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Meet Kevin Richards, a former athlete powering Bermuda’s renewable energy ambition


To kick off this conversation, could you share what inspired you to create Bermuda Global Holdings and how it aligns with your vision for driving sustainability and innovation in Bermuda?

Kevin: Bermuda has abundant capital and expertise in insurance, but most of it is deployed internationally. Bermuda Global Holdings was created to focus on local investment, especially in infrastructure, and direct funds to energy, hospitality, food security, and water resources—areas that need strengthening for Bermuda’s long-term sustainability.

At the Bermuda Business Development Agency, I saw that while tourism is essential, international business really drives our economy. But the two are interconnected; without tourism infrastructure, like hotels, we risk losing direct flights, which would impact the whole economy. Bermuda Global Holdings aims to channel international partnerships directly into Bermuda’s infrastructure, ensuring we are resilient in the long run.

Next year, the Bermuda government will release a report on the island’s climate impacts. It will cover everything from coastal erosion to infrastructure vulnerabilities. We are preparing to align our strategies with these findings so that we are ready to address resilience needs as soon as insights are available.

What unique opportunities does Bermuda have in renewable energy, and how do you see the island leveraging its natural resources to drive innovative energy solutions?

Kevin: Bermuda has a clear energy governance framework, though we only have one monopoly utility provider. Private solar companies have begun deploying rooftop installations, but there is room for larger-scale projects. Our first solar array was built near the airport in 2016, but there’s a long way to go.

The regulatory authority developed an Integrated Resource Plan, updated periodically to guide energy mix and grid resilience discussions. There is growing interest in floating solar, offshore wind, and wave energy. The Bermuda Ocean Prosperity Program also identifies areas for these projects in our exclusive economic zone. With a supportive government framework and an independent regulatory authority, we’ve built a conducive environment for local and international investment in renewable energy.

Has there been any benchmarking for Bermuda’s renewable energy journey, especially regarding the structure of energy projects?

Kevin: Yes, though our structure is unique. For instance, Bermuda Electric Light Company (BELCO), our main utility provider, is private, unlike most island nations where the utility is usually government-owned. BELCO has been a private entity from the start and is listed on the Bermuda Stock Exchange. It was acquired by Canada’s Algonquin Power a few years ago, which aligns with our strategy to green the grid.

Private ownership gives us flexibility, as a company like BELCO can adapt quickly with the right support. Locals benefit from the profits as well, but our energy journey is still challenging. Building infrastructure for new renewable capacities takes time and investment. Prices could be lower, but at least we don’t face frequent blackouts, which is an upside of our resilient infrastructure.

When you talk about renewables, your focus seems to be so much on solar power. What about wind energy?

Kevin: Wind is more complex here. Bermuda’s wind patterns are inconsistent, which sailors love, but it is less ideal for wind energy generation. Plus, hurricanes add complications, as we are right in a hurricane zone, which poses risks for floating offshore wind turbines. Maintenance costs can be high, so any commitment to wind would need solid feasibility studies. Personally, I think floating solar may serve us better long-term.

If wind poses challenges, what about other ocean-based options?

Kevin: Floating solar is one of the more promising options. Bermuda’s position in the Atlantic, combined with ample sunlight and ocean space, makes it ideal. Floating solar arrays now have designs that are minimally invasive to marine life and cost-effective. Another area of interest is wave energy; the government is exploring this with Seabased, applying for an energy generation sandbox license in Bermuda.

You mentioned a “sandbox” license. How does this sandbox model work?

Kevin: The sandbox model is important for Bermuda. It allows companies to test new technologies in a controlled, supportive environment, not only in energy but also in FinTech, InsurTech, and digital assets. When I returned to Bermuda in 2015, deploying untested energy solutions was restricted. But now, with sandboxes, we are a testing ground for companies exploring cutting-edge technology, from renewable energy to blockchain.

How does Bermuda’s approach align with your interest in building connections with the Middle East?

Kevin: There is a natural synergy between Bermuda and the Middle East, especially in innovation. Bermuda’s goal of becoming an ocean-based energy hub aligns with what is happening in the Middle East, particularly in the UAE. Both regions share a forward-thinking approach to technology and renewable energy. My government has built strong relationships in the Middle East over the last few years, establishing partnerships in energy, finance, and digital assets.

By strengthening these ties, Bermuda can serve as an innovation “sister” to the Gulf, building collaborative opportunities across finance, digital solutions, and sustainable energy.

How is Bermuda identifying and developing opportunities for ocean-based renewable energy, and what steps are being taken to ensure these initiatives are both viable and environmentally sustainable?

Kevin: The Bermuda government is spearheading some truly exciting initiatives, like the Bermuda Ocean Prosperity Program. This program identifies key areas within our exclusive economic zone for sustainable development, including projects like floating solar farms. We are currently conducting impact studies to assess their feasibility and environmental impact, particularly on marine life.

Looking ahead, our goal is to diversify Bermuda’s renewable energy mix through strategic partnerships, innovation, and regulatory support. We are already exploring projects like Seabased’s wave energy and potential floating solar installations. By embracing these ocean-based solutions, we aim to create a sustainable energy model that sets a global example.

In many ways, Bermuda may be small in land, but we’re vast in ambition. Through partnerships and a commitment to clean energy, we’re working to make a meaningful impact on the world stage.

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How does Bermuda’s geographic and cultural identity influence its role in energy and innovation?

Kevin: Despite being just 21 square miles with a population of 60,000, Bermuda is surrounded by vast ocean, and that’s our natural asset. Instead of thinking of ourselves as a “small island state,” I see Bermuda as a “big blue state” with incredible potential for ocean-based energy solutions. Our goal is to lead globally in ocean energy innovation.

Bermuda has a long history of ocean research, especially through the Bermuda Institute of Ocean Sciences, where I serve as a board trustee. The institute has collected the world’s longest time series of ocean temperatures, which has been invaluable for understanding climate and ocean dynamics. This rich history of ocean science makes our move toward ocean-based energy a natural progression.

Bermuda’s connection to the Middle East is also important. There’s a lot of innovation happening in the Gulf region, especially in renewable energy. I see a real synergy between our development as an innovation island and the Middle East’s focus on sustainable solutions. For instance, the UAE’s leadership mindset, focused on becoming a regional leader with global influence, aligns well with our vision.

In recent years, Bermuda has been actively building relationships in the Middle East, particularly in energy and finance. Personally, I have been fostering these connections for over two decades, starting with tax agreements that brought companies from the GCC to Bermuda. Today, we are deepening ties in energy, finance, insurance, and digital assets, with initiatives like the MOU between the Bermuda Monetary Authority and Abu Dhabi Global Market.

Bermuda can also be an innovative partner for the Middle East, particularly in ocean-based energy solutions.

How did the idea for the Bermuda Carbon Commission (BCC) come about, and what role do you envision it playing globally?

Kevin: The Bermuda Carbon Commission (BCC) is an exciting new initiative, born from my vision to leverage Bermuda’s potential for global impact. Carbon credits have always been complicated, and I’ve been working to understand and demystify the system since I completed my MBA in 2011. My turning point came in 2022 during an expedition to Greenland, where I learned about the challenges and opportunities in carbon credits.

It became clear that the current system, which mainly focuses on forestry credits, doesn’t work for smaller jurisdictions like Bermuda. These credits require protecting vast areas of land, making them difficult to implement in smaller islands. So, we saw an opportunity to use the ocean’s massive carbon-sequestering capacity instead. The ocean absorbs four times more carbon than forests, yet “blue carbon” credits (carbon credits based on oceanic carbon capture) are still in their early stages.

Bermuda’s recent developments in digital assets have provided a foundation for innovation. With companies like Triangle Digital, we are using technology to track carbon credits with transparency. Their platform can create digital twins for real-time monitoring, ensuring credibility and trust in these new blue carbon credits.

Our goal with the BCC is to issue these credits through blockchain technology, allowing for transparent tracking, and eventually listing them on the Bermuda Stock Exchange. We believe this could be a game-changer for island nations looking to green their energy sectors and attract global investors.

It is encouraging that the BCC is tackling some of the opacity in carbon credits. How do you plan to help other regions develop their own resilient, verifiable carbon markets?

Kevin: Our first priority is perfecting the model here in Bermuda. We want to ensure that both the public and private sectors are aligned in this effort. Once we have a solid framework in place, we plan to scale this initiative internationally. I have been in discussions with stakeholders in the U.S., UK, and Europe to gather support and share knowledge on how to make blue carbon credits verifiable and transparent.

A key part of this effort is digital monitoring and verification. Using technologies like digital twins, we can link specific carbon credits to tangible energy generation. For example, if a floating solar farm generates a certain amount of energy, that can be directly connected to a blue carbon credit, providing a clear and verifiable trail of data. This approach will help prevent the “zombie credits” that have plagued the carbon market and ensure that only legitimate, verifiable credits are traded.

I am also exploring partnerships in the UAE to help us meet the highest standards for blue carbon credits, ensuring that global investors can have confidence in our solutions.

Can you elaborate on the potential collaborations you envision with international partners, particularly in regions like the Middle East?

Kevin: The Middle East has been at the forefront of energy innovation, and Bermuda is in a unique position to complement these efforts. We have expertise in digital assets and ocean-based solutions, and we’re eager to collaborate with partners in the Gulf region, where countries are leading ambitious renewable energy projects.

For example, initiatives like the Red Sea Project in Saudi Arabia, which focuses on coral protection and restoration, align perfectly with Bermuda’s ocean-centric approach. Similarly, Abu Dhabi’s mangrove initiatives resonate with our goal of leveraging natural resources for sustainable solutions.

We are also looking to bridge the gap between Western technology solutions and the Gulf market. When I visited Bahrain’s CC Forum in 2022, I saw the potential for Bermuda to connect innovators in the West with those in the Gulf, particularly in areas like hydrogen energy and digital identity.

By positioning the Bermuda Carbon Commission as a non-profit under the Bermuda Innovation and Technology Association, we aim to create a platform for global collaboration on blue carbon credits. We believe this initiative could be a model for other regions, bringing together technology, innovation, and partnerships to drive positive environmental change.

You have mentioned the synergies between Bermuda and the Gulf region. What other areas do you see for collaboration between Bermuda and the Middle East?

Kevin: One of the most exciting areas for collaboration is in digital assets and innovation. The UAE has done an incredible job of positioning itself as a global hub for technology and innovation, and Bermuda’s own push to become an innovation center aligns with that. Through my work with Bermuda’s Business Development Agency, I’ve seen firsthand how Bermuda is evolving into a tech hub.

There is also a huge opportunity to address global challenges like water scarcity. The UAE is actively tackling this issue, and I have been working to connect them with Western water technologies, including solutions for desalination and sustainable water management. This is just one example of how we can facilitate collaborations that benefit both regions.

The issue of energy equity is increasingly key in global conversations. How do you see a bridge being created between regions with surplus power and those with limited access to electricity, especially in Africa?

Kevin: That is a major challenge that requires a fundamental shift in thinking. Africa, particularly, has been historically exploited for its resources, which has hindered sustainable development. But there is real hope in technology, which can bridge the gap and create equitable solutions.

I have been working with African leaders to explore how regions with abundant natural resources, like solar energy and water, can use those assets to combat climate change. The key is moving away from exploitation and toward empowering communities to build sustainable infrastructure.

We can engage in a way that fosters mutual empowerment. It starts with mutual respect and transparency. In my time in the Middle East, I have seen how countries are using technology to improve lives and drive sustainable transitions. By applying the same principles of empowerment, we can create partnerships that go beyond mere extraction and focus on long-term, equitable solutions.

The key is to build partnerships that are rooted in shared goals and mutual respect, ensuring that all parties benefit from the collaboration. This is the type of engagement that will drive real, lasting change.

You are clearly working on a lot of different initiatives. What drives you to take on so much?

Kevin: My family background has played a huge role in shaping my outlook. My grandfather was Bermuda’s first Premier, and my father was an entrepreneur and deputy Premier. Growing up, I saw how Bermuda could engage on the global stage and make a real impact.

When COVID hit, I felt a stronger calling to use my position to help shape Bermuda’s future. My experiences living and traveling globally, particularly in the UAE, helped me realize the potential for small island nations like Bermuda to play a big role in addressing global challenges. My goal is to diversify Bermuda’s economy and position it as a leader in innovation, especially in collaboration with the Middle East.

How has the transition been for you going from an athlete with a vision to a leader working to make that vision a reality?

Kevin: The transition has actually been quite seamless. Growing up, my family always encouraged us to be well-rounded. Back in high school, academics were as important as sports. I remember once missing an under-23 national team tour because I didn’t pass my physics exam. My parents insisted I stay back and spend the summer with a tutor. That lesson taught me early on that sports, while valuable, were secondary to academics and to always have something else to fall back on.

This perspective was especially helpful when I suffered a career-ending injury playing for the Bermuda national team. My mom reminded me, “That is why you have got that degree from Notre Dame.” Beyond education, relationships have been essential. I think my biggest asset has always been my people skills. Connections I made in football introduced me to several insurance companies and brokerage firms, leading to my first corporate role. My Bermudian background and international experience made it easier to leverage those relationships and find new opportunities.

Your athletic background seems like it built resilience. How did those experiences shape your approach to business?

Kevin: Absolutely. Sports instills resilience, the ability to push through challenges, and teamwork. I wasn’t necessarily the most skilled athlete, but I would be the one still sprinting at the 90th minute. That same drive now fuels my work ethic. Setbacks don’t keep me down long; I am always ready to push boundaries.

Today, I look at Bermuda and other island nations facing climate change impacts, with more storms, and more hurricanes. There is an urgent need for sustainable practices, improved energy security, and rethinking food systems. Many people talk about these issues, but not enough are actively driving change. That is where my focus lies on leveraging my background and drive to push these initiatives forward.