“Bermuda is doing its best and is part of being part of the solution that the whole world needs”

— Walter Roban, Deputy Premier, at COP28

Bermuda is very unique, but not so unique that we are not exposed to the climate change affecting the rest of the world, explained Walter Roban at his presentation in Dubai. Bermuda faces issues affecting our land, our air and our seas, but also the survival of those in Bermuda.

The island is part of a number of islands in the Overseas Territories and recognises that there are many other islands facing more severe challenges such as those in the Pacific, which are disappearing under the rising seas. Other lower-lying islands in the Caribbean face flooding from severe hurricanes on a regular basis. It puts strains on the social structure, as enormous amounts of money are spent on recovery and are diverted from healthcare and other social programmes. Catastrophe, especially, draws money from environmental resources, which are then left lacking.

The world has committed substantial support for small-island developing states to build protection against climate change. Information gathered on the Caribbean by Mr Roban shows that most of the solutions for climate that are needed for small-island states, such as investments for solar and wind, could be addressed with $20 billion — as compared with the $4 trillion needed for the world. This relatively minimal investment could address the small-island states’ climate-adaptation requirements. Solutions are important for the world as well as for Bermuda. Island coastal regions are at the forefront of damage from rising ocean levels.

Bermuda is a small island in the middle of the Atlantic that is 22 square miles in total. It was initially settled in the 1600s and since that time environmental priorities were being addressed. There was legislation put in place in the 1600s for the protection of turtles. There were later protections for the valuable Bermuda cedar, which is a precious resource for the island. That history and tradition has been continued by building an ocean Blue Economy strategy in 2018, in collaboration with the Waitt Institute and Bermuda Institute of Ocean Sciences.

The Bermuda Ocean Prosperity Programme is a community-driven production to foster the sustainable, profitable and enjoyable use of ocean resources. Key ocean stakeholders are in the process of developing a Bermuda Marine Spatial Plan from which to draw economic and social benefits that can be funded with Blue Bonds and other initiative financial strategies. There is a Green Bond part of the equation for solar and other land-based, sustainability strategies that will also benefit the people in Bermuda. Mr Roban noted it includes the costs for home solar, which is expensive elsewhere, but especially in Bermuda.

The focus of the Blue Economy is stable fisheries as well as renewable energy, aquaculture, ecotourism and other projects that can create good jobs, build skills and diversify the economy. This will work towards creating a more sustainable ocean environment for Bermuda. The Bermuda Economic Recovery Plan is working to transform the overall economy, to diversify and expand it for everyone, explains the Deputy Premier. The work on the energy transition includes an integrated resource plan that commits the island to 85 per cent renewable energy by 2035. Already there has been rapid introduction of distributed solar, with the creation of 19 megawatts of power in the space of ten years. There needs to be an acceleration of the process of installing renewables to meet the goal.

The trash-to-power plant was the first such facility installed in the Caribbean 30 years ago. This meant that the island has not had landfills for trash. The power is sold to the utility and provides the resource to power the waste treatment and water salination plants. The ash residual is used as block for land reclamation. The Tynes Bay facility is a large part of the existing sustainability activities and requires further investment at this time. The agricultural waste that is directed towards the Marsh Folly site is converted to mulch and given away. Many people end up buying it from their landscape company. It supports the sustainability of Bermuda gardens and soil. The by-product of these efforts is helping Bermudian citizens.

The insurance innovation was referred to in an earlier article. That innovation has fed into governmental priorities, especially for energy. “The island is known for its regulatory framework in a number of areas,” the Deputy Premier elaborated. The Government amended its legislation to allow a type of regulatory “sandbox”, which is a new type of license for a regulated energy environment, based on reliable technologies that are available. “Sandbox” is a term to define externally testing procedures before being used in the ongoing processes to test reliable energy mixes for Bermuda.

Bermuda invites innovation, emphasised Mr Roban. Moreover, the world requires more innovation to meet the targets set for 2050 to abate a global climate catastrophe, let alone meeting the interim goals for 2030. Conventional technology may address no more than 70 per cent of what is needed for the energy needs of the world, according to leading experts. Over the next few decades, the world needs to test innovative technologies to ensure they work in many environments and function as expected for island states and larger jurisdictions. Bermuda is focused more on islands and coastal communities. These technologies can be tested then commercialised.

There was an invitation to test wave technology by a company called Seabase in Bermuda. It is in the process of being considered for approval. The test installation will have an energy generation capacity of ten megawatts or so, and it would be the only “utility scale” of its type in the region. If successful, it can be scaled to 40 megawatts or more, which would be a significant portion of Bermuda’s present energy needs.

The world is already benefiting from Bermuda’s innovation. Right now, the United Nations Development Programme is using the Bermuda “Innovation Licence” and framework for other small-island states, noted Mr Roban. Tonga has signed a memorandum of understanding with the UN for the wave technology, along with Caribbean islands Grenada and St Lucia. Bermuda is providing solutions for the world with its framework for marine conservation, along with its land and species conservation. Not only is Bermuda providing insurance solutions, it is also innovating solutions for the world’s oceans.

Barbados sent a team to Bermuda in July to gain a better understanding of the Bermuda Marine Spatial Plan to be agreed by the community, which is the work of the BOPP in collaboration with the Waite Institute and Bios. The Government of Bermuda is aiming to craft legislation surrounding the MSP framework to be able to deploy, fund and finance the marine-based Blue Economy Solutions. It will be a Bermuda Blue Fund into which investments can be directed, including those from development banks and other institutions, for ocean development and climate catastrophes.

The Deputy Premier concluded much of what was discussed at the Bermuda COP28 presentations demonstrate ways the island can partner with the United Arab Emirates as well as other entities around the world to address climate change and the UN on sustainable development goals. “Bermuda is seeking to be at the forefront of driving solutions and other parts of the world can benefit as well,” he pointed out.

The island is working with Britain and fellow Overseas Territories to be part of the larger global community to promote growth and opportunities. David Burt, the Premier, and Mr Roban want to be good stewards for the future and the Bermudian youth who were represented at COP28 led by Noelle Young through the UN Young Professionals Programme.

• Patrice Horner, CFF, MBA, attended COP28 as a special correspondent for The Royal Gazette