Published on: February 4, 2023
Why in news? International Seabed Authority with headquarters in Jamaica has officially designated India as a “Pioneer Investor”.
- India is all set to join the elite group of countries – United States, United Kingdom, Germany, France, Russia, Japan, and China to explore the sub-sea, and harness the unexplored wealth of the oceans on the seabed.
- It provides exclusive rights to explore polymetallic nodules from seabed in Central Indian Ocean Basin (CIOB) for India
- Central Indian ocean basin contains nearly 380 million tons of Polymetallic nodules (Copper, Cobalt, Nickel, Manganese, Rare earths, etc.)
About International Sea bed Authority
- It is an intergovernmental body of 167 member states and the European Union established under the 1982 UN Convention on the Law of the Sea (UNCLOS)
- It will authorize and control development of mineral related operations in the international seabed( common heritage of all mankind)
- Mainly protects the ecosystem of the seabed, ocean floor and subsoil in “The Area” beyond national jurisdiction.
- Most current areas of exploration are in the Clarion-Clipperton Zone (CCZ), in the Equatorial North Pacific Ocean, south and southeast of Hawaii, between Hawaii and Mexico.
- All states parties to UNCLOS are ipso facto members of ISA
- Mining code is a proposed code will provide holistic regulatory framework for the exploitation of the resources in the area