Green Deep Seabed Mining: The Opportunities for Islamic Finance

Klemens Katterbauer, Rui Alexandre Castanho, Hassan Syed, Daniel Meyer, Laurent Cleenewerck, Sema Yilmaz

Research output: Contribution to journalArticlepeer-review

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.

Original languageEnglish
Pages (from-to)2736-2746
Number of pages11
JournalWSEAS Transactions on Business and Economics
Volume21
DOIs
Publication statusPublished - 2024
Externally publishedYes

Keywords

  • deep sea mining
  • Energy transition
  • environmental protection
  • international project financing
  • private-public partnership
  • project financing
  • sukuk
  • UNCLOS

ASJC Scopus subject areas

  • Economics and Econometrics
  • Strategy and Management
  • Organizational Behavior and Human Resource Management
  • Marketing

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