Ministry of Finance has revealed that USD6.9 million was utilised from the Green Fund in August. The amount is a 347% increase compared to July, in which USD1.5 million was utilised to fund 38 projects.
The latest Green Fund Report published by the finance ministry shows that 50 projects were financed from the fund in August. The projects include establishing coastal protection, water supply, waste management, and sewerage systems in various parts of the country.
The Green Fund report shows the biggest contribution in August was made to the development of coastal protection structures in Kendhoo, Baa Atoll, with USD1.3 million spent on the project. The second largest contribution was made to the development of a water and sewerage system in Inguraidhoo, Raa Atoll, with USD757,000 spent. Additionally, USD543,000 was spent on the development of coastal protection structures in Nellaidhoo, Haa Dhaalu Atoll, and USD459,000 was spent on developing coastal protection structures in Dharavandhoo, Baa Atoll.
The Green Fund received USD44 million in the first eight months of 2022 while USD35 million was utilised. The Green Fund contains USD55 million as of August.
The Green Fund was introduced in 2016 with the aim of tackling environmental issues in the Maldives as per the Tourism Act of the Maldives. As such, USD6 is charged as Green Tax per tourist for each day they spend at a resort or a hotel in the Maldives, and USD3 is charged as Green Tax per tourist for each day they stay at a guesthouse.