The First Book

The Space Value of Money introduces a fresh and innovative perspective on sustainability and finance.

The Space Value of Money expands our financial value framework, heretofore built around risk and time, by factoring in space, as an analytical dimension and our physical context. The proposed principle and metrics entrench our responsibility for space impact into our value equations, making finance inherently sustainable and acting as a theoretical bridge between core finance theory and the growing field of sustainable finance. The book offers a novel approach to value design, measurement, and creation, discussing the theoretical, mathematical, institutional, technological and data elements of the transformation. The space value framework enables the financial instruments that can help us address our evolutionary challenges/investments, like the transition to Net Zero.



 “Every once in a while, a book comes along that makes a fundamental contribution that is both profound and practical. A book that every member of the National Space Council, including the NASA Administrator and the Space Force Chief of Space Operations should read. The Space Value of Money will be of interest to ESG and impact investors, government regulators, financial theorists, and outer space enthusiasts.” 

Lt Col Peter Garretson, Senior Fellow in Defense Studies at the American Foreign Policy Council

“No doubt, the pressing environmental challenges we face make the concept of the space impact of investments even more compelling.”

Dr. Pascal Blanqué, Chairman of Amundi Institute, Former Group CIO of Amundi Asset Management

The Space Value of Money brings much needed conceptual rigour, whilst further advocating the case for a new paradigm shift in financial valuation. This work gives us the lasting frameworks that aggregate impact across all spatial dimensions. Dr. Papazian culminates over ten years of research in this rich book, providing the springboard for further innovation and system implementation in this area.”

Domenico Del Re, Director, Sustainability and Climate Change, PwC

“Enthralling and captivating. Papazian offers a clear, thorough, and comprehensive discussion. The Space Value of Money gives us an opportunity to reframe our thinking and to explore what is possible. A great read!”

Daud Vicary, Founding Trustee of the Responsible Finance and Investment Foundation

 “Armen has developed a novel way to create financial models that are better suited to dealing with the many parameters required if we are to properly consider environmental factors and sustainability in economics and finance. I have found this engaging and look forward to seeing its future use.”

Dr. Keith Carne, First Bursar, King’s College, University of Cambridge