Introduction
Maldives Green fund (MGF) was established on the 6th of January 2019 as a trust fund under Public Finance Act (Law number 3/2006). The Fund is governed by the Maldives Green Fund Trust Statement (No. 2019/1) issued by the Minister of Finance.
The Fund will be utilized for the management of the protected areas under the Environment Protection and Preservation Act (93/4), assist environmental and social programmes carried out in such areas and facilitate protection of environmentally significant areas of the country, and address environmental issues faced by communities.
Sources of finance
The Fund receives the following types of revenue:
- Allocations from the national budget
- Allocations from Green Tax
- Contributions and donations to the Fund from the private sector, and international organizations for the protection of the environment, or towards the management of protected areas
- Allocations from revenue generated through the management of protected areas
Expenditure from the Maldives Green Fund
Under the Trust Statement of the MGF, the Fund can spend on the following areas:
- Projects and programs targeted at protecting and preserving the environment
- Grant assistance to social and environmental related activities
- Environmental awareness programs conducted at the national and international level
- Climate change advocacy programs at the national, regional and international level
- Management of waste
- Environmental research
- Development of human resource and technical capacity in the field of environment
- Maintenance of infrastructure in the protected areas
- Activities conducted within protected areas
- Emergency action required in environmental emergencies
- Enforcement activities under the Environmental Protection and Preservation Act and regulations under the Act
- Investments and expenditure required for the further development of Maldives Green Fund
The Maldives Green Fund Steering Committee
The MGF is administered by the MGF Steering Committee. The Secretariat of the Maldives Green Fund, and MGF Steering Committee is provided by the Ministry. The Steering Committee is composed as follows:
- Ministry of Climate Change, Environment and Energy (Chair of the Committee)
- Ministry of Fisheries and Ocean Resources
- Maldives National University
- Ministry of Tourism
- Ministry of Finance
- Ministry of Construction and Infrastructure