A tiny island country is selling citizenship for $105,000 to save itself from rising seas

illuminem summarizes for you the essential news of the day. Read the full piece on CNN or enjoy below:

🗞️ Driving the news: The Pacific island nation of Nauru is selling citizenship for $105,000 to fund climate adaptation measures
• Facing rising seas and coastal erosion, the government aims to relocate 90% of its population to higher ground
• The initiative is expected to generate $5.6 million in its first year, scaling up to $42 million annually

🔭 The context: Nauru, the world’s third smallest country, has been severely impacted by phosphate mining, leaving 80% of its land uninhabitable
• After serving as an offshore detention site for Australia, the island is now exploring deep-sea mining
• Previous passport-selling programs in Nauru have been controversial due to security concerns

🌍 Why it matters for the planet: Small island nations are among the most vulnerable to climate change but often lack financial resources for adaptation
• With international climate funding dwindling, Nauru’s initiative could set a precedent for other nations seeking alternative revenue streams
• However, concerns over corruption and security risks remain

⏭️ What's next: The program’s success depends on rigorous vetting and transparent use of funds, with oversight from international bodies like the World Bank
• If successful, it could contribute 19% of Nauru’s government revenue and inspire similar initiatives elsewhere
• Global discussions on sustainable climate financing for vulnerable nations continue

💬 One quote: “While the world debates climate action, we must take proactive steps to secure our nation’s future.” — Nauru President David Adeang

📈 One stat: A Nauru passport grants visa-free access to 89 countries, including the UK, Hong Kong, and the UAE

See here sustainability performance of climate finance companies like ALLCOT

Enjoy our curated list of leading investors in nature-based solutions (NBS)

Click for more news covering the latest on climate change adaptation and public governance