WSEAS Transactions on Business and Economics
Print ISSN: 1109-9526, E-ISSN: 2224-2899
Volume 21, 2024
Green Deep Seabed Mining: The Opportunities for Islamic Finance
Authors: , , , , ,
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.
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Keywords: Energy transition, deep sea mining, UNCLOS, project financing, sukuk, environmental protection,
private-public partnership, international project financing
Pages: 2736-2746
DOI: 10.37394/23207.2024.21.223