In partnership with Lloyd’s Market Association (LMA), Lloyd’s has announced it will collaborate with the UK Government and industry experts on the development of the Earth & Space Sustainability Initiative kitemark.
At the same time, it is also launching ‘Our Fragile Space’ exhibition, led by renowned science communicator and space photographer Max Alexander, to highlight the challenge of space debris, a growing threat to Earth’s vital satellites.
The Earth & Space Sustainability Initiative will bring together industry, academia, government stakeholders and international bodies to ensure that space continues to support the environmental, economic and scientific interests of future generations, noted Joanne Wheeler, Director at Alden Legal and Chair of the Satellite Finance Network.
She added: “The Earth & Space Sustainability Initiative will facilitate the establishment of the industry-led Kitemark – the global transparent ESG space sustainability standard, recognised by the finance and insurance communities.”
Throughout history Lloyd’s has been at the forefront of insuring space exploration since its inception, including the very first commercial satellite in 1965.
Lloyd’s wants to use its knowledge and expertise to shape cutting-edge conversations around extra-terrestrial risk, like space debris.
Earth’s system of satellites has become an increasingly important anchor to the global economy, Lloyd’s highlighted, by being the physical infrastructure for the global communication networks.
There are estimated to be more than 100million pieces of space debris large enough to cause real damage to the people and technology operating in the Earth’s orbit.
‘Our Fragile Space’ will display the reality and growing threat space debris poses to people’s environment and way of life – while showcasing the people and initiatives leading the way in combatting the issue.
John Neal, Lloyd’s CEO commented: “Lloyd’s has a unique ability to lead on the response to global challenges and this exhibition epitomises our purpose of sharing risk to create a braver world.
“The Space Sustainability Kitemark is an industry first, and will provide reassurance to both businesses and the end user that they are supporting innovation that is fit for the future.
“The fantastic images in the exhibition are a window into the scale of what we’re working towards with our business and government partners – and we’re delighted to kick off the exhibition’s global tour today.”
Denis Bensoussan, chair of the LMA Satellite Risk Committee and Head of Space at Beazley syndicate, said: “Sustainability of the space environment is of the utmost importance to space insurers to increase reliability and reduce the potential for losses.
“As part of Lloyd’s we will remain at the forefront of innovation for the benefit of risk reduction within the space ecosystem.”
