The Government is planning to set up a privately administered investment fund to support development of the blue economy.

Walter Roban, the Minister of Home Affairs, made the announcement at a United Nations meeting of world leaders in New York last week.

Members of the UN’s Global Compact Ocean Stewardship Coalition ‒ which includes ocean industry CEOs, researchers and the finance community — met to discuss how legislators and the private sector could team up to deliver sustainable ocean management and ocean-based climate solutions.

The meeting focused on the importance of healthy oceans and sustainable ocean economies, and aimed to strengthen co-operation among stakeholders.

Speakers shared their views on finance, policy, and innovation and what it would take to achieve fully decarbonised shipping; sustainable deployment of 2000GW capacity of offshore wind energy; a six-fold sustainable increase of food production from the ocean, and ocean plans for 100 per cent sustainably managed marine resources by 2050.

At the event, Mr Roban revealed how Bermuda was creating the legislative framework for a privately administered fund focused on supporting developments and investments in the blue economy.

He said: “Governance is vital to providing certainty and stability. Bermuda's three pillars to successful and sustainable economic growth are; a robust legal framework for environmental protection; a solid regulatory foundation that supports environmental protection and critical infrastructure, including energy, telecommunications, water, sewage, and other vital components such as clean air and terrestrial areas; and; creating solid partnerships with local and international organisations openly and transparently.

“This fund will be administered like any other investment fund in the private international market, including the potential for blue bonds and other financial products.

“This fund will support development by investing in two key categories — incubator projects, and mature projects ready for investment, and will be a model for other island states to follow.”

Following the meeting, Mr Roban said: “This was an excellent opportunity to demonstrate Bermuda's sound governance and leading role in environmental initiatives, strengthen existing relationships, and develop new ones with leaders from organisations and countries worldwide.”

Mr Roban also took part in the ‘Return on Ocean Investment’ round table discussion, focusing on the role of financial markets and investors in creating a supportive, long-term investment environment to grow the sustainable ocean economy.