Latest news with #EconomicandClimateResilienceCitizenshipProgram
Scoop
6 days ago
- Business
- Scoop
First ‘Climate Citizens' Approved By Nauru In World-First Program
The Republic of Nauru has welcomed its first new citizens under the government's Economic and Climate Resilience Citizenship Program, announced at COP29 late last year. Nauru, ranked the world's fifth most vulnerable nation under the United Nations' Multidimensional Vulnerability Index (MVI) for its heightened exposure to economic and environmental shocks, launched the program as a way for conscientious investors to acquire an additional citizenship while contributing to climate adaptation and sustainable development projects in the South Pacific. Program CEO Edward Clark revealed the first approved applicant is a German family of four who recently sold their long-standing family business – a well-known, reputable German company - and are currently living in Dubai. 'They were looking for a second citizenship to provide them with a Plan B given the current global political volatility and chose the Nauru Economic & Climate Resilience Citizenship Program because the contribution was going towards tackling the impacts of climate change on the island,' he explained. Mr Clark, who has an extensive background in international banking, financial crime and compliance, said it took under four months from receiving the application to the granting of citizenship, and that strict due diligence processes were followed. 'This is a fundamental pillar of our program and a safeguard for Nauru's reputation and security,' he said. 'All applicants undergo checks with international law enforcement agencies and are subject to in-depth background verification. Our entire application process is consistent with international best practices. He said only individuals of the highest calibre who can participate in shaping Nauru's future will be granted citizenship. 'The granting of Nauruan citizenship to this family marks a major milestone for the program and provides even more confidence to those who are currently exploring Nauru citizenship by investment.' Nauru is embarking on a long-term project that will reform the nation in the face of economic challenges and climate change, which as well as dealing with issues like food and water security, includes the 'Higher Ground Initiative' - relocating almost the entire population from the coast to higher ground. The new citizens from Germany applied through international migration agents Henley & Partners, who in a statement said the company is, 'incredibly proud to represent the first applicant to be successfully granted citizenship under the Republic of Nauru's Economic and Climate Resilience Citizenship Program. 'For our firm, this goes beyond mobility; this is about directing capital into a Small Island Developing State, which is facing real climate risk. 'This is a clear example of how investment migration, when properly designed and governed, can channel capital toward economic and climate resilience measures and create a more sustainable future,' the statement concluded.
The Guardian
26-02-2025
- Business
- The Guardian
Nauru sells citizenship to help save it from sinking
The Pacific island nation of Nauru is selling citizenship to fund its retreat from rising seas, the country's president, David Adeang, announced on Tuesday, opening a contentious 'golden passport' scheme as climate financing runs dry. The low-lying island nation of 13,000 residents is planning a mass inland relocation as the human-caused climate crisis raises global sea levels, eating away at the country's fertile coastal fringe. The country will drum up funding by selling passports to foreigners for US$105,000 each, despite fears such schemes are ripe for criminal exploitation. Nauru claims its passport will provide visa-free entry into 89 countries, including the United Kingdom, Ireland, the United Arab Emirates and Hong Kong. 'For Nauru it is not just about adapting to climate change, but about securing a sustainable and prosperous future for generations to come,' Adeang told AFP. 'This is about more than survival. It is about ensuring future generations have a safe, resilient and sustainable home. We are ready for the journey ahead.' The island republic sits on a small plateau of phosphate rock in the sparsely populated South Pacific. With a total landmass of just 21 square kilometres (8 square miles), it is one of the world's smallest nations. Unusually pure phosphate deposits – a key ingredient in fertiliser – once made Nauru one of the wealthiest places, per capita, on the planet. But these supplies have long dried up, and researchers today estimate 80% of Nauru has been rendered uninhabitable by mining. What little land Nauru has left is threatened by encroaching tides; scientists have measured sea levels rising 1.5 times faster than global averages. Existing climate funding efforts are 'not sufficient' to address the challenge, said Edward Clark, who runs Nauru's new Economic and Climate Resilience Citizenship Program. 'Debt financing places an undue burden on future generations and there is not enough aid,' he told AFP. Nauru's government expects to reap US$5.7m in the programme's first year, equating to about 66 successful applications, Clark said. It hopes this will gradually increase to US$43m – or about 500 successful applications – which would account for almost 20% of total government revenue. Nauru officials believe 90% of the population will eventually need to move to higher ground. The first phase of this mass relocation is estimated to cost more than US$60m. To pay the bill, Nauru has pinned its hopes on the new citizenship-by-investment programme. Clark said it was a kind of 'innovation'. 'It is well known that developing climate-vulnerable countries are disproportionately affected by climate change, and there is therefore an urgent need to ensure they disproportionately benefit from climate innovation,' he said. Nations such as Nauru 'have both a need and a right to be prosperous', Clark added. More than 60 different nations offer some form of migration for investment schemes, Australia's Lowy Institute has found. Pacific nations such as Vanuatu, Samoa and Tonga have all dabbled in selling passports, according to the thinktank. Henrietta McNeill, a research fellow in pacific affairs at the Australian National University, said while these schemes helped bolster government revenue, they were also prone to exploitation. She said criminals could use these documents to evade law enforcement, launder money or exploit visa-free entry rules. A previous Nauru attempt to sell passports ended in disaster. In 2003, Nauru officials sold citizenship to al-Qaida members who were later arrested in Asia, according to Australian broadcaster ABC. Clark said this time Nauru would only offer passports to like-minded investors that passed 'the strictest and most thorough due diligence procedures'. 'This programme isn't just about acquiring another passport,' he said. 'It's about joining a community dedicated to pioneering solutions for global challenges.' Nauru has accepted millions of dollars from the Australian government since 2012 for housing migrants who had sought asylum in Australia. But the scheme was gradually scaled back after 14 detainee deaths, multiple suicide attempts and at least six referrals to the international criminal court. Nauru still held 87 people as of 31 August 2024, according to latest Australian government figures.
Yahoo
26-02-2025
- Business
- Yahoo
Nauru sells citizenship to fund climate change mitigation
Pacific microstate Nauru is selling citizenship to fund its retreat from rising seas, President David Adeang told AFP, opening a contentious "golden passport" scheme as other climate financing runs dry. The low-lying island nation of around 13,000 residents is planning a mass inland relocation as creeping seas start to eat away at its fertile coastal fringe. It will drum up funding by selling passports to foreigners for US$105,000 each, despite fears such schemes are ripe for criminal exploitation. "For Nauru it is not just about adapting to climate change, but about securing a sustainable and prosperous future for generations to come," Adeang said. "This is about more than survival. It is about ensuring future generations have a safe, resilient and sustainable home. We are ready for the journey ahead." The island republic sits on a small plateau of phosphate rock in the sparsely populated South Pacific. With a total landmass of just 21 square kilometres (eight square miles), it is one of the world's smallest nations. Unusually pure phosphate deposits -- a key ingredient in fertiliser -- once made Nauru one of the wealthiest places, per capita, on the planet. But these supplies have long dried up, and researchers today estimate 80 percent of Nauru has been rendered uninhabitable by mining. What little land Nauru has left is threatened by encroaching tides -- scientists have measured sea levels rising 1.5 times faster than global averages. - Golden passports - Existing climate funding efforts are "not sufficient" to address the challenge, said Edward Clark, who runs Nauru's new Economic and Climate Resilience Citizenship Program. "Debt financing places an undue burden on future generations and there is not enough aid," he told AFP. Nauru's government expects to reap US$5.7 million in the programme's first year, equating to around 66 successful applications, Clark said. It hopes this will gradually increase to US$43 million -– or about 500 successful applications -- which would account for almost 20 percent of total government revenue. Nauru officials believe 90 percent of the population will eventually need to move to higher ground. The first phase of this mass relocation is estimated to cost more than US$60 million. To pay the bill, Nauru has pinned its hopes on the new citizenship-by-investment programme. Clark said it was a kind of "innovation". "It is well known that developing climate-vulnerable countries are disproportionately impacted by climate change, and there is therefore an urgent need to ensure they disproportionately benefit from climate innovation," he said. Nations such as Nauru "have both a need and a right to be prosperous", Clark added. Nauru claims its passport will provide visa-free entry into 89 countries, including the United Kingdom, Ireland, United Arab Emirates and Hong Kong. - A 'pioneering' fix? - More than 60 different nations offer some form of migration for investment schemes, Australia's Lowy Institute has found. Pacific nations such as Vanuatu, Samoa and Tonga have all dabbled in selling passports, according to the think tank. Australian National University expert Henrietta McNeill said while these schemes helped bolster government revenue, they were also prone to exploitation. She said criminals could use these documents to evade law enforcement, launder money or exploit visa-free entry rules. A previous Nauru attempt to sell passports ended in disaster. In 2003, Nauru officials sold citizenship to Al-Qaeda members who were later arrested in Asia, according to Australian broadcaster ABC. Clark said this time Nauru would only offer passports to like-minded investors that passed "the strictest and most thorough due diligence procedures". "This programme isn't just about acquiring another passport," he said. "It's about joining a community dedicated to pioneering solutions for global challenges." Nauru has accepted millions of dollars from the Australian government since 2012 for housing migrants who had sought asylum in Australia. But the scheme was gradually scaled back following 14 detainee deaths, multiple suicide attempts and at least six referrals to the International Criminal Court. Nauru still held 87 people as of August 31, 2024, according to latest Australian government figures. lec/sft/djw/cms
