Sharing is caring: prominent issues and considerations regarding the equitable distribution of deep-sea mining proceeds
In: Ocean Yearbook. University of Chicago Press/Martinus Nijhoff: Chicago/Leiden. ISSN 0191-8575; e-ISSN 2211-6001, more
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law of the sea; the Area; common heritage of mankind; deep-sea mining; equitable sharing |
| Abstract |
The status of the Area and its mineral resources as the common heritage of mankind constitutes the guiding principle of the international deep seabed regime. Although its implications and objectives are wide-ranging, one of the crucial components of this abstract concept consists of a general prem-ise to carry out activities in the Area for the benefit of mankind as a whole. This ambition can be pursued through various mechanisms, and one of the most direct ways is to share the proceeds of deep-sea mining among all States on an equitable basis. In accordance with the UN Convention on the Law of the Sea, the International Seabed Authority (ISA) is tasked with developing a suitable payment and distribution system, which takes the needs and interests of developing States into particular consideration. This article analyses the overarching rules and principles, discusses prominent issues and evaluates the available options, offering an insightful look at a complex process that will shape some of the most important aspects of the international deep seabed regime. It is clear that several problematic as-pects remain fairly underexposed and the ISA should be careful not to overlook the essential principles upon which the international regime gov-erning the Area is built. |
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