The Maldives’ Green Fund, a key environmental initiative, has shown significant financial growth, according to the latest report from the Finance Ministry. As of the end of November last year, the fund’s balance reached MVR 1.1 billion, marking a substantial increase from the MVR 752 million recorded at the beginning of the year.
The Green Fund, fuelled by the green tax introduced in October 2016, has become a cornerstone of the Maldives’ environmental strategy. This tax, levied on tourist resorts, hotels, guesthouses, and tourist vehicles, is aimed at generating revenue to support various environmental activities across the nation.
In the last year alone, the fund received an impressive MVR 917 million, demonstrating the growing commitment to environmental conservation in the Maldives. The Ministry’s report also highlighted that the Green Fund made significant expenditures amounting to MVR 517 million. These funds were judiciously spent on critical environmental projects, including water and sewerage initiatives, waste management programs, and beach protection efforts, underlining the government’s dedication to sustainable development.
The Green Fund’s success not only reflects the increasing awareness and responsibility towards the environment but also showcases the Maldives’ commitment to implementing effective and impactful ecological projects. This financial growth will further bolster the nation’s efforts to preserve its pristine natural beauty, which is crucial for its thriving tourism sector and the overall health of its unique ecosystems.