Funding for environmental projects in Bermuda waters has moved a step closer after the Bermuda Ocean Prosperity Fund was formally gazetted for incorporation.

It is hoped that the private-public fund will raise $60 million to finance projects and businesses in areas such as sustainable fisheries, sustainable tourism, marine technology, renewable energy, and nature-based initiatives.

The ocean fund has been developed as a key component of the Blue Prosperity Plan, which includes a Blue Economy Strategy and Marine Spatial Plan. The ocean fund's investments will work hand-in-hand with Bermuda's Marine Spatial Plan.

Walter Roban, the Deputy Premier and Minister of Home Affairs, said the fund will support local entrepreneurs while helping to protect the marine environment. Under the plan, 20 per cent of island waters will be ring-fenced as “no-take protected zones”.

He said: “The ocean fund aims to boost Bermuda's blue economy forward by supporting local entrepreneurs while protecting our marine habitats that many businesses rely on.

“The fund will open new doors for local entrepreneurs to launch innovative projects. This can position Bermuda as a leader in sustainable ocean industries, creating opportunities that will benefit our community for generations to come. It’s a win-win for our island and our ocean.”

Unveiling the funding plan last year, Mr Roban said that it was hoped it could raise “somewhere close to $100 million”.

According to a Bermuda Ocean Prosperity Programme spokesman, once the fund is set up, a “comprehensive framework” for governance and decision making will be established to manage raising and allocation of funds.

Structuring and initial fundraising is expected to occur during the first half of this year.

Potential investments will be evaluated using a variety of criteria, including: benefits for nature, island communities and sustainable livelihood; environmental resilience; potential for revenue generation; and compliance with current regulations.

The fund will be managed by Clarien Investments Ltd and fundraising firm Outrigger Impact.

Simon Van de Weg, the bank’s chief banking officer, said: "Clarien is proud to play a foundational role in establishing and managing this transformative fund.

“We are committed to driving initiatives that benefit our community and natural environments in sustainable and innovative ways. We believe that the ocean fund can help secure a more prosperous and sustainable future for Bermuda.”