The Bermuda Business Development Agency (BDA) will promote the attributes of the Island as a global climate risk finance capital at the 27th United Nations Climate Change Conference (COP27), which begins today in Sharm El-Sheikh, Egypt, and runs through November 18.
The BDA’s presence at COP27 builds upon our efforts last year in Glasgow, Scotland when Bermuda’s Deputy Premier, Minister of Home Affairs, The Hon. Walter Roban, JP, MP, serving as Chair of the UK Overseas Territories Association at COP26, said any push on the global stage to become a key player of climate risk financing also had to include robust efforts at home to mitigate against the impacts of climate change.
BDA CEO, David Hart said, “Last year at COP26, the BDA felt we were in the right place at the right time to share Bermuda’s aspirations to serve as the climate risk finance capital of the world. One year on, as we continue to execute on our climate risk initiative, we look forward to conversations at COP27 with asset management leaders, entrepreneurs, tech innovators, and NGOs interested in financing mechanisms to build climate resiliency, many of whom we met during our climate risk finance roadshows this past year.”
At COP26 the BDA hosted a Bermuda luncheon, for a diverse group of 50 climate leaders and potential partners from around the globe. At COP27 we are pleased to once again host a Bermuda climate risk finance reception at Hub Culture’s Climate Pavilion.
At this reception, the BDA will remind participants of Bermuda’s environmental leadership as we continue to address related environmental issues at home, including the future introduction of a Marine Development Act to provide the framework for the management of the Marine Spatial Plan and to introduce the governance structure of the Blue Economy Fund as well as the investment model for the Green Energy Fund.
In addition, our guests will hear about the strength of our human capital and how over the last several decades Bermuda has evolved into a globally significant property catastrophe (re)insurance market protecting some of the world’s most vulnerable areas from the worst effects of climate change, including floods, hurricanes, and wildfires. Since 1997 Bermuda’s commercial (re)insurers have paid out over half a trillion dollars to policyholders and cedants in the US, EU, and UK.