Good afternoon,

Before we discuss space, I want to provide historical context to better understand its role.

We can draw parallels:

The 19th century was marked by the advent of railways, leading to a massive industry.

The 20th century saw the rise of automobiles and airplanes, which became significant industries with established safety standards.

Similarly, space exploration mirrors the economic development of the American frontier in the 19th century, characterized by brave explorers and industrial growth.

Thus, the 21st century is poised to be the century of space.

This new frontier promises a space revolution with vast economic potential. In the next decade, we expect to launch around 50,000 new satellites, significantly increasing our satellite count.

The space economy is projected to triple, reaching $1.8 trillion with a 9% annual growth rate.

Space impacts various economic sectors; without space services, we risk losing 10% of our economy.

Currently, we boast strong systems like Galileo and Copernicus, positioning us as a global space power.

However, we can enhance our capabilities by improving how we utilize satellite data.

For instance, Copernicus generates over 300 petabytes of data daily, mostly exploited by U.S. companies like Google Earth.

To address this, weve introduced the communication “A vision for European Space Economy,” outlining our plans to strengthen our space economy.

We must recognize that the space frontier will become increasingly industrialized in the coming decades.

We need to establish our “railways” in space, enhancing our transportation and launching systems to compete globally.

Failing to do so would allow others to transform the space frontier into a profitable economy.

This revolutionary shift brings new opportunities and risks, akin to the challenges faced with automobiles a century ago.

Space is becoming overcrowded with satellites and debris, increasing collision risks.

We must establish safety regulations for space operations, similar to terrestrial traffic rules.

Moreover, our space market risks fragmentation due to varying national laws across member states, hindering our competitiveness.

To unify, we propose a single set of rules through the Space Act, benefiting all operators in the single market.

Today marks a historic moment as we regulate space activities in the EU, integrating space into the single market with smart regulations.

Common, stable and predictable rules

The Space Act will create a level playing field for all space service providers, offering special support for smaller companies.

Addressing space challenges with the Space Act

The Act tackles critical issues like space congestion, which poses risks of collision and destruction of satellites.

Space traffic is increasing, yet we lack established traffic rules.

The Space Act will implement necessary regulations to protect our space services and prevent disasters.

Furthermore, our space assets face threats not only from accidents but also from deliberate attacks, necessitating enhanced resilience.

Contents of the Space Act

• Rules on space debris mitigation and collision avoidance to ensure the safety of satellites;
• Risk management protocols throughout the lifecycle of space missions;
• Methodologies to assess the environmental impact of space activities.

The Space Act applies solely to commercial and civilian satellites, excluding military objects.

Five key points for European companies:

First, the regulation applies to all operators in the single market, ensuring a level playing field.

Second, there will be no additional red tape; existing national authorizations will remain valid.

Third, it considers the needs of SMEs with proportional regulations.

Fourth, we propose supportive measures to aid European companies in implementation.

Fifth, companies will have ample time to prepare for the Acts requirements, effective from January 1, 2030.

Conclusion

Space is the new frontier, requiring regulations to ensure safety and security.

The Space Act will establish law and order in space, safeguarding our assets and creating a unified market for space.

This opens avenues for exports and recognition across Europe and beyond.

The Space Act ushers us into the space century, integrating the frontier into the single market.