Bermuda could unlock hundreds of millions of investor dollars to fund major infrastructure projects for renewable energy if it advances legislation, according to the head of an asset management company.

Kevin Richards will make the case that Bermuda is one of the best placed islands in the world to attract institutional finance to boost the blue economy when he speaks at the 13th annual World Ocean Summit this week.

Richards, the managing director of Bermuda Asset Management, a Bermudian-based platform focused on clean technology, will deliver a presentation titled Moving From Pledges to Payments: Institutionalising Delivery in Small Island Jurisdictions.

He was invited to speak by host organisation Economic Impact, an arm of the prestigious British journal and media group The Economist.

Mr Richards’s talk will highlight the billions of dollars that have been pledged for ocean and climate action globally and how, if Bermuda was to advance legislation to ratify a marine spatial plan, the island could unlock hundreds of millions of investor dollars to fund major infrastructure projects for renewable energy.

The summit, being held in Montreal tomorrow and on Thursday, will build on the outcomes of the United Nations Ocean Conference in Nice, and convene senior leaders and ocean stakeholders from across sectors.

Mr Richards, who was formerly a business development manager for the Bermuda Business Development Agency, told The Royal Gazette: “Bermuda is one of the best islands in the world to attract institutional finance and capital because we have processes and procedures in place, and we have such a business infrastructure geared towards institutions like large, international insurance companies

“We should therefore be one of the case studies or pilots to show other islands, and the world, the concept that you can invest in renewable energy infrastructure on a small island and it can be done in just as structured a way as in a major inshore economy.

“When I was at the BDA, we drafted legislation for sub-sea cables and a couple of years later, Google has built a transatlantic cable and is planning to build a second one.

“The Regulatory Authority put out a request for information in the fourth quarter of last year for floating solar in Castle Harbour.

“When I look at the process of the integrated resource plan we have in place, the Government did a ton of consultation for a marine spatial plan.

“This makes way for what we saw happen with the sub-sea cables to be replicated for a floating solar energy concept.”

Mr Richards said the legislation for a marine spatial plan needed to be enacted to help provide investor confidence.

Following the last General Election, the Government said marine protection plans would not go ahead until an agreement could be reached with the island’s fishermen on better enforcement and fairer data collection rules.

Mr Richards said: “The marine spatial plan has not gone into legislation yet and there is a reputational risk that is facing Bermuda today because we have talked about this for so long.

“Internationally, we are positioned as a leader and innovator in this process because of what BOPP [Bermuda Ocean Prosperity Programme] and the former Minister of Home Affairs, Walter Roban, achieved.

“We have an ocean prosperity plan and next was to be law that bound us to that plan.

“If you are a financier looking to build an ocean facility, you know where the infrastructure can go, what the process is and can make it a reality. It is a ring-fenced project versus other islands where there is no road map.

“I think we could attract hundreds of millions of dollars for the island for energy infrastructure to help us to decarbonise the grid.”

During his presentation, Mr Richards will speak to structural pillars that need to be in place for small islands to attract investment.

They include an MSP to provide clarity on ocean use, regulation and an IRP for transparent procurement and grid planning, as well as pre-development funding and risk transfer including environmental impact studies, procurement-ready feasibility, and insurance and credit enhancement.

“Together, these convert early-stage concepts into financeable infrastructure,” Mr Richards said.

He will speak to structural constraints including climate exposure often being priced as unmanageable, rigid, global classifications, scarce pre-development capital, and unfunded environmental and feasibility work.

Mr Richards will make the case that constraint is “preparation rather than capital” and that infrastructure becomes financeable when there is legal and regulatory certainty, transparent procurement and revenue clarity.

He added: “If you are trying to create an ecosystem where start-ups can thrive, you need angel investors, venture capital and institutional finance to be attractive to your market, and that is what I am trying to bring to Bermuda.”

The summit will offer participants an opportunity to forge new partnerships, co-develop action plans and accelerate collaborative leadership in ocean stewardship while providing a strategic platform for advancing regional and global priorities.

Mr Roban represented Bermuda at the summit in 2024 in Lisbon.

He spoke on increasing capacity for restoration and economic development in small island developing states as well as economic development and sustainable blue economies.

Economic Impact said of the summit: “The event will spotlight growing leadership in ocean stewardship and provide a strategic platform for advancing regional and global priorities.

“The programme will discuss how ocean technology, big data, digital innovation, science, policy and traditional knowledge can work together to strengthen ocean action.”

Sessions will also highlight the implementation of marine protected areas, evidence-based policymaking and the integration of indigenous perspectives across the global ocean agenda.

Speakers will include policymakers, investors, scientists, indigenous leaders, civil society actors and industry experts from sectors including shipping, aquaculture, offshore energy, tourism and finance.

They will contribute insights on how cross-sector collaboration, best practices and successful case studies can drive more inclusive and effective ocean stewardship.