EIB and Luxembourg Space Agency Collaborate to Integrate Satellite Data into Financial Sector Practices
(IN BRIEF) The EIB and the Luxembourg Space Agency (LSA) have partnered to enhance the use of satellite data in the financial sector, aiming to improve financial services’ sustainability and reporting. Through an R&D Pilot Programme, the collaboration will explore satellite-based solutions for monitoring projects and assessing impact, ultimately benefiting industries such as investment banking and insurance. The partnership highlights the importance of space technologies in boosting European competitiveness and ensuring the security of financial transactions, with an emphasis on strategic autonomy.
(PRESS RELEASE) LUXEMBOURG, 15-May-2025 — /EuropaWire/ — The European Investment Bank (EIB) and the Luxembourg Space Agency (LSA) have officially announced their collaboration to boost the use of satellite data within the financial sector. This partnership aims to explore how space technologies can enhance financial practices, with a specific focus on improving reporting and sustainability through innovative satellite-based solutions. By leveraging Europe’s expertise in Earth Observation and satellite navigation, the initiative is set to benefit industries like investment banking and insurance.
The partnership introduces the Research and Development (R&D) Pilot Programme, which will be spearheaded by LSA and supported by the EIB. This programme will explore the potential of satellite imagery and space data for project monitoring and impact assessment. The goal is to gather insights through concrete pilot projects, laying the groundwork for future calls for industry participation. The partnership’s ultimate goal is to increase the integration of space-based data into financial systems, enhancing the resilience and sustainability of financial sectors across Europe.
Robert de Groot, Vice President of the EIB, commented, “The future of space is not just about exploration but about driving innovation that offers real-world solutions. This partnership will allow us to harness the power of satellite data to enhance financial monitoring and support the development of sustainable, forward-thinking economies.”
Through this initiative, the EIB strengthens its ongoing efforts to enhance the competitiveness of the European space sector, focusing on Luxembourg’s emerging role in the commercial space domain. The collaboration also emphasizes the importance of security protocols for space data, particularly for the financial industry, in maintaining European strategic autonomy.
Minister of the Economy, Lex Delles, praised the partnership, stating, “This collaboration demonstrates our commitment to using space technologies to foster innovation and security for the financial sector, ensuring that space activities in Europe are sustainable, secure, and competitive.”
The initiative is poised to drive the development of new services powered by satellite data, making Europe a global leader in the use of space technologies for finance.
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, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world.
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
High-quality, up-to-date photos of the EIB Group’s headquarters for media use are available here.
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.
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First published in this link of EuropaWIRE.
