The World Economic Forum’s Global Risks Report 2023 has highlighted the water supply crisis as the most critical risk for the next decade. Although our operations do not require significant water quantities, the efficient use and conservation of water resources remain fundamental for the development of our projects and the neighboring communities.
To ensure that our operations do not affect the availability of local water supply, we establish a baseline before project implementation. This enables us to conduct systematic monitoring throughout the project, overseeing water sources and guaranteeing that our activities do not compromise this natural resource.
We employ an impact evaluation methodology to identify potential changes, categorize environmental incidents, and project alterations in local water availability that could affect neighboring communities or ecosystem services.
Following reverse osmosis treatment during the drilling phase, we reuse the water used in our drilling processes. This recycled water is employed in the formulation of drilling fluids and for road dampening to reduce particulate matter resulting from traffic.
We take pride in reporting that Canacol has upheld an unblemished track record concerning water-related incidents. Our dedication to responsible management has enabled us to effectively safeguard this vital resource, preventing any incidents that could affect its quality or availability. We remain committed to upholding this exceptional track record, reaffirming our commitment to the protection and preservation of water throughout all our operations and activities.
For further information regarding water management, please refer to the 2022 ESG report.
We systematically monitor and map water consumption within our operational region using a comprehensive water management tool that considers local water stress levels, using the World Resources Institute's Water Risk Atlas. Collaborating with the Colombian Institute of Hydrogeology, Meteorology and Environmental Studies (IDEAM), we have evaluated water stress levels at our work sites, thereby confirming that our operations occur in regions with minimal water stress.
For further information please refer to the following Water Management Commitment