General Motors Shareholders Support First-Ever Deep-Sea Mining Proposal
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Sophia Wilson, [email protected], (341) 600-1832
BERKELEY, CALIFORNIA—JUNE 4, 2024—Today, 12% of General Motors (NYSE: GM) shareholders voted in support of the first-ever deep-sea mining proposal, a strong vote for a first-of-its-kind proposal that allows it to be filed again next year, if necessary. Filed by shareholder representative As You Sow, the proposal asks General Motors to disclose its policies on the use of deep-sea mined minerals across its supply chain, a request timed to coincide with the company’s expanding production of new electric models to meet emissions requirements and growing customer demand for electric vehicles.
The negative consequences of deep-sea mining (DSM) can be severe and long-lasting. Dredging for minerals on the sea floor obliterates marine life while releasing sediment plumes laced with toxic metals, poisoning marine food chains. Deep sea organisms are slow-growing and fragile, with little to no ability to recover. Industrial-scale exploitation of the seafloor could also have grave consequences for the ability of the oceans — one of the planet’s biggest carbon sinks — to absorb carbon dioxide and may even lead to the release of carbon stores.
“Creating a new problem to solve an existing problem is poor systems thinking. EVs can play a significant role in a more sustainable future, but that progress should not come at the expense of biodiversity and ecosystems,” said Elizabeth Levy, Biodiversity Program Coordinator at As You Sow. “To avoid reputational and competitive risks, shareholders want to see General Motors extend its emphasis on sustainability to this new frontier of responsible sourcing, preventing harm to the deep seas that serve us all.”
“A large percentage of GM’s energy and mobility peers have already agreed that the environmental, regulatory, and financial risks of deep-sea mining are too high,” said Danielle Fugere, President and Chief Counsel of As You Sow. “Forty-eight companies have signed a business statement calling for a moratorium on deep-sea mining, including peers BMW, Polestar, Renault, Rivian, Scania, Volkswagen, and Volvo. Several battery manufacturing companies have also proactively committed to a deep-sea mining moratorium.”
Car companies are increasingly using battery chemistry without cobalt and nickel – two of the metals found in deep-sea mined nodules. Other battery technologies, including sodium-ion, avoid some, if not all, deep-sea metals and are already incorporated into production by several automakers and battery manufacturers. Together, new battery technologies, circular economy strategies, and increased recycling are projected to reduce demand for critical minerals by more than 50% by 2050.
Fugere continued, “As one of the world’s largest automakers, GM’s position on deep sea mining matters. We are looking to our company to lead the way in adopting battery technologies and circular practices that avoid the need for deep-sea mining altogether.”
Shareholders at Tesla will vote on a similar proposal during the company’s upcoming annual general meeting on June 13 calling on it to adopt a moratorium on deep-sea mining.
# # #
As You Sow is the nation’s leading shareholder representative, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, toxins in the food system, biodiversity, racial justice, and workplace diversity. Click here to view As You Sow’s shareholder resolution tracker.