California Water Service Group Announces Science-Aligned Greenhouse Gas Emissions Reduction Target

Rhea-AI Summary

California Water Service Group (CWT) commits to reducing greenhouse gas emissions by 63% by 2035 from a 2021 base year, supporting global climate goals. The company plans to achieve this through renewable energy, fleet electrification, water conservation, and more.

SAN JOSE, Calif., March 18, 2024 (GLOBE NEWSWIRE) -- California Water Service Group (Group) (NYSE: CWT) today announced its commitment to reducing absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 63% by 2035 from a 2021 base year, a target which is science-aligned and supports limiting global temperature increases to 1.5-degree Celsius above preindustrial levels.

According to Chairman, President & Chief Executive Officer Martin A. Kropelnicki, Group took a thoughtful, data-driven approach, partnering with an independent consultant to:  

• Understand the target landscape and best practices.
• Analyze baseline and projected activities and emissions over the target timeframe.
• Estimate existing, planned, and potential additional emissions reduction initiatives.
• Model target scenarios and decarbonization roadmaps.
• Develop an interdisciplinary and active strategy to achieve the selected targets.
  

“We are committed to delivering value to customers and stockholders while pursuing our reduction targets. We project that ambitious renewable portfolio standards in the states where we operate will reduce emissions intensity of the electrical grid, which will support our targeted emissions reductions,” Kropelnicki said. “At the same time, we intend to continue to pursue a portfolio of GHG emissions reduction projects focused on fleet electrification, water conservation, onsite solar installations, and renewable electricity procurement. We plan to evolve our decarbonization strategy if warranted by changes in our industry, business, and/or operating environment.”

More information regarding Group’s ESG strategy is available at www.calwatergroup.com/esg. Group anticipates providing additional details regarding this target and related emissions reduction initiatives in its upcoming 2023 ESG Report, which it expects to publish in May 2024.

About California Water Service Group
California Water Service Group is the largest regulated water utility in the western United States. It provides high-quality, reliable water and/or wastewater services to more than 2 million people in California, Hawaii, New Mexico, Washington, and Texas through its regulated subsidiaries, California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, and its utility holding company, Texas Water Service.

Group’s purpose is to enhance the quality of life for customers, communities, employees, and stockholders.  To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being.  The company’s 1,200+ employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity.  The company has been named one of “America’s Most Responsible Companies” and the “World’s Most Trustworthy Companies” by Newsweek and a Great Place to Work®.  More information is available at www.calwatergroup.com.

Media Contact
Yvonne Kingman (media)
ykingman@calwater.com
310-257-1434

FAQ

What is California Water Service Group's (CWT) greenhouse gas emissions reduction target by 2035?

California Water Service Group (CWT) aims to reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 63% by 2035 from a 2021 base year.

How does California Water Service Group plan to achieve its emissions reduction target?

California Water Service Group plans to achieve its emissions reduction target through ambitious renewable portfolio standards, fleet electrification, water conservation, onsite solar installations, and renewable electricity procurement.

When does California Water Service Group plan to publish its 2023 ESG Report?

California Water Service Group anticipates providing additional details regarding its emissions reduction initiatives in its upcoming 2023 ESG Report, expected to be published in May 2024.