The inaugural Bermuda Climate Summit, scheduled to be held next month, has been postponed until May 24 due to global complexities related to the ongoing coronavirus pandemic, the Bermuda Business Development Agency announced on Friday.

The BDA, along with partners KBRA and the Association of Bermuda Insurers and Reinsurers, said it regretted having to postpone the event.

The organisation said the purpose of the two-day invite-only summit, which will feature a welcome reception and dinner on May 23 with a full day of summit content the next day, is to welcome 90 global thought-leaders to Bermuda to share unique insights and solutions for the world’s biggest challenge, climate change.

BDA CEO David Hart said: “After two years of international uncertainty, we are extremely disappointed about having to postpone our February event, but we look forward to meeting safely in person with senior policymakers, leading scientists, NGO-heads, and business leaders during the beautiful month of May to continue collaborations towards the vision that Bermuda is the perfect platform to become the world’s climate risk finance capital.”

As the world’s risk capital, the BDA said, climate risk finance is the most adjacent vertical to the island’s key market strengths: re/insurance, captive insurance, insurance-linked securities, and financial services expertise.

Bermuda not only has many of the world’s leading experts on weather-related catastrophes already working here, the BDA said, but the island also has a consolidated financial services regulator, the Bermuda Monetary Authority, which understands the importance of climate concerns.

Anyone interested in being added to the waiting list to attend the in-person climate event is invited to e-mail bermudaclimate@bda.bm.

Sponsorship opportunities are also available.

The BDA invited the public to stay tuned for more information about a Bermuda Climate Webinar airing at 1pm on February 3.

Mr Hart added: “We also welcome Government’s updated quarantine and testing rules which will be fully rolled out prior to us greeting overseas delegates to our inaugural Bermuda Risk Summit being held on-island from March 14-16, 2022.

“Moving forward, both the Bermuda Risk Summit and the Bermuda Climate Summit will be annual, in-person, must-attend events on the business visitor calendar.

“The BDA extends sincere thanks to our partners ABIR and KBRA, our Platinum sponsor Conduit Re, and our Silver sponsor Aspen for their support.”