The Maldives Green Fund Report for September 2024 highlights a total green tax collection of MVR 88.9 million, with Kaafu Atoll emerging as the highest contributor, generating MVR 31.4 million, primarily from resorts and guesthouses.

Expenditures from the fund for the month amounted to MVR 57.7 million, with allocations focused on coastal protection, waste management, and climate resilience projects. By the end of September, the fund balance stood at MVR 1.6 billion.

In comparison, September 2023 recorded a green tax collection of MVR 53.3 million, with expenditures reaching MVR 29.5 million and a fund balance of MVR 1.06 billion, highlighting notable growth over the past year.

The Maldives established the Green Fund in December 2018 to manage revenues sourced from the green tax. These funds are directed towards environmental protection and sustainability initiatives across the nation.

Under the upcoming changes, green tax rates will double for most establishments. Resorts, integrated tourist resorts, resort hotels, guesthouses with more than 50 rooms, and vessels will now charge USD 12 per guest per night, while guesthouses with 50 or fewer rooms on inhabited islands will charge USD 6 per guest per night.

The revised green tax is projected to generate an estimated MVR 964 million annually, significantly boosting resources for environmental sustainability efforts and supporting the Maldives’ long-term commitment to environmental preservation.