The Maldives’ Green Fund, a significant environmental initiative, has experienced noteworthy financial growth, as per the latest update from the Finance Ministry. By the end of November last year, the fund had reached MVR 1.1 billion, a substantial increase from the MVR 752 million at the beginning of the year.
This growth is attributed to the green tax introduced in October 2016, which targets tourist resorts, hotels, guesthouses, and tourist vehicles. The tax aims to generate revenue to support various environmental activities throughout the country.
In the past year alone, the fund received an impressive MVR 917 million, signaling a growing commitment to environmental conservation in the Maldives. The Ministry’s report also revealed that the Green Fund spent MVR 517 million on essential environmental projects, including water and sewerage initiatives, waste management programs, and beach protection efforts. This underscores the government’s dedication to sustainable development.
The success of the Green Fund not only reflects a heightened awareness and responsibility towards the environment but also demonstrates the Maldives’ commitment to implementing effective ecological projects. This financial boost will further support the nation’s initiatives to preserve its pristine natural beauty, crucial for the flourishing tourism sector and the overall health of its unique ecosystems.
