In a statement, Ronan Larkin, the Director of Finance Regulation and Commercial said NI Water has carried out a "strong performance across its key outputs" as it begins to look ahead to "address the challenges posed by the climate emergency and biodiversity crisis".
Mr Larkin highlighted some of the key initiatives within the annual report. He said: "NI Water is focussed on building a carbon neutral and climate resilient business. We are committed to delivering a net zero, climate resilient future for all our customers. Our Climate Change Strategy was published in May 2023 and sets out how we can harness the huge and largely unseen potential for NI Water to address climate change.
"Several of the approaches we are taking will benefit our society and economy more broadly as it seeks to decarbonise and exploit the benefits of green growth through a just transition. We have challenged ourselves to go further and faster than the net zero 2050 targets set by law.
"NI Water is committed to achieve net zero for the energy we use by 2030 and net zero for all our emissions by 2040, as measured against our 2020/21 adjusted baseline. We can also play a strategically important role in helping society to decarbonise by planting one million trees; building more renewables on our land; kick-starting our hydrogen economy; and providing sources of warmth for district heating schemes."
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NI Water finished the second year of the six-year PC21 Business Plan (2021-27) which sets out the change in investment that is required to address critical needs and enable Northern Ireland to succeed from its water and sewerage infrastructure. The plan also sets out the performance improvements NI Water is committing to for its customers and how its continuing to drive efficiency and innovation.
Mr Larkin commented on the report, he said: "It's clear to us all just how vital it is to protect the natural resources we all depend upon. To do this, we must invest in our vital water and wastewater infrastructure. The need for increased investment is recognised across the water sector in UK and Ireland.
"Delivery of our essential services is dependent on committing to the full funding of Northern Ireland's water and sewerage infrastructure. The 'out of sight, out of mind' adage is no longer an acceptable approach to adopt. Provision of clean, safe drinking water and adequate 21st century drainage that meets customer need must be front and centre of all funding decisions and discussions going forward.
"It is unacceptable for a critical infrastructure provider, with decades-long investment horizons, to be held hostage to in-year and year-by-year funding fluctuations. The long-term security of Northern Ireland's water and wastewater services can only be realised if we move from a 'stop-start' approach to delivery because of underfunding and lack of visibility on funding, to multi-year funding in line with that determined by the independent Utility Regulator, supported by a mechanism to deal with financial shocks.
"We continue to engage with our Government Shareholder and other stakeholders to secure the funding across PC21, supported by financial resilience. The current approach to funding NI Water is undermining the delivery of our vital services.
"Our business is essential to support a healthy and thriving population, a growing economy, and a flourishing natural environment. Our focus is delivering clean safe drinking water and recycling wastewater safely to the environment today and tomorrow."
