Norwegian pension provider KLP has stated that it believes offshore mining should be delayed until more is known about the consequences.

In response to a consultation from the Ministry of Petroleum and Energy, KLP emphasised that the precautionary principle dictates that the country should delay commercially oriented investigations and extraction on offshore mining.

It also issued its support for the proposal of an international temporary postponement on offshore mining.

KLP is a contributor to meeting global climate and nature goals and warned that offshore mining was one of many examples of how goals can come into conflict with one another, and where difficult trade-offs have to be made.

While it acknowledged that the transition to a green economy based on renewable energy requires increased access to minerals and offshore mining would help meet this demand, it believed that the risk of extensive natural damage was too high.

In its response, KLP said that increased mineral extraction should be seen in connection with the need in the green transition, and scaled up in step with increased recycling and research into technologies that minimise the need for mining.

It noted that demand for minerals was set to increase, while the production capacity and electrification were being built up.

However, KLP warned that it seemed unlikely that a responsibly investigated and scaled-up commercial extraction of minerals from the seabed will be able to contribute significantly to meeting the demand over the next 15-20 years.

“The climate and nature crises are closely linked and must be solved in conjunction,” commented KLP Kapitalforvaltning climate and nature expert, Arild Skedsmo.

“We have to consider both sides when developing the new industry.

“The ecosystems in the sea are already heavily burdened through irresponsible high resource extraction, pollution, acidification and climate change.

“We cannot open a new large industry until we are more confident that we are not exceeding what nature in the sea can withstand.

“Electrification and the renewable energy production that is needed to reach the global climate target will lead to a significantly increased demand for a number of minerals.

“This need must be met through more efficient use of available raw materials, a very high degree of recycling, and increased recovery.”

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