Delegation buoyed by New York meetings on climate-risk finance
The Government expects that Bermuda will emerge as a capital for climate-risk finance and a hub for climate-tech innovation.
Curtis Dickinson, the Minister of Finance, said: “Over time, we are confident that this new sector will emerge as a pillar of Bermuda’s world-class market, fostering additional investment, employment and on-island career prospects for Bermudians.”
The minister was speaking in relation to the Bermuda Business Development Agency’s (BDA) climate-risk finance roadshow in New York City over the last four days of September.
Among those enthusiastic at the New York response was BDA chairman Stephen Weinstein, who said: “Having started my career as a Wall Street lawyer before working in Bermuda for the last two decades, it was particularly gratifying for me to help highlight Bermuda’s expertise and inform some of the most significant players in the global financial markets about our aspirations to become the world’s climate-risk finance capital.“
The minister led the Bermuda delegation through 16 meetings with leading law firms, advisers and asset managers to promote the island as a global capital for climate-risk finance.
The BDA said that the companies they met represented revenues of $3.28 billion and maintain offices in 54 cities worldwide.
Mr Dickinson said: “The purpose of the road show was to highlight Bermuda’s core competitive advantages as a capital for climate-risk finance and a hub for climate-tech innovation. We believe it is important to share directly with leading players, and Government’s recent climate and ESG commitments.
“Bermuda’s unique island location, coupled with our innovative spirit, have inspired us to embrace sustainability and risk mitigation practices for 400 years.
“There are numerous reasons why Bermuda is the ideal location in which to domicile and operate global business-to-business financial services firms.
“In addition to those which I have already noted, our commitment to transparency and quality business remains unwavering.”
Mr Weinstein said: “Bermuda’s proven track record in climate-driven catastrophe re/insurance is proof of concept for climate-risk finance, and the reception we received reinforces our conviction that Bermuda’s climate forward and ESG values reinforce some of the most exciting innovations in the market.”
Greg Wojciechowski, CEO of the Bermuda Stock Exchange and a BDA board member, said: “Bermuda’s stellar reputation as a quality financial services centre, particularly in the areas of re/insurance and insurance-linked securities, remains intact.
“The NYC firms we met with fully support Bermuda, understand our contribution, and want more meetings and connections. They are building out their ESG teams — investors are being very specific about where they invest moving forward — so climate change and ESG was a key theme across all of the meetings.”
Completing the BDA delegation were member of parliament and adviser to the minister of finance Jache Adams; managing director of Bermuda and International Wealth, Butterfield, representing the Bermuda Bankers Association Michael Neff; BDA board member and business development committee chairman George Thomas; and, DA director of marketing Jamari Douglas.
Mr Weinstein said: “For many firms, our delegation was their first in-person meeting in two years and they were excited to see us. I also thank the BDA delegation for committing their time.”
He added that future road shows are being planned, including the next in New York from October 26-28, as well as at COP26, the UN Climate Change Conference of the Parties, in Glasgow next month.