The R&D pilot programme of the Luxembourg Space Agency (LSA) and the European Investment Bank (EIB) will support the increased use of satellite data in finance.
Abigail Okorodus
The “Space for Finance” initiative seeks to harness Europe's strengths in Earth Observation and satellite navigation to enhance financial reporting and support sustainability efforts. By utilising satellite data, financial companies — including investment banks and insurers — can more effectively monitor their sites' performance using environmental and climate data, predict and manage associated risks, and easily compare results across different locations and businesses.
One core component of the joint initiative is an R&D pilot programme designed to assess how satellite imagery and other space data can be used for project monitoring and impact assessment. The findings from the pilot will then pave the way for the launch of call for projects open to industry players. The Luxembourg Space Agency (LSA) will lead the R&D programme with the support of the European Investment Bank (EIB).
Through this partnership, the EIB reinforces its ongoing efforts to bolster the competitiveness of the European space sector and Luxembourg's growing role as a European hub in the commercial space domain.
A key objective for the current partnership between the LSA and the EIB is to strengthen Europe's strategic autonomy over space data linked to financial transactions. It equally underscores the importance of setting security standards and protocols for space data in the domain of finance.
"Space is no longer just about exploration, it is increasingly about innovation that drives real-world solutions. Our partnership with the Luxembourg Space Agency allows us to use the power of satellite data to enhance financial monitoring and drive sustainable development. Together, we will explore and redefine how space applications can enhance the European strategic autonomy and support the financial sector in creating a more resilient and forward-thinking economy,” states Robert de Groot, EIB Vice President.
"The space sector drives innovation and economic growth in Luxembourg and across Europe, and it's also key to our security in a fast-changing world. By working with the European Investment Bank, we are showing our commitment to using space technologies to benefit society and the financial sector. This partnership reflects our goal to support innovation and ensure that space activities in Europe are sustainable, secure, and competitive — for the good of everyone,” adds Lex Delles, Luxembourg’s Minister of the Economy, SMEs, Energy and Tourism.
