• Ocean and Polar Research
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• v.45 no.1
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• pp.11-22
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• 2023

For the commercial development of deep-sea mineral resources, the International Seabed Authority is engaged in wide ranging discussions to establish the Regulations on Exploitation. The core issue of the Regulations on Exploitation is how to protect the marine environment along with the royalty system that distributes the profits from such development. The United Nations Convention on the Law of the Sea stipulates the protection of the marine environment in Part 12 (Articles 192-237) for the preservation of the marine environment, and in the 1994 Implementation Agreement, the protection of the marine environment at the stage of application for approval of the plan of work together with the Regulations on Exploration for the protection of the marine environment. For this purpose, certain obligations are imposed on the applicants. In the Regulations on Exploitation, financial systems such as environmental performance guarantee, insurance, and environmental compensation funds, which were not found in the Regulations on Exploration, are added to further specify the measures for marine environment protection generally stipulated in the 1982 Law of the Convention or 1994 Implementation Agreement. Regarding the financial system for marine environment protection, the Marine Environmental Protection and Conservation Informal Working Group meeting is revising the purpose of the environmental compensation fund. Among these financial system elements, it is judged that there is a possibility that the environmental performance guarantee and insurance may overlap considerably, and it is also thought that the establishment of the environmental compensation fund can also provide a substantial sum of money that will meet the purpose of the compensation fund in terms of securing its financial resources. In this paper, the question is posed as to whether or not this can be accomplished. In this respect, this paper examines the environmental performance guarantee, insurance, and environmental compensation fund, which are necessary for the protection of the marine environment of the deep seabed, but which can impose appropriate obligations on contractors for the commercial development of deep seabed mineral resources. At the same time as figuring out how it is operated in relation to relevant domestic laws, I would like to propose a plan to reflect the implications derived from the domestic law operation process in the Regulations on Exploitation.

• Journal of Environmental Policy
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• v.7 no.3
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• pp.89-120
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• 2008

With petroleum being a major source of energy in Korea, the quantity of petroleum transported via ocean routes is on its way up due to increased consumption. Due to the increase, more than 300 cases of pollution caused by petroleum occur annually. Moreover, the number of oil-spill accidents is also on the rise. Causes of such accidents, not including the disposal of waste oil on purpose, turn out to be human error during navigation or defects in the vessels, showing that most accidents are caused by humans. Therefore, to prevent future oil spills, it is imperative that navigation efficiency be enhanced by improving the quality of navigators and replacing old vessels with newer ones. Nevertheless, such improvements cannot occur overnight, so long- and mid-term efforts should be made to achieve it institutionally. As large-scale oil-spill accidents can happen at anytime along the coastal waters of Korea, it is necessary to set-up institutional devices which go beyond the compensation limit of 92FC. The current special law regarding this issue has its limits in that it prescribes compensation be supplemented solely by national taxes. Therefore, the setting-up of a new 'national fund' is recommended for consideration rather than to subscribe to the '2003 Convention for the Supplementary Fund'. It is strongly suggested that a National fund be created from fees collected from oil companies based on the risks involved in oil transportation and according to the profiteers pay principle. In addition, a public fund should be created to handle general environmental damage, such as the large-scale destruction of the ecosystem, which is distinct from the economic damage that harms the local people. The posterior responses to the large-scale oil spill have always been unsatisfactory because of the symbolic nature of the disasters included in such accidents. Oil-spills can be prevented in advance, because they are caused by human beings. But once they occur, they inflict long-term damage to both human life and the natural ecosystem. Therefore, the best response to future oil-spills is to work to prevent them.