Revision of U.S. ratification of UNCLOS key to a number of maritime industries from Sat, 11/11/2017 - 17:13
Without the universally recognized legal regime governing the exploitation of the mineral resources of the deep-sea beyond the zones of national jurisdictions that UNCLOS provides, US companies will not assume the investment rights associated with such projects until it was clear who had “clear legal title” to the resources extracted.
- Offshore oil and gas development dependent on legal protection of UNCLOS
- U.S. ratification of UNCLOS key to development of deep seabed mining industry
- Success of offshore wind power industry depends on U.S. ratification of UNCLOS
- Marine biotechnology industry would benefit from UNCLOS legal regime
- U.S. underseas cable industry needs UNCLOS protection
- U.S. ratification of UNCLOS is key to sustaining competitiveness of U.S. shipping industry
- Other states will challenge U.S. unilateral claims outside UNCLOS
Quicktabs: Arguments
The vastness of ocean space and the limits of our knowledge concerning the oceans’ future economic potential also make it critically important that the United States plays a central role in the future implementation of the convention. The convention facilitates the conduct of marine scientific research to expand understanding of the marine realm. As knowledge increases and as technology advances, the oceans may hold enormous, and as yet only dimly perceived, potential. When coupled with America’s unrivaled capacity for technological innovation, new ocean uses may become essential to helping drive economic prosperity for future generations. In the midst of a historic economic crisis, the United States needs to position itself by joining the treaty in order to secure its share of ocean industries of the future and the high- paying jobs they will create.
American energy and deep-seabed companies are at a disad- vantage in making investments in the OCS due to the legal uncertainty over the outer limit of the U.S. continental shelf, nor can they obtain international recognition (and, as a result, financing) for mine sites or title to recovered minerals on the deep seabed beyond national jurisdiction. Even if U.S. firms were to unilaterally set out on their own, because the United States has negligible mineral-processing technology, they would have difficulty finding international partners to buy unprocessed minerals because they would have been obtained outside of the agreed regime.
And ratifying the treaty saves the United States boatloads of cash. Approving it would allow us to reduce our military expenditures yet maintain naval strength at a time when our nation’s debt keeps climbing. One example is over piracy. The total economic costs of Somali piracy in 2011 were approximately $7 billion by some estimates. Signing the treaty would allow the U.S. to better coordinate anti-piracy and anti-terrorism efforts alongside the international community. Instead of policing the world’s waters by ourselves, we could share the burden. Signing the treaty, then, reduces costs and danger for our already overextended navy. What’s more, approving the treaty is similar to the best kind of business decision: it reduces expenses and puts money in our pocket. It provides for Exclusive Economic Zones, or exclusive privileges to manage the natural resources near our coast. No country stands to benefit more from these zones than the United States. As Citizens for Global Solutions points out: “The American zone is larger than that of any country in the world. The size of [America’s] zone is…bigger than the lower 48 states combined.” With increased access to the ocean’s resources – including mineral-rich waters near our shores – we can boost the economy, increase domestic energy production and bring back more jobs.