Norway has approved commercial-scale deep-sea mining in its national waters, becoming the first country to do so, despite concerns from environmental scientists about the potential devastating impact on marine life. The move aims to accelerate the hunt for precious metals critical for green technologies, but has faced criticism from both external sources and Norwegian experts. The government plans to issue licences cautiously, requiring companies to submit proposals with environmental assessments, and estimates that actual extraction may not begin until the early 2030s. Critics argue that more investment should go into recycling and reusing existing minerals, while negotiations continue on whether licences could be issued for international seas.
European Union leaders have resolved to enhance the bloc's competitiveness, prioritize green and digital technologies, and reduce reliance on third countries, particularly China. The leaders emphasized the need to strengthen the single market, decrease external dependencies in critical sectors, and invest in research and skills. The EU plans to assess potential risks to economic security related to advanced technologies and consider tighter control of exports. Discussions will also focus on harmonizing national security policies and determining the level of openness to foreign companies in European markets.
The European Union's carbon border tax, known as the Carbon Border Adjustment Mechanism (CBAM), has entered a trial period, requiring trading partners to report greenhouse gas emissions tied to their exports of certain goods. The aim of the tax is to protect EU companies from unfair competition and encourage other countries to implement their own carbon pricing. However, the CBAM has faced criticism from major trading partners, including Russia, China, the UK, and the US, who argue that it is discriminatory and harmful to global growth. Concerns have also been raised about the impact on the world's poorest countries and the readiness of businesses to comply with the paperwork requirements.
The internet recently became excited about LK-99, a substance claimed to be a room-temperature superconductor, which could revolutionize various industries by improving energy efficiency and battery life. However, it appears that LK-99 is not a superconductor after all. Nonetheless, the interest in LK-99 reflects optimism for the discovery of a technology that could advance multiple sectors.
Global talks in Jamaica will focus on the controversial issue of deep-sea mining, as a two-year ban on the practice expired without new rules being agreed upon. Scientists warn that mining for precious metals beneath the oceans could have devastating consequences for marine life, while supporters argue that these minerals are necessary for meeting the demand for green technologies. Nearly 200 countries are calling for a pause or moratorium on deep-sea mining due to environmental concerns, and a new ban may be voted on in the coming month. Limited research has been conducted on the deep ocean, raising concerns about the potential impacts of mining on deep-sea ecosystems.
Tesla CEO Elon Musk met with French President Emmanuel Macron to discuss the potential of the automaker investing in France, likely in the form of a factory. Tesla is looking to ramp up its global annual production capacity from 2 million units to 20 million units by the end of the decade, and it will need to build several more Gigafactories to achieve that. Musk said he is hopeful that Tesla would make a "significant investment" in France in the future.
The G7 will pledge over $7.5 billion to secure a stable supply of critical minerals, such as lithium and nickel, that are essential in manufacturing semiconductors, electric vehicle batteries, and other green technologies. The money will go to a joint mine development and other projects, as well as promoting recycling electric vehicle batteries to recover critical minerals. The G7 nations are expected to issue a statement after the meeting, with a call to reduce the annual energy consumption of manufacturing and other activities by 4%.
