To protect itself from disaster, this country’s leaning on an unusual source of cash

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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