The Caribbean Utilities Company, Ltd. is listed for trading
in United States dollars on the
Toronto Stock Exchange under the trading symbol "CUP.U".
GRAND
CAYMAN, Cayman
Islands, Sept. 25, 2023 /CNW/ - Caribbean Utilities
Company, Ltd. ("CUC or the "Company") is pleased to release its
2023 Sustainability Update Report. This report provides an update
on the Company's progress on environmental, social and governance
("ESG") initiatives since the release of the 2022 Sustainability
Report.
Report Highlights
include:
- Environmental:
- Developed a "Road to Renewables" marketing campaign;
- In 2022, there were no fuel spills or releases with an
associated fine and environmental procedures have been
followed.
- Social:
- 55% female directors on the Board of Directors for the
Company;
- 50% of executive team are female;
- 45% of management team are female;
- US$ 465,000 in community
donations;
- Employees volunteered 919 hours for community projects.
- Governance:
- Reviewed and updated ESG Materiality Assessment;
- 100% of employees received training on CUC's Code of
Business Conduct and Ethics Policy and Anti-Corruption Policy.
"Over the past year, the CUC team has been working on one of our
core values – Teamwork. Our goal as a company is to collaboratively
work with industry stakeholders to ensure that we continue to
deliver safe, reliable, and affordable service to our customers.
Our team has been working assiduously to assist the regulator with
the upcoming competitive bid process for utility-scale renewable
energy. Growing the utility-scale renewable energy portfolio will
significantly reduce greenhouse gas emissions and provide a low and
more stable cost of energy to the electricity grid in line with our
commitment to the United Nations Sustainable Development Goal 7
which is Affordable and Clean Energy," said President and CEO, Mr.
Richard Hew.
The Company is committed to the reduction of CO2e
emissions and to deliver more renewable and sustainable energy to
our customers in Grand Cayman. The
Company has targets of a 60% reduction in greenhouse gas emissions
by 2030 and 70% of the energy on the grid coming from renewable
energy sources by 2037. Focus will be given to the Company's
Sustainable Energy Plan and Grid Resiliency and Modernisation Plan
to meet these targets.
In the future, renewable energy options remain a top priority
for CUC and the Company will continue to work closely with the
regulator and all stakeholders to ensure that a sustainable,
reliable, and affordable energy future is available to all
consumers.
To access a copy of the report, please visit the Company's
website at www.cuc-cayman.com.
Forward looking statements include statements that are
predictive in nature, depend upon future events or conditions, or
include words such as "expects", "anticipates", "plan", "believes",
"estimates", "intends", "targets", "projects", "forecasts",
"schedule", or negative versions thereof and other similar
expressions, or future or conditional verbs such as "may", "will",
"should", "would" and "could". Forward looking statements are based
on underlying assumptions and management's beliefs, estimates and
opinions, and are subject to inherent risks and uncertainties
surrounding future expectations generally that may cause actual
results to vary from plans, targets, and estimates. Some of the
important risks and uncertainties that could affect forward looking
statements are described in the MD&A in the section
labelled "Business Risks" and include but are not limited to
operational, general economic, market and business conditions,
regulatory developments, and weather. CUC cautions readers that
actual results may vary significantly from those expected should
certain risks or uncertainties materialize, or should underlying
assumptions prove incorrect. Forward-looking statements are
provided for the purpose of providing information about
management's current expectations and plans relating to the future.
Readers are cautioned that such information may not be appropriate
for other purposes. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise
except as required by law.
SOURCE Caribbean Utilities Company, Ltd.