The latest Green Fund Report published by the Ministry of Finance and Planning shows that the Maldives Green Fund collected MVR 109.46 million in December 2024, while expenditures for environmental projects exceeded MVR 172.42 million. The fund, which supports sustainability initiatives across the country, recorded total inflows of MVR 1.08 billion for the year, with a balance of MVR 1.61 billion at the end of 2024.
Green Tax Collection Breakdown
According to the report, resorts remained the largest contributors to green tax revenue, generating MVR 95.42 million, followed by guesthouses with MVR 7.96 million and hotels contributing MVR 2.36 million. Liveaboards and vessels added MVR 3.67 million, while homestays brought in MVR 38,025.
Kaafu Atoll led the collections with MVR 37.01 million, followed by Raa Atoll at MVR 12.76 million and Alifu Dhaalu Atoll at MVR 12.06 million. Male’ City, largely driven by guesthouses and hotels, contributed MVR 1.64 million.
Key Green Fund Expenditures
A total of MVR 172.42 million was allocated for various environmental and infrastructure projects in December. Notable expenditures include:
- Coastal Protection: The Fuvahmulah OREO Project received MVR 12.46 million, while other coastal protection projects in S. Hithadhoo, N. Kudafari, and B. Thulhaadhoo were also funded.
- Water and Sewerage Infrastructure: MVR 19.34 million was spent on HA. Maarandhoo, MVR 17.65 million on AA. Feridhoo, and MVR 13.36 million on Hirimaradhoo for water and sewerage systems.
- Waste Management: The establishment of a regional waste management facility in Addu City received MVR 12.4 million. Other projects included bio-treatment of organic waste and the Greater Male’ waste-to-energy initiative.
- Climate and Resilience Projects: The fund supported initiatives such as Building Climate Resilient Safer Islands and the Southern Marine Park Management Project.
Fund Transactions and Balance
Despite the high expenditure in December, the Green Fund ended the year with a balance of MVR 1.61 billion. The total outflows for 2024 stood at MVR 645.64 million, with the largest single-month expenditure recorded in December, leading to a temporary deficit of MVR 62.95 million for the month.
Outlook for 2025
The report highlights the continued prioritisation of climate resilience, waste management, and water and sewerage systems in future Green Fund allocations. With a strong financial position, the fund is expected to play a vital role in supporting the country’s sustainability efforts.
