(CMR) Caribbean Utilities Company (CUC) released its first Sustainability Report on Monday, detailing its commitment to reducing Scope 1 greenhouse gas emissions by 75% by 2035. The Company said it will achieve this target by installing renewable energy as outlined in the Company's Integrated Resource Plan (IRP).
“The Company is committed to greening our grid, to reduce our dependence on fossil fuels, and to bring more renewable energy to the grid,” President and CEO Richard Hew said.
CUC intends to convert a number of diesel fuel generators to operate on natural gas. The Company plans to develop a procurement strategy to source natural gas by 2024.
The Sustainability Report highlights CUC's social programs and its commitment to the high standards in environmental, social, and governance (ESG) initiatives. It details some of the plans that the Company will adopt to realize its Vision, Mission and Value Proposition.
To achieve the initiatives of the IRP, the Company has created a Sustainable Energy Plan, which will promote projects, programs, and initiatives over the next year that will benefit customers, the environment, the Cayman Islands, and the Company.
The Plan will involve the design, development and execution of various projects, including utility-scale solar and storage, natural gas procurement, purchase of electric vehicles (“EV”), and expanding the amount of EV charging stations on Grand Cayman.
CUC has, for many years, embraced ESG initiatives, including but not limited to the implementation of environmental standards through its Environmental Management System, its community involvement projects, and its Scholarship program, which to date has issued 59 scholarships to persons in Grand Cayman. The Company continues to focus on the development of its employee base and is creating a more equitable and desirable place to work through its diversity, equity, and inclusion programs.
For many years CUC has participated in several biodiversity programs, including the Mangrove education program and the turtle release and lighting programs.
Manager of Regulatory & Sustainability Judith Bennett said, “CUC has a major role to play in the area of sustainability. As a utility company, we will contribute to the global initiative to reduce our carbon footprint and lead the way to a more sustainable future for all. ESG forms the basis of our corporate strategy and objectives. Over the next couple of years, the Company intends to execute various programs and initiatives to reduce ESG risks and enhance ESG opportunities.”
To access the Sustainability Report, visit the Company's website at: www.cuc-cayman.com.