Climate Change Data

Environmental Metrics

ESG Focus Areas

• GHG Emissions
• Energy Affordability
• Health and Safety and Emergency Management
• Grid Resiliency
• Physical Climate Risk
• Energy Resource Planning and Transition Climate Risk
• Business Ethics, Transparency and Corporate Governance
• Human Capital Management
• Community Relations
• End Use Efficiency and Demand
• Biodiversity Impacts and Waste Management
• Air Quality
• Water Management

Environmental Achievements

• Successfully passed re-certification audit in 2021 for ISO 14001.
• Replaced over 6,423 high-pressure sodium streetlights with LEDs, saving 3.8 million kWh annually.
• Finalizing a 20 MW utility-scale battery energy storage system (BESS) for improved fuel efficiencies and grid stability.
• Installed a dual-plug EV charging station at its North Sound Road Power Plant.
• Installed EV charging stations at Cricket Square, Cayman National Bank, and A.L. Thompson's Home Depot.

Social Achievements

• Awarded over 59 scholarships.
• Hosted the first Women in Energy Conference.
• Renewed the local Gender Equality Cayman Pledge.
• Employee participation in community programs such as Meals on Wheels and school cleanups.
• Provided community support in the form of supermarket vouchers, care packages, and laptops during the COVID-19 pandemic.

Governance Achievements

• Established a Sustainability Department in 2021 to centralize sustainability reporting.
• Aligned with SASB standards for Electric Utilities and Power Generators and TCFD recommendations.
• Implemented a Code of Business Conduct and Ethics, requiring annual employee certification.
• Implemented a Whistleblower Policy (renamed in 2022 to Policy on Reporting Allegations of Suspected Improper Conduct and Wrongdoing).

Climate Goals & Targets

Environmental Challenges

• Reducing dependence on fossil fuels and increasing renewable energy capacity.
• Strengthening grid resilience to climate change impacts.
• Maintaining energy affordability for customers.
• Attracting and retaining a skilled workforce.
• Managing waste from operations.

Mitigation Strategies

• Implementing a Sustainable Energy Plan with initiatives for solar, energy storage, and natural gas conversion.
• Investing in grid modernization and resiliency projects, including undergrounding transmission lines.
• Offering various payment options and working with social assistance agencies to help customers.
• Providing competitive salaries, scholarships, and training programs for employees.
• Implementing waste reduction and recycling programs.

Supply Chain Management

Responsible Procurement

• Requesting vendors to minimize packing materials.

Climate-Related Risks & Opportunities

Physical Risks

• Tropical storms and hurricanes
• Increased ambient temperatures
• Increased sea level rises
• Increased rainfall

Transition Risks

• Regulatory changes related to renewable energy
• Market shifts towards renewable energy sources

Opportunities

• Expansion of renewable energy capacity
• Development of energy-efficient products and services

Reporting Standards

Frameworks Used: SASB, TCFD

Certifications: ISO 14001

Sustainable Products & Innovation

• AMI meters
• Smart thermostats
• EV charging stations

Environmental Metrics

ESG Focus Areas

• GHG Emissions
• Energy Affordability
• Health and Safety and Emergency Management
• Grid Resiliency
• Climate Change Physical
• Energy Resource Planning and Climate Change Transition
• Business Ethics, Transparency and Corporate Governance
• Regulatory Relations

Environmental Achievements

• 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 Achievements

• 55% female directors on the Board of Directors
• 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 Achievements

• 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.

Climate Goals & Targets

Environmental Challenges

• High and volatile energy prices hurting households and businesses.
• Climate change related risks

Mitigation Strategies

• Partnered with CIG to provide temporary financial relief to residential customers.
• Customer Fuel Factor Relief Programme deferring fuel factor costs.
• Participation in climate change risk assessment workshop to inform climate change measures.
• Climate-Related Scenario Analysis to identify physical and transition risks and opportunities.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather, hurricanes

Transition Risks

• Regulatory changes, market shifts to renewable energy

Opportunities

• Development of renewable energy projects

Reporting Standards

Frameworks Used: SASB Electric Utilities and Power Generators Standard, TCFD recommendations, GHG Protocol Corporate Accounting and Reporting Standards, UN Sustainable Development Goals

Certifications: ISO 14001:2015, ISO 45001:2018

UN Sustainable Development Goals

• Goal 7: Affordable and Clean Energy

Commitment to renewable energy transition, reducing GHG emissions.

Environmental Metrics

ESG Focus Areas

• GHG Emissions
• Energy Affordability
• Health and Safety and Emergency Management
• Grid Resiliency
• Climate Change Physical
• Energy Resource Planning and Climate Change Transition
• Business Ethics, Transparency and Corporate Governance
• Regulatory Relations

Environmental Achievements

• Installing the first utility-scale Battery Energy Storage System (BESS) in Grand Cayman
• Upgrading two diesel generating units to improve fuel efficiency and reduce emissions (with plans to upgrade three more)
• System hardening and grid resiliency projects, including undergrounding main transmission lines
• Received the Green Diamond Award for recycling excellence
• Replaced over 9,393 high-pressure sodium streetlights with LED technology

Social Achievements

• 1,035 volunteer hours for community projects
• SAIDI of 1.7 hours exceeds North American standards of 2 hours
• Achieved Investors in People Gold Level Accreditation for the 3rd time
• 14,213 training hours for employees
• $403,100 in community donations

Governance Achievements

• 64% Female Directors on the Board of Directors
• Established a Green Financing Framework and issued green notes
• Board received training on ESG strategy and carbon emissions reduction

Climate Goals & Targets

Environmental Challenges

• Global supply chain disruptions impacting the electric utility industry
• Major hydrocarbon spill in 2023
• High fuel prices impacting residential and commercial customers

Mitigation Strategies

• Navigated supply chain obstacles with agility and strategic foresight
• Developed a spill reduction plan and will evaluate industry-specific spill targets
• Introduced initiatives to improve energy affordability for customers (CORE and DER programs, additional distributed renewable energy program proposal)

Supply Chain Management

Responsible Procurement

• Minimizing packaging materials from vendors

Climate-Related Risks & Opportunities

Physical Risks

• Strong winds
• Warmer temperatures
• Wildfire risk
• Storm surges
• Sea level rise
• Increased rainfall

Transition Risks

• Misalignment between government targets and regulatory approval criteria
• Pressure to meet government mandated targets
• Increased demand for electricity
• Costly emission reduction plans

Opportunities

• Development of new wind and solar energy generation assets
• Grid-scale electricity storage
• Increased distributed energy resources (DERs)
• Increased use of hydrogen
• Increased demand for electricity from all sectors

Reporting Standards

Frameworks Used: SASB, TCFD

Certifications: ISO 14001, ISO 45001

Sustainable Products & Innovation

• LED streetlights
• Electric vehicle charging stations

Awards & Recognition

• Green Diamond Award for Recycling Excellence
• Investors in People Gold Level Accreditation

Environmental Metrics

ESG Focus Areas

• Climate Change
• Renewable Energy
• Energy Efficiency
• Sustainability

Environmental Achievements

• Completed Liquid Natural Gas procurement strategy to reduce CO2 output by 40%
• Submitted Certificate of Need for 100 MW of solar plus storage and 36.1 MW of thermal generation by June 1, 2027, aiming for 39% renewable energy penetration by 2027 and a 28% emissions reduction (compared to 2019)
• Established Green Financing Framework, assessed as “Excellent” by Sustainable Fitch
• Issued US$80 million of Senior Unsecured Notes, allocating $50 million to fund green initiatives

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Vulnerability to natural disasters (hurricanes, flooding) due to island location
• Increasing energy demand on Grand Cayman

Mitigation Strategies

• Resiliency investments successfully restored electricity service within 24 hours after Hurricane Beryl
• Submitted Certificate of Need for additional generation capacity (solar, storage, thermal) to meet increasing demand
• Contracted to lease additional 10MW of temporary generation

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Storms, hurricanes, flooding

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Sustainable Fitch (second-party opinion)

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed