Mauritius Seeks 2% Climate Levy as Pristine Beaches Wash Out
- Adaptation, mitigation measures will cost 300 billion rupees
- About 37 kilometers of coastline is affected by beach erosion
This article is for subscribers only.
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.