UK Major Banks Refuse To Invest In Deep-Sea Mining Due To Reputational And Operational Risks
Three major UK banks NatWest, Lloyds, and Standard Chartered have taken a firm stand against investment in deep-sea mining, according to reports by the Blue Marine Foundation and Deep Sea Mining Campaign. Collectively owning $2.9tn in assets, these banks’ decision significantly limits the sector’s access to the country’s capital markets. This stance aligns with a growing trend of tech firms and automakers scrapping their plans to source materials from the sea bed. As countries like France, Germany and New Zealand call for a moratorium or a ban, the UK government is facing increasing pressure to follow suit. Conversely, Norway aims to pioneer deep-sea mining to extract metals for batteries from its seabed, stirring debate over environmental risks.
Source: https://miningdigital.com/articles/deep-sea-miners-denied-access-to-uk-capital-markets
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