The Maldives Green Fund closed 2024 with a balance of MVR 1.6 billion, according to data released by the Ministry of Finance and Planning.

This marks a significant increase from the MVR 1.1 billion recorded at the beginning of the year, reflecting both substantial inflows and expenditures throughout the period.

March 2024 saw the highest deposit into the Green Fund, with a total of MVR 113.8 million collected. During the same month, expenditures amounted to MVR 19.8 million, leaving a net balance of MVR 93.9 million.

Conversely, December recorded the highest level of expenditure, with MVR 172.4 million disbursed from the fund. While deposits for the month totalled MVR 109.4 million, expenditures exceeded inflows, indicating increased spending towards environmental initiatives. 

In December alone, MVR 109 million was collected, with the majority of contributions coming from resorts, which generated MVR 95 million in tax revenue. Other key contributors included:

To further strengthen environmental funding, the Government implemented revisions to the green tax rates, effective from January 1, 2025. Under the amended Tourism Act, the tax structure has been adjusted as follows:

The Government estimates that these revisions will generate an additional MVR 963.6 million in green tax revenue in the next financial year. This increase is expected to contribute significantly to reducing the national budget deficit and supporting long-term environmental sustainability efforts.

The Green Tax plays a crucial role in financing environmental initiatives across the Maldives. Levied on tourists staying at resorts, guesthouses, city hotels, and safari vessels, the tax serves as a key funding source for conservation efforts and sustainable tourism development.