The growing problem of space junk poses a serious and growing risk to our economic security, resilience and Earth science. That’s why I’ve made UK leadership on setting the metrics and regulatory framework for sustainability in space a UK priority.

Delighted today to convene:

Space Industry Roundtable with Lloyds of London, leading satellite insurers and investors to review our new Sustainability Standard being developed, and Memorandum of Principles now signed by 120 companies.

Global summit Royal Society convening space nations from around the world to work with the standard and wider global adoption

Reception at Buckingham Palace hosted by HM The King unveiling his AstraCarta with The Sustainable Markets Initiative and meeting all the attendees committed to leadership in space sustainability.

Satellite communications are now vital to our daily lives - from SatNav to satellite TV, defence to air traffic control, agri-environmental Earth Observation to emissions tracking & meteorology.

But space junk - from 2500 discarded satellites to 1million pieces of debris & microparticles of space dust now poses a serious threat to both commercial satellites and our ability to do deep space science.

We cannot allow the growing problem of junk from a Wild West space race to undermine our ability to harness space for global good.

Failing to act is not an option. Nor is talking about the problem for another few decades. We have to act now to establish an international framework for the commercial space sector to ensure it is minimising new debris, clearing junk and investing in in-flight servicing, retrieval and advanced satellite comms technologies to maximise the efficient use of space spectrum by better connectivity of satellites to reduce as far as possible the need for more and more constellations of metal.

The needs the global leadership which the UK has committed to provide as part of our National Space Strategy and which I have made one of my 3 priorities for urgent action.

That’s why this autumn we will be setting out a new Regulatory Framework and an industry developed Sustainable SatComms Standard or “Kitemark” for best practice, with incentives through more competitive insurance & finance through Lloyds of London & the Stock Exchange to make London the capital of commercial satellite standards and finance, and create an international alliance of responsible space nations to set the terms for the new global LEO Sat market.