COP28: Bermuda aims to be world's climate risk capital
The Government of Bermuda has produced a White Paper on its approach to climate change, timed to be released in time for the COP28 summit in Dubai.
Bermuda will be represented in Dubai by Premier and Finance Minister David Burt and Deputy Premier and Home Affairs Minister Walter Roban.
The White Paper, entitled "The Bermuda Difference: Bringing expertise, resource, and finance to the world´s biggest challenge", describes the efforts Bermuda is making to introduce alternative energy, its policies concerning the ocean around the island and the business community's goal of becoming the world's climate risk capital.
On climate risk, the White Paper said: "Bermuda is respected as providing already one third of the world’s catastrophe insurance underwriting capacity and we are building on this base now with on-island insurance assets of over $100 billion for the first time in our history.
"We have led the way in attracting properly risk-assessed assets from the private equity and other sectors. Our goal, simply, is to be ‘the world’s risk capital’."
More broadly, some of the the White Paper's other highlights are:
Custodian of the largest maritime area in the world, some 460,000 sq km of ocean, a fifth of which it has designated as an Economic Exclusive Zone (EEZ) protected fully from human activity. Bermuda is also the lead trustee of the dozen or so countries looking after the Sagasso sea, a crucial asset for conservation and spawning.
Its expectation of matching or exceed the achievements of some of the leading signatories to Paris, with already 100% replacement of the bus fleet with EVs, on track for 85% reduction in carbon footprint by 2035 and Net Zero by 2050.
The installation of 15MW of solar capacity in the last three years, more than many much larger Paris signatory nations have managed.
"Our world leading insurance and financial services sector plays an ever-growing part in providing security and mitigation for those most affected by climate change."
Mr Roban said: "The environment, particularly in its maritime aspect, is at the heart of national life and economic policy. We welcome COP28 as a further opportunity to share and to build on our unique and vital contribution to the planet in this area."
"As the proverb goes, 'we inherit from our parents, but are borrowing from our children'. The time for action is now."