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illuminem summarizes for you the essential news of the day. Read the full piece on The Washington Post or enjoy below:
🗞️ Driving the news: Dominica is funding its ambitious climate-resilience plan by selling passports through its Citizenship-by-Investment (CBI) program
• The program, which expanded after Hurricane Maria in 2017, now surpasses the country’s tax revenue and finances vital infrastructure, housing, and disaster-preparation projects
🔭 The context: After being devastated by Hurricane Maria, Dominica pledged to become the world's most climate-resilient nation
• With limited access to international climate funds and avoiding massive debt, Dominica turned to wealthy investors, particularly from China and the Middle East, who buy Dominican citizenship for global mobility
🌍 Why it matters for the planet: Dominica's approach highlights the difficulties small nations face in securing adequate funding for climate resilience
• By relying on unconventional financing, Dominica is setting an example for other vulnerable nations seeking self-reliant solutions in the fight against climate change
⏭️ What's next: Although the CBI program has enabled Dominica’s recovery, concerns about its long-term sustainability and international scrutiny could jeopardize this revenue stream, posing risks to the country’s resilience goals
💬 One quote: “We realized we had to get a self-dependent form of financing to deal with climate change,” said Dominica’s finance minister, Irving McIntyre
📈 One stat: Dominica's CBI program has generated an average of $140 million annually, significantly contributing to the country's post-hurricane recovery efforts
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