Bermuda Business Development Agency (BDA) Promotes Bermuda’s Strengths in Climate Risk Finance at COP26

Momentum Builds for Next NYC Climate Risk Finance Roadshow

HAMILTON, Bermuda--(BUSINESS WIRE)--The Bermuda Business Development Agency (BDA) successfully promoted Bermuda as the world’s climate risk finance capital at the 26^th United Nations Climate Change Conference (COP26) in Glasgow, Scotland last week.

On November 6, the BDA hosted a luncheon for a diverse group of 30 climate leaders and potential partners from around the globe featuring Bermuda’s Deputy Premier, Minister of Home Affairs, The Hon. Walter Roban, JP, MP.

Deputy Premier Roban said, “I was pleased to speak at the Bermuda Luncheon where I reminded participants that becoming a key player on the global stage of climate risk financing must also include robust efforts to mitigate against the impacts of climate change. In fact, the reason I attended COP26 was to represent the 14 British Overseas Territories which when combined, make up the fifth largest marine estate in the world. Bermuda is doing its part to protect our unique marine ecosystem and is currently in the process of building out a blue economy strategy which seeks to identify the 20% protected area of Bermuda’s Exclusive Economic Zone (EEZ) and create a framework to balance development and sustainability in the areas of fishing, offshore renewable energy, and tourism.”

John Huff, President & CEO of the Association of Bermuda Insurers and Reinsurers (ABIR) which helped sponsor the Bermuda Luncheon, said, “ABIR was pleased to support the Bermuda Government and BDA’s efforts at COP26. Over the last several decades, Bermuda has evolved into a globally significant property catastrophe (re)insurance market that protects some of the world’s most vulnerable populations from the worst effects of climate change, including floods, hurricanes, and wildfires. Since 1997, Bermuda’s commercial (re)insurers have paid out over a half a trillion dollars to policyholders and cedants in the US, EU, and UK.”

The BDA was represented at COP26 by BDA Chair, Stephen Weinstein, BDA Deputy Chair, Susan Pateras, and BDA CEO, David Hart.

Mr. Hart said, “The pace at COP26 was incredible. Every day was packed with meaningful conversations with asset management leaders, entrepreneurs, tech innovators and NGO’s from across the globe, all interested in financing mechanisms to build climate resiliency. The BDA was certainly in the right place, at the right time to talk about the unique advantages of the Bermuda platform to achieve these goals.”

In addition to the Bermuda Luncheon and other BDA-hosted events at COP26, the BDA met with government, technology, investment, business, public policy, and environmental leaders and stakeholders across the week. This included the Governor and senior staff of the Brazilian state of Mato Grasso, the leaders and of the Insurance Development Forum, and the University of Cambridge’s Institute for Sustainable Leadership, to discuss initiatives ranging from disaster insurance pools, trading market facilities to promote reforestation and ocean reoxygenation, natural capital investment and trading frameworks, ESG fund formation, and the myriad ways Bermuda’s blue chip platform can help accelerate these innovations.

“After Glasgow, the Bermuda delegation traveled to London for additional meetings with both new and long-time friends of Bermuda,” Mr. Hart said. “Momentum is building for our next New York City climate risk finance roadshow, which I am excited to be attending from November 29 to December 2.”

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