Tesla, General Motors Called on by Shareholders for Deep Sea Mining Moratorium
Shareholders file first-ever deep-sea mining proposals highlighting irreparable biodiversity risk
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Sophia Wilson, [email protected], (341) 600-1832
BERKELEY, CALIFORNIA—JAN. 17, 2024—Tesla and General Motors shareholders are calling for a deep-sea mining commitment in two novel biodiversity proposals filed by As You Sow. Tesla and General Motors have yet to state their position on the issue in stark opposition to peers BMW, Volvo, Volkswagen, Rivian, and Renault. As world leaders and economic titans gather at Davos, biodiversity protection and the risks of deep-sea mining are topics of growing importance.
Mining the deep sea for battery-related minerals will create irreversible habitat and ecosystem loss, with the risk of permanently destroying invaluable carbon storage. A commitment or clarification on deep sea mining from Tesla and General Motors would signal to shareholders and the auto industry that they acknowledge the importance of careful action as vehicle electrification accelerates in the US and abroad.
“The risks of deep sea mining cannot be overstated, especially at an industrial scale, and companies should be prepared to act with extreme caution lest they cause irreversible harm,” said Danielle Fugere, president and chief counsel of As You Sow. “Ecosystem services, the invaluable yet often ignored benefits of our environment functioning normally, are at risk, and shareholders are raising the alarm.”
The scientific uncertainty and harms of deep-sea mining have caused civil society groups, governments, private organizations, and manufacturers to voice deep-seated concerns. Twenty-four governments have established bans, moratoriums, or precautionary pauses. Deep-sea mining is also at odds with global goals to protect and restore nature, including the Kunming-Montreal Global Biodiversity Framework.
“Biodiversity is an accessible and understandable issue for the public and investors,” said Elizabeth Levy, biodiversity program coordinator of As You Sow. “Absent deep sea mining policies is one of many areas where shareholders see their companies out of step with national and global goals to protect nature and the innumerable services they offer to companies, communities, and the world. This is only the beginning of biodiversity proposals.”
As You Sow recently launched its Biodiversity Program in response to increasing shareholder concern surrounding the systemic risks posed by biodiversity loss and looming ecosystem collapse.
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As You Sow is the nation’s leading shareholder representative, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.