Deep Sea Mining Disclosure

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WHEREAS: The deep sea contains many of the planet’s intact ecosystems and plays a crucial role in regulating the climate.1 Studies indicate that mining this under explored and complex area for battery-related minerals will create irreversible habitat and ecosystem loss and could permanently destroy invaluable carbon storage.2

Deep sea mining (DSM) for mineral deposits found in nodules on the seafloor can be devastating to marine ecosystems, even when performed cautiously. Removing nodules removes habitat.3 Dredging obliterates seafloor life and releases sediment plumes laced with toxic metals that poison marine food chains.4 Studies have found that deep-sea organisms are slow-growing and fragile, and habitats may never recover to pre-impact states.5 The likelihood of biodiversity loss associated with DSM jeopardizes fish-based livelihoods and food supplies.6 As importantly, industrial-scale seafloor exploitation could have grave consequences for the ocean’s ability to absorb carbon dioxide, and may lead to release of carbon stores.7

The scientific uncertainty and likely harms of DSM 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 on DSM.8 DSM is also at odds with global goals to protect and restore nature, including the Kunming-Montreal Global Biodiversity Framework.9

Finally, the supply of deep-sea minerals is technologically and financially insecure, making it expensive and risky for automakers to incorporate deep-sea sourced minerals into supply chains.10

Companies are responding to the significant reputational risks inherent to such a destructive practice. Electric vehicle manufacturers, including BMW, Volvo, Volkswagen, Rivian, and Renault, have signed a global moratorium on deep sea mining, pledging to keep their supply chains deep-sea-mineral-free until scientific findings are sufficient to assess the environmental risks of DSM.11

Peers’ commitment to a moratorium demonstrates the precautionary principle and the availability of more sustainable methods to obtain minerals. The BMW Group emphasizes that its “sustainability strategy is also relying more on resource-efficient closed-loop material cycles–with the aim of significantly increasing the percentage of secondary material in vehicles.”12

Unlike its peers, General Motors (GM) has not supported a DSM moratorium or taken a public position on DSM, leaving shareholders concerned that the Company is not addressing the serious reputational, financial, and regulatory risks of DSM.13By taking a public stance on DSM and deep-sea sourced minerals, GM can assure investors that it is addressing the risks of DSM and practicing responsible sourcing.

BE IT RESOLVED: Shareholders request that General Motors publicly disclose the Company’s policies on the use of deep-sea mined minerals in its production and supply chains.

SUPPORTING STATEMENT: At Board discretion, GM should disclose the criteria it will use for decision making related to the use of deep-sea sourced minerals.

1 https://www.frontiersin.org/articles/10.3389/fclim.2023.1169665/full

2 https://www.unepfi.org/wordpress/wp-content/uploads/2022/05/Harmful-Marine-Extractives-Deep-Sea-Mining.pdf, p.11

3 https://www.sciencedirect.com/science/article/pii/S0308597X1630495X?via%3Dihub;https://www.nature.com/articles/s41598-021-91703-4

4 https://nhm.openrepository.com/handle/10141/622833, p. 12,13;https://www.sciencedirect.com/science/article/pii/S0308597X18306407

5 https://www.fauna-flora.org/wp-content/uploads/2023/05/fauna-flora-deep-sea-mining-update-report-march-23.pdf,p.17, 26

6 https://www.nature.com/articles/s44183-023-00016-8

7 https://www.frontiersin.org/articles/10.3389/fmars.2020.00165/full

8 https://savethehighseas.org/voices-calling-for-a-moratorium-governments-and-parliamentarians/

9 https://planet-tracker.org/wp-content/uploads/2023/06/Deep-Sea-Mining.pdf,p.17

10 https://www.blueclimateinitiative.org/sites/default/files/2023-10/whitepaper.pdf, p.1;https://nautil.us/the-dubious-economics-of-deep-sea-mining-309597/

11 https://www.stopdeepseabedmining.org/endorsers/

12 https://www.press.bmwgroup.com/global/article/detail/T0328790EN/bmw-group-protects-the-deep-seas

13 https://www.unepfi.org/wordpress/wp-content/uploads/2022/05/Harmful-Marine-Extractives-Deep-Sea-Mining.pdf,p.34