Vast reserves of highly sought-after critical minerals like nickel, cobalt, and copper remain untouched on the ocean floor. In April, President Donald Trump signed an Executive Order to encourage “” in the pursuit of these deposits. These minerals are potentially worth trillions, and the Trump Administration aims to give American companies access to them to boost the economy. However, this move has faced opposition, primarily due to concerns about potential ecological damage and disregard for international regulations. Additionally, there are valid arguments questioning the economic and financial viability of the plan. For instance, projections for cobalt demand have decreased as new battery technologies emerge that require less of the element.
Furthermore, there are costs linked to missed opportunities and unforeseen consequences. The deep-sea mining locations have remained undisturbed for thousands of years. These waters are home to untouched flora and fauna with the potential for medical discoveries, and ocean dynamics play a crucial role in regulating the global climate. According to Hawaii Governor Josh Green, a vocal opponent of seabed mining, “If we start mucking around with our seabed floor in pursuit of short-term wealth and growth, God knows what the long-term damage will be.”
The fundamental issue is that society—including policymakers, businesses, and financial institutions—has not fully grasped how to value the oceans’ contributions. A comprehensive assessment of the economic value of oceans would necessitate a complete re-evaluation of our interaction with the deep-sea environment.
Using economics to value nature is not a novel concept. For decades, scientists and economists have been quantifying the contribution of ecosystem services. These services encompass everything from coastal protection by coral reefs to the value of fisheries for local communities. While identifying these services is one thing, determining their monetary value is a significant challenge. Researchers emphasize that the total economic value of oceans must incorporate both direct uses like fishing and tourism, as well as indirect functions like carbon storage and biodiversity protection, which are essential for maintaining the planet’s equilibrium.
The calculations are complex. How can we assign a price to the oceans’ role in regulating the global climate, for example? Nevertheless, researchers consistently produce estimates valuing oceans in the tens of trillions of dollars annually. Despite these figures, the primary issue is that government and business leaders are not utilizing them. A report by the European Marine Board, an ocean-policy think tank, states that while a wide range of methods and techniques for ecosystem valuation exist, they are only occasionally used in policy decisions. No country has fully integrated the economic value of oceans into its policymaking. A survey of leaders in developing countries revealed that, even though many of these nations depend on marine resources, protecting marine life was ranked last among the U.N. Sustainable Development Goals.
To integrate the value of oceans into decision-making, researchers advocate for countries to adopt natural capital accounting. This would involve incorporating data on the ecological and economic value of oceans into national accounting systems. These recommendations are not solely from radical activists or fringe academics. The World Bank, for example, advises that low-income countries use natural capital accounting to assess and safeguard their natural resources.
In the absence of such formal measures, leaders concerned about economic stability should reconsider their perspectives. In some instances, this may require moving away from viewing the ocean as a source of readily available resources. In others, it may mean shifting from viewing ocean conservation as an altruistic endeavor to an act of economic self-preservation.