Global Water Resources Issues Inaugural Annual ESG Report
PHOENIX, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, has issued its first annual environmental, social, and governance (ESG) and sustainability report which highlights its leadership in Total Water Management (TWM).
"Since our founding, our primary mission has been to bring the benefits of sustainability and environmental stewardship to the communities we serve," stated president and CEO of Global Water Resources, Ron Fleming. "Our new report provides another level of transparency to this pursuit and demonstrates our commitment to aspire to the industry's highest standards of excellence."
Global Water prepared the report under the architecture of the Sustainable Accounting Standards Board (SASB), a reporting framework governed by the International Financial Reporting Standards Foundation (IFRS). SASB has become recognized worldwide as a standard for corporate reporting of ESG and sustainability practices.
SASB standards for water utilities operating in the infrastructure sector are designed to promote a rigorous reporting process in areas ranging from energy management, water affordability and access, to network resiliency and the impact of climate change. Companies reporting using SASB methodology provide quantitative data and qualitative assessments across 28 key metrics.
The number of companies reporting on their ESG performance have grown over the last several years, as financial and community stakeholders have increasingly sought transparency with sustainability practices. Ernst & Young reported that 96% of S&P 500 companies and 81% of Russell 1000 organizations voluntarily publish ESG reports.
"New challenges of water sustainability continue to emerge, such as the continued mega drought in the western U.S., new regulations addressing important factors like contaminants, or troubled water systems needing significant investment and better management," continued Fleming. "We believe this new report reveals that Global Water is well positioned to address these challenges as an industry leader in Total Water Management."
Water stewardship is front and center in Global Water's inaugural report, reflecting Global Water's long-time commitment to protecting the world's most precious resource. The report highlights several of Global Water's key innovations and its operating excellence, including:
- Global Water's extensive "purple pipe" program facilitates the use of recycled wastewater for use in common areas, thereby preserving precious drinking water. Global Water currently recycles more than 1 billion gallons of wastewater annually and has beneficially reused more than 10.7 billion gallons of recycled water since inception.
- Global Water's award-winning implementation of Total Water Management (TWM) continues to bring benefits to its customers. TWM is an integrated approach to managing the entire water cycle that involves owning and operating water, wastewater and recycled water utilities within the same geographic area in order to maximize the beneficial use of recycled water.
- As part of its TWM, Global Water has implemented a number of smart water management programs. These programs are also helpful to new customers acquired through the company's active utility M&A program. This has included the deployment of new remote metering infrastructure and other advanced technologies, as well as rate designs and incentives that have collectively resulted in measurable conservation. These programs help to protect water supplies particularly in water-scarce areas experiencing population growth.
- Global Water has reached the milestone of over 15 years in the effective implementation of advanced metering infrastructure technology that provides meter reading data to customers several times a day. This has helped to encourage water use awareness and conservation. The technology also provides real-time leak alerts that help customers preserve water and avoid additional charges on their water bill.
- The company pioneered a rate design that features six tiers of increasing costs at pre-established thresholds based upon thousands of gallons used. The program rewards customers who reduce their water consumption to less than 6,000 gallons of water monthly. More than 54% of Global Water's customers in the City of Maricopa now take advantage of this incentive program. Global Water is believed to be the only regulated utility in Arizona with such a six-tier rate structure that includes a rebate to promote conservation.
Among all designated water service providers in the Phoenix and Pinal County Active Management Areas, the company's flagship utility in the City of Maricopa uses the second lowest total amount of gallons per capita per day.
The report also highlights Global Water's numerous industry awards, including national recognition as a ?Utility of the Future Today' for its superior water reuse practices by a national consortium of water and conservation organizations led by the Water Environment Federation (WEF).
The company received Cityworks' 2022 Excellence in Departmental Practice Award for demonstrating leadership and creativity in applying public asset management strategies to daily operations and long-term planning.
To learn more, the company's report is available to download from its website at www.gwresources.com in the Investors section. For any questions about the report and SASB standards, contact Tim Randall, director of Sustainability and ESG at CMA: +1 (949) 432-7572 or submit your inquiry here.
About Global Water Resources
Global Water Resources, Inc. is a leading water resource management company that owns and operates 29 systems which provide water, wastewater, and recycled water services. The company's service areas are located primarily in growth corridors around metropolitan Phoenix. Global Water recycles over 1 billion gallons of water annually. To learn more, visit www.gwresources.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements which reflect our expectations regarding future events. The forward-looking statements involve a number of assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning our expectations about our strategies and future business plans, prospective performance, growth, and opportunities; our plans and intentions relating to our environmental, social, and governance (ESG) commitments and initiatives; and our expectations relating to the benefits resulting from the implementation of our technologies and strategic rate structures. Forward looking statements also include such other statements that are not historical facts, as well as statements identified by words such as "believes", "anticipates", "plans", "expects", "intends", "projects", "estimates", "objective", "goal", "focus", "aim", "should", "could", "may", and similar expressions.
These statements are based on our current beliefs or expectations and are inherently subject to a number of risks, uncertainties, and assumptions, most of which are difficult to predict and many of which are beyond our control. Actual results may differ materially from these expectations due to changes in political, economic, business, market, regulatory, and other factors. Factors that may also affect future results are disclosed under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our filings with the Securities and Exchange Commission (the "SEC"), which are available at the SEC's website at www.sec.gov. This includes, but is not limited to, our Annual Report on Form 10-K for the year ended December 31, 2022 and subsequent filings with the SEC. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements, which reflect management's views as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
Company Contact:
Michael Liebman
CFO and SVP
Tel (480) 999-5104
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Ron Both or Grant Stude
CMA Investor Relations
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Tim Randall
CMA Media Relations
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