Foreword
A world leader in climate risk management
David Hart, chief executive officer of the Bermuda Business Development Agency, explains why the organisation was proud to represent the jurisdiction at the 27th United Nations Climate Change Conference in Egypt.
Situated as it is in the middle of the Atlantic Ocean, environmental protection and innovative solutions have always been part of Bermuda’s DNA. From centuries-old conservation legislation to the climate risk finance ecosystem being constructed today, Bermuda has always led the way in balancing business and environmental protections.
For decades Bermuda has been a leader in natural catastrophe risk via its world-class re/insurance sector and is known as the ‘world’s risk capital’, as it is simultaneously one of the world’s most significant property catastrophe re/insurance markets, a premier captive insurance domicile and the leading global issuer of insurance-linked securities (ILS).
Just as Bermuda played a central role helping high-risk regions bolster their financial resilience to the rising tide of climate perils (hurricane/tropical storm, wildfire, flood, and other climate-driven property risks), Bermuda will play a leading role in climate risk finance, supported by third party capital and potential new startups focusing on innovative technology.
“Collaboration is the best way to tackle the world’s biggest challenge.”
David Hart, BDA
Building on the success of our attendance at COP26 in Glasgow in 2021 and following the launch of the Bermuda Business Development Agency (BDA’s) inaugural Bermuda Climate Summit in May 2022, it was a pleasure to head to Egypt to provide updates on Bermuda’s vision to be a global leader in climate risk finance, including developing solutions and financial mechanisms to mitigate the impact of climate risk.
While Bermuda has a long history of balancing innovation and sustainability, we know that collaboration is the best way to tackle the world’s biggest challenge: climate change. At COP27, we were proud to partner with Hub Culture to support its Climate Pavilion, which brought insightful and inspiring conversations under one roof.
Be sure to mark your calendar for the next Bermuda Climate Summit presented by the BDA in June 2023, visit Bermuda and explore ways to collaborate with players in our market. When you’re ready to domicile, beta-test your new sustainable technology, or expand your environmental investments, visit www.bda.bm to learn more about how the BDA can help your business’ green needs.
Image Credit: Shutterstock.com / StanislavSukhin / thmphotographs
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