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The Rt Hon the Lord Mayor of London, Alderman Professor Michael Mainelli launched the 695th Lord Mayor’s Space Protection Initiative on 5 October 2023 at the International Astronautical Congress of the International Astronautical Foundation as a combined technology and financial services initiative to use space debris removal insurance bonds and other financial instruments to keep space ‘clutter free’ in aid of meeting 40% of the UN’s Sustainable Development Goals, improving global security, and supporting space investments.
The Space Protection Initiative already has the support of firms such as insurers, space firms, investors, and think-tanks. The consensus is that insurers would consider positively offering these instruments should the following conditions be met (a) a spacecraft company clearly demonstrates it can de-orbit third party space debris, and (b)agencies regulating space launch make Space Debris Removal Insurance Bonds mandatory. The initiative is developing a statement agreed by the G20 to make Space Debris Removal Insurance Bonds a condition of launch from a fixed date later this decade.
