Maldives' Green Fund Invests MVR 114 Million in Environmental Projects in Q1 2024

In a recent report released by the Ministry of Finance, the Maldives' Green Fund has showcased significant investment in environmental projects, totaling MVR 114 million in the first quarter of 2024.
According to the report, the Green Fund disbursed MVR 138.9 million in January, followed by MVR 93.9 million in February, and MVR 19.8 million in March. These investments signify a proactive approach towards addressing environmental challenges and fostering sustainable development.
The Green Fund's revenue stream received a substantial boost in March, with a total income of MVR 113.8 million, marking the highest influx for the fund during the period. Notably, MVR 36 million was contributed by the K.Atoll province, underlining regional efforts to support environmental initiatives.
March witnessed allocations from the Green Fund towards critical projects, including water and sewerage initiatives, alongside beach protection programs. These endeavors aim to safeguard the Maldives' pristine natural resources while ensuring sustainable development practices.
As of March, the Green Fund's balance stood at a commendable MVR 1.3 billion, reflecting the nation's commitment to environmental conservation and sustainable growth.
The inception of the green tax in October 2016 has played a pivotal role in financing various environmental activities across the Maldives. Levied on tourist resorts, hotels, guesthouses, and tourist vehicles, the green tax serves as a vital revenue stream dedicated to preserving the Maldives' unique ecosystems and promoting eco-friendly practices.
The ongoing investments by the Green Fund underscore the Maldives' proactive stance towards environmental stewardship, highlighting a collective effort to safeguard the nation's natural heritage for future generations.