Voices continue to be heard encouraging Bermuda to play a significant role in creating climate solutions, especially in terms of the issuance of “blue bonds“.

Suzanne Johnson, senior adviser, United Nations Global Compact (UNGC) Ocean Stewardship Coalition, said: “Bermuda is small on the map but large when you look at its sovereign ocean and Exclusive Economic Zone.

“Bermuda has clearly recognised the important role the blue economy can play in not only the protection and preservation of its marine environment, but also to its sustainable economic development.

“A blue bond or instrument would signal Bermuda’s blue ambitions to the market: it would highlight its blue credibility as investors are reassured that the country will be held accountable for its blue commitments.

“Blue and sustainable bonds attract good investors who are motivated by ESG consideration. With other countries actively looking into this, Bermuda can be an exemplar. Bermuda can burnish and even amplify its financial profile in the international community to act as a voice for ocean states.”

Slav Gatchev, managing director for Sustainable Debt at The Nature Conservancy, noted: “Bermuda, benefiting from a strong sovereign credit rating and a sophisticated financial services industry, is well positioned to issue an impact bond to fund its investments in ocean and coastal protection and a vibrant sustainable blue economy. At the same time, Bermuda’s reinsurance industry is perfectly positioned to support — through credit and parametric policies — the blue and other sustainable debt issuances of sovereigns in the Americas and globally.”

Walter Roban, the Deputy Premier, said, “It was with great interest that I listened to and participated in the many important conversations, especially about blue and impact bonds, taking place in and around the 2023 Bermuda Climate Summit. Ms Johnson, Mr Gatchev and other leading global figures all made excellent points in this regard that certainly aligned with our currently thinking. It is intended that the creation of a blue bond will be part of our Blue Economy Strategy. To show our continued dedication to becoming a global capital for climate-risk solutions and asset management, Bermuda will be attending COP28 in the UAE in December. We look forward to sharing more on this important topic in due course.”

The Bermuda Climate Summit was held in June and attracted 325 delegates, including 101 from overseas, according to the Bermuda Business Development Agency.