Journal Article

·2024 OPEN ACCESS

Green Deep Seabed Mining: The Opportunities for Islamic Finance

Klemens Katterbauer YTU , Rui Alexandre Castanho , Hassan Syed , Daniel Meyer , Laurent Cleenewerck , Sema Yılmaz Genç YTU

WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS

Abstract

Seabed mining, which focuses on extracting minerals from the ocean floor, is vital for the sustainable development of the green economy. With current initiatives targeting coastal waters exceeding 200 meters deep, these areas yield sand, tin, and diamonds crucial for meeting the growing demand in the energy transition and new technologies. Unlike onshore mining, deep-sea mining lacks stringent national regulations, presenting an opportunity for Islamic finance. This alternative aligns with long-term investment principles, risk sharing, and environmental responsibility, addressing the absence of an international legal framework. The essay explores the benefits of Islamic finance in funding deep-sea mining, ensuring project viability, sustainability, and environmental preservation. Additionally, an artificial intelligence framework is proposed to optimize funding for such projects.

Keywords

Seabed Islam Islamic finance Oceanography Mining engineering Geology Business Environmental science Earth science Geography Archaeology

Subject Areas

Natural Resources and Economic Development ·General Economics, Econometrics and Finance ·Social Sciences
Mining and Resource Management ·Building and Construction ·Physical Sciences