Royal Gazette: Climate Summit Economic impact estimated at $1.1 million

Royal Gazette: Climate Summit Economic impact estimated at $1.1 million

The short-term economic impact of the Bermuda Climate Summit has been estimated at $1.1 million, and supported 311 local jobs, the Bermuda Business Development Agency has reported.

The BDA, co-presenters of the conference with Kroll Bond Rating Agency, said that impact included lodging, transportation, food and beverage, retail and recreation.

The event, held June 26-27 at Hamilton Princess, attracted 335 delegates, including 101 from overseas.

The inaugural climate summit, held in May 2022, attracted 150 delegates, 70 from overseas, and had an economic impact of $575,000.

The BDA said the conference attracted 119 companies with total combined assets under management of approximately $4.16 trillion.

The organisation added that the event not only ensured Bermuda remained globally well regarded as a climate thought leader, but also delivered on its theme to create business solutions, policy and jobs of the future.

David Hart, BDA CEO, said: “The BDA was pleased to facilitate important climate risk solution conversations at and around our conference, bringing together financial services leaders, public policymakers and global NGO heads.

“In so doing, we are well on our way to increasing foreign direct investment in Bermuda by building out a new climate risk solutions/asset management pillar, adjacent to our globally significant risk and insurance sector.

“We heard again and again at the conference about how Bermuda is perfectly positioned to be a global capital for blue bonds.”

He added: “The BDA looks forward to continuing to build upon our momentum by holding overseas business development missions throughout 2023, and welcoming delegates back to our third annual Bermuda Climate Summit in 2024.”

The BDA thanked eight environmental charities that participated in the summit: Bermuda Aquarium Museum and Zoo, Bermuda Audubon Society, Bermuda Institute for Ocean Sciences, Bermuda National Trust, Bermuda Ocean Prosperity Programme, Beyond Plastic, Keep Bermuda Beautiful and Living Reefs Foundation.

The organisation extended special thanks to Aspen for supporting the planting of one tree per Bermuda Climate Summit delegate via its charity partners.

The BDA said it looks forward to its next conference, the fifth annual Bermuda Tech Summit, being held at Hamilton Princess on October 9-10.

July 2, 2023 News