UK backs a moratorium on deep-sea mining: The UK is backing a temporary suspension on supporting any licenses to exploit and mine deep-sea minerals until the environmental impact is better understood, The Guardian reports. This comes on the back of criticism from scientists and environmentalists over the country's previous support for the practice.

REMEMBER- The UN’s International Seabed Authority said it would begin accepting permit applications from corporations looking to launch deep-sea mining projects last July following two weeks of negotiations on standards and requirements of the new practice. A notable sticking point in the decision is the lack of a standard mining code that would guide ISA in its application reviewing process.

Why this matters: The growing industry aims to extract critical minerals essential to EV battery production including cobalt, copper, nickel, and manganese. However, scientists say it comes at the expense of a substantial impact on the environment including the destruction of natural habitats and the USD 5.5 bn tuna industry, in addition to creating sediment plumes that disrupt aquatic life and the ocean’s ability to capture and sequester CO2.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• France is the EU’s top “carbon bomb” supporter: French banking groups have shelled out USD 154 bn since the 2015 Paris Agreement toward financing the world’s 425 largest fossil fuel extraction projects — also known as carbon bombs — with the country's top banking groups BNP Paribas, BPCE Group, Crédit Agricole, and Société Générale investing some USD 17.8 bn in big oil last year alone. (The Guardian)
• Canadian Solar is building a plant in the US: Solar panel manufacturer Canadian Solar says it is investing USD 800 mn to build a solar cell plant in Indiana. The plant will have a capacity of 5 GW annually, producing 20k high-power modules daily. The cells manufactured at the facility will be used at the company's 5 GW module assembly plant in Texas. (Reuters)