Tourism Adaptation Project

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TAP project will provide the tourism sector in the Maldives with the required policy environment, regulatory guidance, technical skills and knowledge to ensure that climate change- related risks can be systematically factored into day-to-day tourism operations. The project will facilitate and provide support to bring about the required amendments to the existing laws and regulations that govern the tourism sector, so as to incentivize private sector investments in climate change adaptation in the tourism sector; will strengthen the capacity of the Ministry of Tourism (MOT) and tourism businesses to recognize evident climate risk issues in tourism operations and adopt appropriate adaptation measures to address them. The project will establish at least 10 new investment projects to climate proof operational infrastructure in tourist resorts and safari vessels to showcase the economic and environmental benefits of no-regrets adaptation in tourism operations. In addition to the 10 new investment projects, TAP will identify and support 10 community-based adaptation projects in tourism-associated communities which will demonstrate how tourism operators and tourism-dependent communities can cooperate on joint initiatives to reduce common vulnerabilities. Finally, to cover the residual catastrophic risks, the project will develop the capacity of the government and the tourism industry to assess the feasibility of market-based risk financing mechanisms (such as weather index- insurance) and ensure that tangible private-sector investments can be leveraged. The project duration is 36 months.

 

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