Green Economy in a Blue World-Full Report

Enforcement : an effective regulatory regime both provides incentives for compliance and sets sanctions against non-compliance. The incentive for a contractor to adhere to a State’s deep-sea mining regulatory regime will be permission to explore and exploit the designated area of sea for minerals. Regulatory sanctions for breaches or poor performance by the mining company should be proportionate and transparent, with triggers and procedures clearly set out in the legislative regime and the individual agreement. Sanctions may include suspension, termination

or amendment of the licence. Financial penalties may also be imposed. The regime may also include criminal offences, and recourse should be available within legal systems for prompt and adequate compensation or other relief in respect of damage caused by pollution of the marine environment. 3.2 Inter-linked components for successful oversight of resource development Successful management of resource development requires a combination of

Pacific Regional Policy development approach

in a Blue World

Surrounded by vast ocean spaces, most Pacific Island countries (PICs) and territories rely for their livelihoods upon sustainable use of the sea and its resources. Varied mineral occurrences on the seabed have been identified within the jurisdictional waters of many PICs. Nauru and Tonga have been the first developing countries to take steps towards sponsorship of private companies to undertake deep-sea mining activities in the area. The Pacific region therefore finds itself at the forefront of this pioneering industry, and with an opportunity to set a precedent for responsible and sustainable marine mineral industry development, for the benefit of its citizens, and of future world populations. Recognizing that the trans-border nature of the marine environment supports a regional approach, the Secretariat of the Pacific Community in 2011 commenced a four-year EU-funded project entitled Deep Sea Minerals in the Pacific Islands Region: a Legal and Fiscal Framework for Sustainable Resource Management. The project aims to strengthen systems of governance and capacity of Pacific Island countries in managing their potential deep-sea mineral resources, and in so doing, ultimately toexpand the economic resource base of the 15 participating States in the region. The project provides technical assistance for the development and subsequent implementation of regional policy regimes, legislation and

Countries in the Project are: Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Marshall Islands, Nauru, Niue, Palau, Papua New Guinea, Tonga, Samoa, Solomon Islands, Timor Leste, Tuvalu, Vanuatu. There are numerous other interested partners to the project, from international organizations, academia, private sector, and civil society participating

regulations governing deep-sea mining.

The Legislative and Regulatory Framework will be designed in consultation with Project participants and stakeholders to provide a user-friendly ‘road map’ for national level policy and legislation. It will encompass: safety, licensing processes, due diligence measures, contractor prerequisites, performance standards, contract content, transfer of technical knowledge and capacity-building of State nationals, mining standards and practices, application of precautionary principles, conservation of resources and protection of the environment, social responsibilities, good governance and transparency, fiscal regime, and administrative procedures (including reporting, monitoring and enforcement). Pacific Regional

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