Mauritius, an Indian Ocean island nation grappling with flash floods and erosion, plans to introduce a 2% climate levy on company profits to finance projects fighting climate change, according to Finance Minister Renganaden Padayachy.
Proceeds of the corporate responsibility levy will be used “to support national initiatives to protect, manage, invest and restore the country’s natural ecosystem and combat the effects of climate change,” he told lawmakers during a budget presentation in Port Louis, the capital, on Friday. Companies with sales of less than 50 million rupees ($1.06 million) will be exempted, he said.
The nation of 1.26 million people is experiencing more climate change-related events and needs to mobilize 300 billion rupees to meet adaptation and mitigation goals. Earlier this year, flash floods brought the capital to a halt, shuttering banks and markets.
Also read: 14 visa-free destinations to kickstart your travel escapades in January 2024
Tourism is a key source of foreign currency for the country that expects more than $2 billion of earnings from visitors this year. More than 37 kilometers (23 miles) of coastline is eroded, according to the finance minister.
"We cannot remain insensitive while we see our pristine beaches being washed out, our coral reefs being destroyed and our lagoons and forests” destroyed, Padayachy said.
For starters, about 3.2 billion rupees earmarked for the new climate fund will help rehabilitate about 26 kilometers of shoreline and 30 degraded sites, he said.
Meanwile, Indian carrier, IndiGo recently said that it has plans to start flights to Mauritius. IndiGo is planning to start flights to 10 new domestic and international destinations, including Mauritius, in the current financial year, its CEO Pieter Elbers said on June 3. At a briefing on the IATA World Air Transport Summit here, Elbers stressed the importance of having collaborations but also made it clear that "it is good to have tailor-made partnerships".
Amid the rising number of air travellers, the airline has placed orders for 30 wide body A350-900 planes and has also announced plans to introduce business class seats by the end of this year.
Proceeds of the corporate responsibility levy will be used “to support national initiatives to protect, manage, invest and restore the country’s natural ecosystem and combat the effects of climate change,” he told lawmakers during a budget presentation in Port Louis, the capital, on Friday. Companies with sales of less than 50 million rupees ($1.06 million) will be exempted, he said.
The nation of 1.26 million people is experiencing more climate change-related events and needs to mobilize 300 billion rupees to meet adaptation and mitigation goals. Earlier this year, flash floods brought the capital to a halt, shuttering banks and markets.
Also read: 14 visa-free destinations to kickstart your travel escapades in January 2024
Tourism is a key source of foreign currency for the country that expects more than $2 billion of earnings from visitors this year. More than 37 kilometers (23 miles) of coastline is eroded, according to the finance minister.
"We cannot remain insensitive while we see our pristine beaches being washed out, our coral reefs being destroyed and our lagoons and forests” destroyed, Padayachy said.
For starters, about 3.2 billion rupees earmarked for the new climate fund will help rehabilitate about 26 kilometers of shoreline and 30 degraded sites, he said.
Meanwile, Indian carrier, IndiGo recently said that it has plans to start flights to Mauritius. IndiGo is planning to start flights to 10 new domestic and international destinations, including Mauritius, in the current financial year, its CEO Pieter Elbers said on June 3. At a briefing on the IATA World Air Transport Summit here, Elbers stressed the importance of having collaborations but also made it clear that "it is good to have tailor-made partnerships".
Amid the rising number of air travellers, the airline has placed orders for 30 wide body A350-900 planes and has also announced plans to introduce business class seats by the end of this year.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
