2001 Triple Bottom Line Report - BC Hydro

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MESSAGE FROM THE PRESIDENT AND CEO Our mission is to provide integrated energy solutions to our customers in an environmentally and socially responsible manner. In other words, to provide power in a way that is sustainable in the long term. We believe it is essential not only to make a profit, but also to care about people and protect the environment – and to be accountable for all three. We call it our “Triple Bottom Line.” Welcome to BC Hydro’s third annual Triple Bottom Line Report, documenting our most recent steps towards our goal of being North America’s leading sustainable energy company. I am pleased to report we are making progress in our journey towards sustainability, and are confident the right conditions are being created for success to continue. Last year, BC Hydro formally adopted sustainability as the driving force of our business. Becoming sustainable means we must continue to excel in areas of fundamental strength – BC Hydro’s base of clean, renewable hydropower, our healthy finances, the strong relationships we have developed across the province and the company’s excellent reputation for environmental stewardship – and build core competencies across our three bottom lines. Becoming sustainable also means improving or accelerating progress in areas where we know we must do better. For example, building a strong and capable organization, consulting more effectively with employees and external stakeholders, setting targets for our Triple Bottom Line performance, improving our eco-efficiency and making more decisions using sustainability frameworks as our guide are areas we will focus on over the next few years. In short, we can become sustainable not by doing something new but by directing our existing strengths towards different goals. Significant progress is underway, and is discussed on the following pages of this year’s report. We have taken firm steps to acquire more energy from green sources that are renewable, environmentally friendly, socially responsible and licensable. Until the day greener sources become more widely available and reasonably priced, we also have strengthened existing BC Hydro commitments to reduce the greenhouse gas emissions that come with new natural gas generation. At the same time, we continue to engage stakeholders throughout B.C. in Water Use Plan processes to ensure consensus on allocating water resources for power generation and other uses. While much work remains to be done, I expect BC Hydro’s core strengths – our hydropower base, good financial health, excellent environmental record and our determination to improve and excel – will carry us a long way towards sustainability. We are serious about achieving an optimum balance of environmental, social and economic considerations in everything we do, because it’s the right thing to do. The journey towards sustainability is good for business, for people and for the planet. I invite you to review our most recent progress on the following pages, and to contact me if you have comments or concerns about our performance. Sincerely, Michael Costello President and Chief Executive Officer
E X E C U T I V E S U M M A R Y BC Hydro has adopted sustainability as the driving force of our business and as a result, we are aiming to become one of the leading sustainable energy companies in North America. We start from a good position: our business is founded on clean, renewable hydropower, we have an excellent reputation as environmental stewards, and our finances are healthy. The challenges we face to become sustainable, and the progress we have made to date, are discussed in greater detail in the following pages of this document, which covers the period from April 1, 2000 to March 31, 2001. Readers may also wish to refer to BC Hydro’s 2001 Annual Report for additional details about the company’s business performance over the same period. Last year, we developed the Sustainability Action Plan (SAP) to move us closer to our goal. SAP is providing more than $100 million in additional funding over the next three years in order to build core strengths across our social, economic and environmental bottom lines. SAP elements include focusing on green and renewable energy resources, conservation, thermal emission offsets, social contributions, employee involvement and financial performance. We are paying significant attention to building a strong and capable organization. For example, market conditions and demographic trends indicate that we must do a better job of attracting and retaining skilled employees. E X E C U T I V E S U M M A R Y | 2 Further, since we know greater short-term reliance on thermal resources will negatively influence our GHG emissions profile, we must consider our use of gas-fired technology as an energy “bridge” to greener sources of power now being developed. SAP Initiatives are featured throughout the report, and program objectives and milestones are captured in the Appendices located in the back of this report. Our 2001 Triple Bottom Line Report has been prepared, as much as possible, in accordance with the recently developed Global Reporting Initiative (GRI) principles and guidelines on economic, environmental and social performance. We continue to develop indicators to track our progress towards sustainability, including several indicators being prepared this year to measure the effectiveness of newly initiated SAP programs, and which will be available for publication in next year’s report. Selected indicators in this summary provide a snapshot of our 2000/2001 Triple Bottom Line performance. More complete details continue on the following pages.
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C U S T O M E R We create customer
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2001 Triple Bottom Line Report - BC Hydro

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