The Luxembourg Space Agency (LSA) and the European Investment Bank (EIB) are launching a collaboration aimed at further integrating European space applications into the financial sector. It will benefit sectors such as the investment banking and insurance industry.
Space-based solutions for the financial sector
The objective is to develop European space-based solutions for the financial sector. The partnership will facilitate the development of new services based on satellite data. It will benefit sectors such as the investment banking and insurance industry.
“The LSA and the EIB intend to support an increased use of space technologies and satellite data in the financial field,” said a joint press release from the Ministry of the Economy, the LSA and the EIB. “The new R&D pilot program will be led by the LSA with the support of the EIB.”
Amid a geopolitical, economic and financial uncertainty, the partnership is thus part of Europe’s desire to strengthen its spatial and financial sovereignty and more particularly its strategic autonomy in terms of spatial data related to financial transactions. It should enable Europe to maintain its leadership in the development of space applications for the financial sector.
The R&D pilot program and concrete pilot projects will be dedicated to the potential of using satellite imagery and other space-based data for project monitoring and impact assessment. Calls for projects will be launched.
“The space sector drives innovation and economic growth in Luxembourg and across Europe […]”
The power of satellite data
For EIB Vice-President Robert de Groot, 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,” he said. “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.”
In this way, space technology can support the digitalisation and greening of the financial sector. It can enhance financial services firms’ reporting and sustainability efforts through innovative satellite solutions.
“For example, satellites can collect environmental and climate data at regular intervals,” LSA and EIB explain. “This coverage helps companies track site performance and predict and manage risk, while making it easier to compare different locations and activities.”
Luxembourg’s space role
In addition to strengthening the competitiveness of the European space sector, the collaboration also places particular emphasis on Luxembourg’s growing role in the commercial space sector.
For Lex Delles, Minister of the Economy, SME, Energy and Tourism, “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 EIB, 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.”
Established in 2018 by the Ministry of the Economy, and placed under its authority, with the goal of developing the national space sector, the Luxembourg Space Agency fosters new and existing companies, develops human resources, facilitates access to funding and provides support for academic research. The agency implements the national space economic development strategy, manages national space research and development programs, and leads the SpaceResources.lu initiative. The LSA also represents Luxembourg within the European Space Agency, as well as the space related programs of the European Union and the United Nations.
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalization and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world.
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