Dominica's CBI programme making fossil fuels a thing of the past

(MENAFN- Caribbean News Global)

By Caribbean News Global

LONDON, England – The island nation of Dominica is making the right strides in its quest to becoming a climate-resilient nation, by the construction of a geothermal plant , amongst other initiatives, that will enable the country to reduce its reliance on fossil fuels.

The United Nations made an urgent call to all countries in 1992 to tackle climate change amongst other issues and in 2015, the 17 Sustainable Development Goals (SDGs) were developed.

Dominica is already on its way to achieving six of the 17 SDGs for its nation, these include No Poverty; Good Health and Wellbeing; Affordable and Clean Energy; Industry, Innovation and Infrastructure; Sustainable Cities and Communities and Climate Action.

As hurricanes become more frequent and more intense, Dominica and other small islands are seeking new opportunities which lie in decarbonisation and renewable energy technologies to aid more sustainable forms of tourism and digitisation of the economy.

• Related: Geothermal power plant for Dominica by 2023

A greener Dominica

In 2017, the prime minister of Dominica, Roosevelt Skerrit, vowed to make Dominica the first climate-resilient nation in the world after the devastation left behind by hurricane Maria. The country, which can be counted amongst the few nations that can be termed“carbon neutral” is enhancing its resilience agenda by utilising resources on the island to generate energy.

The geothermal plant is being constructed in partnership with the United Kingdom, the World Bank and Kenesjay Green LTD , a local green energy company, and is expected to be operational by 2023.

The plant will ensure that the country is powered by renewable energy, reducing energy costs and carbon emissions while simultaneously creating jobs.

During COP26, which took place in Glasgow Scotland late last year, the Climate Resilience Executive Agency of Dominica 's chief executive officer, Francine Baron said:“This signing complements the work that Dominica is doing with the support of the Green Climate Fund (GCF) in developing green industrial projects as a major diversification effort and sustainable economic development for Dominica.”

“CREAD will work with Kenesjay Green Limited to expeditiously position Dominica to take advantage of its vast geo-thermal resources and growing global market interest for new eco-friendly products such as green hydrogen.”

Along with the geothermal plant, the island is ensuring that all infrastructure on the island is developed with sustainability and resilience in mind – all buildings from homes to hospitals, are built to withstand weather disasters.

A green revitalisation for the tourism sector

Dominica's tourism sector is also witnessing a green revitalisation, thanks to the introduction and construction of boutique environmentally sensitive villas and resorts.

During a recent visit to the Expo 2020 Dubai , Denise Charles, minister for tourism, international transport and maritime initiatives said,“We want visitors to know the real Dominica, with its 35 rivers, numerous waterfalls, pristine forests, wildlife and nature trails. We're committed to sustainable tourism, and very soon, we'll have an eco-resort powered by solar and green energy.”

“We are inspired by the Expo's subtheme of Sustainability because for several years Dominica has given high importance to nature conservation. Our pristine, unspoilt environment is perfect for eco-tourism,” added Kenneth Darroux, minister of foreign affairs, international business and diaspora relations, who was also at the Expo.

As the country moves towards complete climate resilience, visitors can be confident that their trip helps preserve and boost the environment. Those who fall in love with the country can be pleased to know that they can make it their ideal second home.

Under Dominica's Citizenship by Investment (CBI) Programme , investors looking to expand their real estate portfolio can invest in established luxury hotel brands and villas and receive Dominican citizenship. This real estate route supports several sustainable resorts from renowned hoteliers that prioritise the natural environment. Over the years, it has attracted internationally recognised hotels to its shores, from the award-winning Secret Bay , Sanctuary Rainforest, Marriott , Hilton , Kempinski , and unique boutique villas and resorts such as Jungle Bay .

A CBI programme like no other

Dominica has for several decades used funds generated by its CBI programme to realise its ambitions towards constructing climate-resilient infrastructure that can withstand natural disasters, while creating lasting jobs in construction and tourism.

Established in 1993, Dominica's CBI Programme has helped vetted individuals and their families in becoming citizens of the nation once they either invest in a government fund or purchase pre-approved real estate properties . The programme is one of the longest-standing options on the market and continues to be ranked as the world's best by the annual CBI Index report conducted by experts at the Financial Times' PWM magazine.

Dominica's CBI programme has several features which makes it attractive to investors including transparency, due diligence, and fast processing.

The programme has remained the most transparent CBI programme in the industry for nearly three decades as the government is investing all the funds raised by CBI towards the country's development including supporting the island nation in becoming the first climate-resilient nation in the world.

The country places a high focus on the safety of its citizens and third-party due diligence background checks are thorough. These are conducted on all candidates and dependents over sixteen to ensure that no illegal persons are granted citizenship.

Another key reason for Dominica's success in the citizenship by investment market is its unwavering dedication to speedy application processing. Applicants sometimes receive approvals in as little as three months after submitting their applications.

CBI empowers the governments of small nations like Dominica to build its economy and infrastructure and changes the lives of the international businesspeople that invest in the programme.

The programme has been pivotal to generating foreign direct investment which has been channelled into the country's national development. In exchange, investors gain the nation's citizenship including its many benefits from increased travel freedom particularly to global business hubs, a second home in a stable democracy where financial prosperity is ripe and has ties to economic giants like the United States and the ability to pass citizenship down for generations to come.

Investment in Dominica is attractive as it allows individuals to achieve professional goals, gain global mobility, ensure their family's safety and improve their quality of life.

Investing in Dominica's CBI programme allows the applicant a number of benefits including:

• Family reunification – large families are now able to obtain citizenship together, and citizenship can be passed down to future generations.
• Health and education – A chance to live somewhere with an improved standard of healthcare and education is also a drawcard, giving parents the tools to help their children succeed in life.
• Domestic wellbeing – Applicants have the opportunity to call their dream destinations home.
• Personal and professional security – Applicants can live in a country where civil liberties are protected and, socio-economic and political stability is achieved.

SOURCE CS Global Partners

MENAFN12022022000232011072ID1103686064