Israel’s Environmental Protection Authority has received $500m in tax breaks in its first six months of operation, the country’s Environment Ministry announced on Tuesday.
The tax breaks will be handed out in the coming months as part of a larger plan to boost the countrys environment.
The new tax incentives for environmental projects were announced in June and will be phased in over six years, with the first two years starting in the fall of 2021 and the rest in 2020.
The tax incentives will be paid to companies that are listed in Israel’s main stock exchanges, as well as those with a total annual revenue of $1 million or more.
The government will also be allowed to invest in up to 30 environmental projects, with an average investment of $50,000 per project.
The Environment Ministry has been lobbying the international community to increase the tax breaks given the significant environmental risks facing Israel.
Environmentalists have been calling on Israel to increase its environmental tax breaks since 2011.
Environmentalists argue that the tax incentives are a form of protectionism and encourage the development of polluting industries in an attempt to further marginalize the Palestinians, who are among the poorest in the world.