an average of just USD $382,000 annually over 28 years, in stark contrast to the over USD $13.5 billion per year mining companies are projected to earn. This distribution would leave developing nations with a mere fraction of the revenues, raising concerns about fairness and equity.
Implications for Pacific Nations
Shiva Gounden, Head of Pacific at Greenpeace Australia Pacific, criticized the proposed revenue sharing, stating that Pacific communities would make significant sacrifices for negligible financial returns. Gounden emphasized the cultural and environmental costs, asserting that the Pacific Ocean should not be commodified.
The study uses data from ISA’s Finance Committee proposals between 2022 and 2025, showing that after covering administrative and other costs, little revenue remains for distribution to affected nations. Dr. Mpoto Bombaka highlighted the structural limitations of the revenue-sharing mechanism, suggesting it primarily benefits the mining industry rather than global stakeholders.
With the ISA’s first session of the year approaching in March, the call for a moratorium on deep sea mining grows louder, supported by 40 countries. Gounden urges that any decisions on ocean mining should prioritize the rights and voices of Pacific communities, advocating for the protection of the ocean’s ecological and cultural heritage.
Source: newshub.medianet.com.au
