This one-day workshop organised by the ESA Downstream Gateway brought together stakeholders from the finance and space world discussing the potential of space in supporting the digitalisation and greening of the sector. It covered the transition of the financial sector related technologies and data sets as well as support programmes of ESA.<\/p>\n
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\nTOPIC OVERVIEW: HOW SPACE TECHNOLOGY CAN SUPPORT THE DIGITALISATION AND GREENING OF THE FINANCIAL SECTOR<\/strong><\/h3>\n<\/blockquote>\n
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The financial sector is undergoing a rapid transformation as digitalisation is impacting the very nature of traditional financial services and products. As a result, incumbent firms and existing business models are increasingly challenged by new market entrants which are leveraging innovative technologies: real-time data, blockchain and artificial intelligence are paving the way for a new era of how money is being handled on a daily basis and investments being carried out.<\/p>\n
At the same time, societies aim at balancing the negative impact of the pandemic and climate-change, directing financial resources into sustainable investments with limited negative external effects or even positive social and environmental outcomes. Green bonds are on the rise as well as the financing of renewable resources and nature-based solutions. The ESG financial ecosystem is evolving together with new methodologies, KPIs and data needs driven by risk management strategies for climate adaption and mitigation. Increasing climate hazards can be a threat for assets as well as financial stability and need to be understood and incorporated in business and portfolio<\/p>\n
For more information on the topic, you can read the related article “How space supports the financial sector to foster the transition towards a green and sustainable future<\/a>“.<\/p>\n
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\nINTRODUCTION AND\u00a0PANEL 1: POLICY AND REGULATION PERSPECTIVES<\/strong><\/h3>\n<\/blockquote>\n
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Josef Aschbacher<\/strong>, Director General of ESA, and Donatella Ponziani<\/strong>, Downstream Gateway Officer at ESA opened this workshop illustrating the opportunities that the space sector can offer to the financial ecosystem. The DG presented ESA’s recently published Agenda 2025<\/a> where he focussed on the commercialisation of space and the importance of the Downstream Gateway enabling new engagements between the downstream programmes of ESA and emerging business sectors.<\/p>\n
The first panel discussed the climate-related risks (physical or transition) and the new policies adopted to support a green, resilient and inclusive development. The role of Earth Observation data was highlighted and how it can inform decision making processes. The concept of “Sustainable Finance” was introduced, with its increasing need of environmental, social and governance (ESG) data.<\/p>\n
This panel was moderated by Donatella Ponziani<\/strong>, Downstream Gateway Officer at ESA.<\/p>\n