Yahoo Finance If space is the ultimate frontier how do you explain all the rubbish?
There is a huge risk literally hanging over us, with over 1m pieces of junk orbiting earth. London can be at the forefront of helping clean it up says Michael Mainelli
A new space age has dawned, one that’s increasingly led by the private sector, whether that be Starlink, Virgin Galactic, or Blue Origin, as reinforced by the first landing of a commercial spacecraft on the moon by American firm Intuitive Machines just last month. We’re seeing a more diverse range of countries enter the space race with launches from India, Japan, China and of course, the UK.
Yet, there is a huge risk literally hanging over us in the form of more than one million pieces of ‘space junk’ orbiting the earth. Space debris threatens catastrophic damage to mankind’s 7,000 working satellites. Enough junk is starting to bring about mini-Kessler syndromes, where small initial collisions lead to more collisions in a chain reaction.
We need to clean space for three big reasons. First and foremost, defence is essential. When nations lack transparency across borders, tensions escalate. Second, we need satellite imagery, GPS, and telemetry to meet 40 per cent of the United Nations sustainable development goals. Third, for investors – what’s the point in launching billions of assets into orbit only to get them shredded?
Junk needs urgent attention. As the son of one of the engineers of the Apollo rocket capsule, this is an issue very close to my heart. That’s why as Lord Mayor I launched the 695th Lord Mayor’s Space Protection Initiative. The Initiative proposes the use of Space Debris Removal Insurance Bonds (SPADRIBS) to stop further junk accumulating.
SPADRIBS would work in the same way as current surety bonds that ensure mining companies or oil rigs decommission their sites once they’re no longer in use. Similarly, space companies would be required to buy a SPADRIB from a credible insurer as a condition of launch.
The UK can take a global leadership role on this. We are the leading destination for space investment in Europe, and second internationally behind the US. We receive 17 per cent of all global space investment which supports almost 50,000 high-paying jobs. Global satellites underpin 18 per cent of UK GDP (£370bn), supporting everything from mapping to weather forecasting, to monitoring the power grid and enabling every single financial transaction.
Last week the UK government published its Space Industrial Plan, where it pledged to work with the UN to set world-leading industry-led sustainability standards. This, it said, could include “groundbreaking variable liability insurance and finance incentives, including variable liability limits, for responsible space operators to reward sustainable practices.”
This is a great first step and London is the place to connect space technology with responsible finance. As part of my ‘Connect to Prosper’ Mayoral theme I want to utilise London’s unparalleled global connectivity to reinforce the capital’s pre-eminence as the world’s coffee house, where leading thinkers find solutions to the global challenges of the day.
Take for example, the space junk removal company, Astroscale. Connected by their Japanese bank to the City of London, and with the support of our space regulator, Astroscale, chose the UK as the control centre from which its first commercial mission will be launched. Why? Because we are a nation built on the rule of law, with an enabling regulatory environment, access to incredible talent and skills, and unparalleled global connections. Astroscale recognised that the UK is the place to come to connect to prosper.
Space is often referred to as the last frontier, but if that was entirely true there wouldn’t be a million pieces of junk orbiting the earth. Once we find a solution to junk, space regains its potential to transform all our lives for the better. The UK is in a polar, and polar opposite, position to lead the next space race.
Michael Mainelli is Lord Mayor of the City of London
