An international consortium has released the first handbook dedicated to Environmental, Social, and Governance (ESG) disclosure for the marine minerals sector. This initiative aims to establish transparent and consistent ESG reporting for marine mineral projects, aligning with global standards.
Marine minerals are increasingly recognized as a potential source to supplement the rising demand for critical metals amid the shift toward a mineral-intensive renewable energy system. Over two years, this project engaged marine mineral developers, contractors, financial institutions, scientific bodies, NGOs, and regulators to create a comprehensive ESG disclosure framework for the industry.
The ESG Handbook aims to:
△ Guide marine mineral operations to fulfill international ESG disclosure standards. △ Identify and explain significant ESG topics relevant to the marine minerals industry. △ Offer recommendations for consistent and informative disclosure on these topics. △ Serve as a structured documentation tool that aids both internal and external stakeholders. △ Promote industry transparency and consistent reporting, enhancing sector-wide practices.
The guidance draws on existing non-financial performance and ESG reporting standards and considers the marine mineral industry’s particular challenges and opportunities. This guideline is voluntary and serves as a uniform basis for stakeholder communication. It complements existing regulations without superseding them.
Jon Hellevang, R&D Manager at GCE Ocean Technology, expressed hope that the handbook would foster early ESG considerations and improvements. Tor Jensen, DNV’s Vice President for Environmental Risk Management, emphasized the importance of responsible metal extraction and praised the handbook for aligning industry practices with global standards.
The project's reference group included organizations such as DNV, Equinor, Aker BP, the African Minerals Development Centre, and others. Valuable feedback was gathered during a workshop at the Underwater Minerals Conference in Rotterdam on October 5, 2023.
The project was sponsored by entities including Aker BP, Loke/UK Seabed Resources, The Metals Company, the Norwegian Forum for Marine Minerals, Equinor, Global Sea Mineral Resources, INESC TEC, and Transocean. GCE Ocean Technology led the project with the handbook prepared by DNV.
