Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Top Stories > Analysis-Global push for cooperation as space traffic crowds Earth orbit
    Top Stories

    Analysis-Global push for cooperation as space traffic crowds Earth orbit

    Analysis-Global push for cooperation as space traffic crowds Earth orbit

    Published by Uma Rajagopal

    Posted on December 2, 2024

    Featured image for article about Top Stories

    By Nivedita Bhattacharjee

    BENGALURU (Reuters) – The rapid increase in satellites and space junk will make low Earth orbit unusable unless companies and countries cooperate and share the data needed to manage that most accessible region of space, experts and industry insiders said.

    A United Nations panel on space traffic coordination in late October determined that urgent action was necessary and called for a comprehensive shared database of orbital objects as well as an international framework to track and manage them.

    More than 14,000 satellites including some 3,500 inactive surround the globe in low Earth orbit, showed data from U.S.-based Slingshot Aerospace. Alongside those are about 120 million pieces of debris from launches, collisions and wear-and-tear of which only a few thousand are large enough to track.

    “There’s no time to lose on space traffic coordination. With so many objects being launched into space, we have to do everything we can to ensure space safety, and that means facilitating the sharing of information between operators, be they public or private, in order to avoid collisions,” said panel co-chair Aarti Holla-Maini, director of the United Nations Office for Outer Space Affairs.

    Low Earth orbit must remain safe to prevent costly disruption to the technology behind global communication, navigation and scientific exploration, she said.

    Yet there is no centralised system that all space-faring nations can leverage and even persuading them to use such a system has many obstacles. Whereas some countries are willing to share data, others fear compromising security, particularly as satellites are often dual-use and include defence purposes. Moreover, enterprises are keen to guard commercial secrets.

    In the meantime, the mess multiplies. A Chinese rocket stage exploded in August, adding thousands of fragments of debris to low Earth orbit. In June, a defunct Russian satellite exploded, scattering thousands of shards which forced astronauts on the International Space Station to take shelter for an hour.

    Low Earth orbit is the region most congested with human-made objects as it offers a balance between cost and proximity, making it a prime target for the rapidly growing commercial space sector. It has also seen a 17% rise in close approaches per satellite over the past year, Slingshot data showed.

    Projections point to tens of thousands more satellites entering orbit in the coming years. The potential financial risk of collisions is likely to be $556 million over five years, based on a modelled scenario with a 3.13% annual collision probability and $111 million in yearly damages, said Montreal-based NorthStar Earth & Space.

    “We are at a critical point with respect to putting regulations and structure in space to monitor and manage the growing congestion. With Starlink launching thousands of satellites per year, China and others preparing to follow, we will soon push the bearing capacity of prime orbits,” said NorthStar CEO Stewart Bain.

    RISKY BUSINESS

    Low Earth orbit is densely packed, with bands such as the one for satellite internet service Starlink from commercial space company SpaceX – at an altitude of 540–570 km (336-354 miles). As of Nov. 27, Starlink had 6,764 satellites in orbit, Jonathan’s Space Report showed.

    SpaceX data showed Starlink satellites performed nearly 50,000 collision-avoidance manoeuvres in the first half of 2024, about double the previous six months.

    SpaceX did not respond to a Reuters request for comment.

    The European Space Agency, which has fewer spacecraft than SpaceX, said in 2021 its manoeuvres have increased to three or four times per craft versus a historical average of one.

    The 800–900 km band contains fewer satellites but has 3,114 objects – including operational and non-operational payloads, rocket bodies and fragments – which make up 20% of the total mass of objects in low Earth orbit, posing significant collision risk, LeoLabs data showed.

    Expired satellites add to the clutter as they stay in orbit until they fall into – and burn up in – Earth’s atmosphere years later or are flown to a “graveyard orbit” some 36,000 km away.

    Russia drew global criticism in November 2021 when it test fired a missile at a defunct satellite in orbit, creating thousands of fragments of debris. Russia invaded Ukraine three months after the test.

    “The potential for conflicts between states has been on a steep rise in the recent past. If these extend to space it could complicate the outer space environment. We urgently need common global rules for coordination,” said Anirudh Sharma, CEO of Bengaluru-based Digantara, which specialises in space situational awareness.

    FINAL FRONTIER

    The U.N.’s Holla-Maini, whose office serves as secretariat for the Committee on the Peaceful Uses of Outer Space, said the October panel aimed to bring together public- and private-sector experts to outline steps needed to start work on coordination. It will present its findings at a committee meeting next year.

    Global cooperation is essential to developing enforceable rules akin to those used by the International Civil Aviation Organization for air traffic, industry experts told Reuters.

    Such effort would involve the use of existing tools, such as databases, telescopes, radars and other sensors to track objects while improving coverage, early detection and data precision.

    Yet geopolitical tension and reluctance to share data with nations deemed unfriendly as well as commercial concerns over protecting proprietary information and competitive advantages remain significant barriers.

    That leaves operators of orbital equipment relying on informal or semi-formal methods of avoiding collisions, such as drawing on data from the U.S. Space Force or groups like the Space Data Association. However, this can involve issues such as accountability and inconsistent data standards.

    “The top challenges are speed – as consensus-building takes time – and trust,” Holla-Maini said. “Some countries simply can’t communicate with others, but the U.N. can facilitate this process. Speed is our biggest enemy, but there’s no alternative. It must be done.”

    (Reporting by Nivedita Bhattacharjee in Bengaluru; Editing by Gerry Doyle and Christopher Cushing)

    Related Posts
    Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    A Notable Update for Employee Health Benefits:
    A Notable Update for Employee Health Benefits:
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    Hebbia Processes One Billion Pages as Financial Institutions Deploy AI Infrastructure at Unprecedented Scale
    Hebbia Processes One Billion Pages as Financial Institutions Deploy AI Infrastructure at Unprecedented Scale
    Beyond Governance Fatigue: Making ESG Integration Work in Financial Markets
    Beyond Governance Fatigue: Making ESG Integration Work in Financial Markets
    Why I-9 Verification Matters for Financial Institutions: Building a Culture of Compliance and Trust
    Why I-9 Verification Matters for Financial Institutions: Building a Culture of Compliance and Trust
    Curvestone AI partners with The White Rose Finance Group to enhance compliance file reviews
    Curvestone AI partners with The White Rose Finance Group to enhance compliance file reviews
    LinkedIn Influence in 2025: Insights from Stevo Jokic on Building Authority and Trust
    LinkedIn Influence in 2025: Insights from Stevo Jokic on Building Authority and Trust

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    More from Top Stories

    Explore more articles in the Top Stories category

    Should You Take the Dealer’s Bike Insurance or Buy Online Yourself? Here’s the Real Difference

    Should You Take the Dealer’s Bike Insurance or Buy Online Yourself? Here’s the Real Difference

    ID-Pal Unveils ID-Detect Enhancements to Counter Surge in Digital Manipulation and Deepfakes

    ID-Pal Unveils ID-Detect Enhancements to Counter Surge in Digital Manipulation and Deepfakes

    TRUST TAKES THE LEAD: HALF OF UK SHOPPERS HAVE ABANDONED ONLINE PURCHASES OVER SECURITY CONCERNS

    TRUST TAKES THE LEAD: HALF OF UK SHOPPERS HAVE ABANDONED ONLINE PURCHASES OVER SECURITY CONCERNS

    Why Choose Premium Driver Service in Miami Over Rideshare Apps for Business Travel and Special Events?

    Why Choose Premium Driver Service in Miami Over Rideshare Apps for Business Travel and Special Events?

    Over 30 Million Users Benefit From Ant International’s Bettr Credit Tech Solutions

    Over 30 Million Users Benefit From Ant International’s Bettr Credit Tech Solutions

    Side-Hustle Economics: How Part-Time Service Work Can Strengthen Your Financial Plan

    Side-Hustle Economics: How Part-Time Service Work Can Strengthen Your Financial Plan

    London to Host Major Summit on “New Horizons” for Islamic Economy in the UK

    London to Host Major Summit on “New Horizons” for Islamic Economy in the UK

    BLOXX Launches World’s First Home Equity Subscription, Creating a New Residential Asset Class

    BLOXX Launches World’s First Home Equity Subscription, Creating a New Residential Asset Class

    LiaFi Addresses Gap Between Business Transaction and Savings Accounts

    LiaFi Addresses Gap Between Business Transaction and Savings Accounts

    Ant Group Chairman Eric Jing Outlines Strategy for Inclusive AI, Collaboration on Tokenised Settlement

    Ant Group Chairman Eric Jing Outlines Strategy for Inclusive AI, Collaboration on Tokenised Settlement

    Deeply Cultivating the Syndicated Loan and Cross-Border Financing Fields: Empowering Chinese Banks’ Global Expansion with Professional Excellence

    Deeply Cultivating the Syndicated Loan and Cross-Border Financing Fields: Empowering Chinese Banks’ Global Expansion with Professional Excellence

    Ant International’s Antom Launches AI‑Powered MSME App for Finance and Business Operations

    Ant International’s Antom Launches AI‑Powered MSME App for Finance and Business Operations

    View All Top Stories Posts
    Previous Top Stories PostWorld Court to open climate change hearings
    Next Top Stories PostNorway stops deep-sea mining, for now