Highlights and images for 29 July 2026

The day’s discussions focused on financial and budgetary issues as well as on the Enterprise, the International Seabed Authority’s (ISA) operational arm aiming to directly explore, exploit, transport, process, and market deep-sea minerals for the benefit of the international community. Members also continued their discussion on the annual report of ISA Secretary-General Leticia Carvalho, which details the Secretariat’s activities over the last year and serves as one of the ISA’s primary transparency and accountability mechanisms.

In the morning, Finance Committee Chair Kenneth Wong (Canada) presented the committee’s report and the ISA’s proposed budget for 2027-2028. 

In the ensuing discussion, delegates thanked Chair Wong and the members of the Finance Committee for their hard work and dedication, the comprehensive report, and their recommendations. They reaffirmed their support and respect for the Finance Committee’s oversight role and its independence.

Members reiterated many of their reflections and concerns from the relevant discussion at the Council meeting, highlighting among other things: 

• treatment and use of funds, underspent budget, and members with contributions in arrears; 
• the equitable sharing of financial and other economic benefits derived from activities in the Area (the seabed, ocean floor, and subsoil thereof, beyond the limits of national jurisdiction) and the need to continue consideration of the full range of possible mechanisms for this in addition to the proposal for the common heritage fund;
• recommendations by the Committee on the financial implications of establishing the Economic Planning Commission;
• the need for improved transparency in recruitment and termination procedures, along with improved audit processes; and
• the need for adequate time and work modalities for Finance Committee meetings, transparent and timely communication with the Secretariat, and unrestricted access to all necessary information.

Observer organizations drew attention to: an independent report, which stress-tested the commercial, fiscal, and public-benefit case for deep-sea mining, including its impacts on land-based producers; and cautioned against the approach used in an independent consultant’s report on the common heritage fund.

The Assembly took note of the report of the Finance Committee and its recommendations.

Members also adopted:

• a decision relating to the ISA budget for the financial period 2027-2028;
• the scale of assessments for the contributions to the budget; and
• a decision on the process and criteria for the implementation of the UN Convention on the Law of the Sea (UNCLOS) Article 184 (Suspension of the exercise of voting rights), annexed to the Finance Committee’s report.

The afternoon was devoted to the reports of ISA Secretary-General Leticia Carvalho and interim Director-General of the Enterprise, Eden Charles. 

Delegates continued their exchange, which began on Tuesday, on the Secretariat’s activities over the past year, debating the balance between environmental protection, sustainable resource management, and the equitable sharing of benefits.They also addressed the report on the activities of the interim Director-General Charles toward the full operationalization of the Enterprise.

Members highlighted, among other things:

• the unique nature of the Enterprise status within the institutional architecture set up by UNCLOS and the 1994 Agreement;
• the interim Director-General’s contributions and textual proposals in the negotiations on the exploitation regulations;
• potential joint venture arrangements;
• areas reserved for the Enterprise that overlap with areas targeted in applications for mineral extraction outside the UNCLOS and ISA framework;
• monitoring and review of trends in the mining industry; and
• the full and independent functioning of the Enterprise as an operationalization of the principle of common heritage of humankind.

Delegates discussed the consideration of requests for observer status as well as the guidelines for observer status of contractors with the ISA in an informal session at lunchtime.

They were also informed on the ISA’s capacity-building efforts in a side event focusing on the African Academy for Deep Sea Diplomacy.