An organization that can reduce their environmental impact and footprint by adopting sustainable practices focused on water conservation, energy efficiency, waste reduction, and carbon emissions are able to conserve natural resources.
Water is an important component of ESG reporting as it is a critical natural resource with significant implications. Water use and water efficiency reports often include information on a company’s water consumption, its sources of water and efforts to improve water use efficiency. Another component is Water Risk Assessment. Companies, especially property developers and property managers need to assess and disclose information about their exposure to water-related risks, including physical risks (scarcity, drought and flooding) and regulatory risks (evolving water regulations).
At present, aside from traditional water meters and submeters that measure the overall use of water at a property, there are no viable and cost effective alternatives that provide real time analytics that track water use at the fixture and appliance level besides Orca’s water monitoring solutions.
In reference to water risk assessment, there is an acute insurance crisis facing all stakeholders, from building insurance to property insurance. The majority of renters and homeowners do not have property insurance and the number of people going without insurance continues to grow due to exponential increases in insurance premiums. In British Columbia, an astounding 64% of people living in an apartment or highrise do not have property insurance.
On that note, 50% of claims are non-weather related water damage and insurers attribute 70% of all claims paid out are due to water damage.
Orca Water has a cost effective, non-intrusive solution to support both ESG reporting with water analytics, as well as serving as a predictive leak detection system that can mitigate water damage.
With water analytics, people and organizations can finally understand water use and define metrics that inspire conservation and a sustainable future. With leak detection, the goal is to mitigate damage which will result in lower insurance premiums for renters, owners and landlords. Orca’s water monitoring and predictive leak detection system provides a comprehensive solution for risk mitigation, ESG reporting with sustainability and conservation initiatives.