Cayman’s sole electricity provider, CUC, has issued its 2023 Sustainability Update Report in which it details its progress on environmental, social and governance initiatives over the past year.
With regards to the environment, CUC cited its Road to Renewables marketing campaign as a particular highlight, as well as the fact that there were no fuel spills or releases in 2022 with an associated fine. On the social front, CUC said it had 55% female directors on its Board of Directors and 50% of its executive team were female, 45% of its management team were female and it had given out US$ 465,000 in community donations, while its employees had volunteered 919 hours for community projects. As far as governance was concerned, CUC said it had reviewed and updated ESG Materiality Assessment and 100% of its employees had received training on CUC’s Code of Business Conduct and Ethics Policy and Anti-Corruption Policy.
CUC had implemented a number of projects to combat greenhouse gas emissions in 2022, including its Spinning Reserve Battery Project, the purchase of electric vehicles, upgrading generator lifecycles, and undertaking a climate change assessment. With regard to biodiversity impacts and waste management, it had sponsored a Marvellous Mangroves Programme, launched a Waste to Art Competition, promoted recycling and energy affordability. As far as Human Capital Management was concerned, it had focussed on attracting and retaining talent, transferred all employees to a short-term incentive plan, hosted a Diversity Equity and Inclusion Women in Energy Conference, and will launch a Power to Love campaign and participate in a Corporate Cup competition. Community relations activities have included volunteering with CARIFTA trials and at a Cayman Islands Marathon Water Stop, while community investment had taken place via support of the Back to School Campaign.
CUC President and CEO, Richard Hew, said over the past year, the CUC team had been working on one of its 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,” he advised. “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.”
In a statement, CUC said it was committed to the reduction of CO2 emissions and to deliver more renewable and sustainable energy to its 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,” it advised. “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.”
In the future, CUC also aims to: replace up to 19 light duty vehicles with electric vehicles over the next five years having received in 2023 regulatory approval to deploy up to 40 additional commercial charging stations per year for each of the next five years; solicit competitive bids from qualified gas suppliers later in 2023 and select a preferred bidder in the latter half of 2024 having begun the process to procure a long-term contract for supplying natural gas for use in the converted engines in August 2023; and will be guided by revisions in Climate Change Policy and National Energy Policy revisions.
To access a copy of the report, visit www.cuc-cayman.com .
Highlights from CUC’s Sustainability Update Report
Participated in the Cayman Islands Government’s climate change risk assessment workshop
Rolled out the ‘Road to Renewables’ campaign
No spills or releases with an associated fine
55% Female Directors on the Board of Directors
50% of Executives are Female
45% of Management Team are Female
100% Employees received training on CUC’s Code of Business Conduct and Ethics Policy and Anti-Corruption Policy