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Green Deep Seabed Mining: The Opportunities for Islamic Finance

  • Klemens Katterbauer
  • , Rui Alexandre Castanho
  • , Hassan Syed
  • , Daniel Meyer
  • , Laurent Cleenewerck
  • , Sema Yilmaz
  • Euclid University
  • European University of Lefke
  • University of Johannesburg
  • Yildiz Technical University

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

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

  1. SDG 8 - Decent Work and Economic Growth
    SDG 8 Decent Work and Economic Growth
  2. SDG 14 - Life Below Water
    SDG 14 Life Below Water
  3. SDG 17 - Partnerships for the Goals
    SDG 17 Partnerships for the Goals

Keywords

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

ASJC Scopus subject areas

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

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