Balancing commercialization and sustainability in outer space: Addressing new challenges

Abstract

One notable aspect of NewSpace is the growing influence of private non-state actors. Nation-states have also implemented policies that facilitate the involvement of private non-state players in space activities. The lack of progress in international space law since the Moon Agreement of 1979 highlights the need to reconsider and update the existing legal system. Therefore, it is necessary to create a different framework based on the concept of commercial reality. The article emphasises the impact of NewSpace on the technological and commercial aspects of the outer space industry. An analysis is conducted on the crucial requirement for regulatory reform in the field of outer space law and policy, which arises from these advancements in the future. The persistent obstacle in addressing the commercial development of NewSpace is the lack of clarity surrounding property rights in outer space, particularly concerning the ownership and utilisation of space resources. This article examines the issue presented by the national space laws, which have conflicting and inconsistent views on property rights in outer space. The article also aims to investigate the practicality of establishing an international framework for space cooperation. The importance of the New Age institutional mechanism for international collaboration and the agenda for the proposed mechanism are emphasized. The proposed institutional framework aims to achieve a balance between commercialization and profit-driven market pressures, considering their potential negative effects on the sustainable usage of outer space. In conclusion, the article discusses India's appropriate course of action in response to the emerging problems in the field of space exploration.