Bermuda’s deputy premier Walter Roban has vowed the island will “practise what we preach” as it takes steps to establish its position as a global hub for climate risk finance.
Roban, who also serves as minister for home affairs, led the Bermuda delegation at last November’s COP26 conference and is among the leading governmental figures set to visit London in the coming weeks as part of Bermuda’s drive to play a prominent role as a centre for climate finance.
Speaking to The Insurer ahead of his visit, Roban highlighted the efforts being taken to make Bermuda more sustainable and self-sufficient.
These include plans to lower greenhouse gas emissions by 25 percent by 2035, as well as increasing the share of low-carbon fuels to more than half of the island’s fuel mix.
“Earlier last year discussions were held between the government and the Bermuda Business Development Agency about positioning Bermuda as a jurisdiction committed to action to address climate change.
“We are also committed to work with Bermuda’s insurance and reinsurance community to position Bermuda as a major participant in the emerging climate finance space.”
He said it would represent a “natural fit” for Bermuda to play a leading role in climate finance given the pioneering role the island had played in the development of the property catastrophe, ILS and captive insurance sectors.
The island’s government is also developing a “Blue Economy” strategy to encourage sustainable use of ocean resources to support economic growth, improve livelihoods and maintain the health of ocean ecosystems.
In addition, Bermuda’s green energy strategy is focused on the transition towards increased use of solar, wind, biofuel and potentially wave energy.
Roban also highlighted several other components of the island’s environmental production framework, including strong land planning, marine resources and fisheries management, as well as programmes to protect coral reefs and refresh mangroves.
“Bermuda is taking many steps to act on climate change. We believe that practising what we are preaching legitimises our attractiveness as a climate risk finance capital,” he said.