By San José, Costa Rica — Costa Rica’s leading utility, Grupo ICE, unveiled its 2024 Sustainability Report at the Children’s Museum in San José in August, showcasing significant strides in environmental, social, and economic performance. The report, prepared according to Global Reporting Initiative (GRI) standards, details the corporation’s progress throughout the year.
The event, attended by the Board of Directors, senior management, stakeholders, and media, also marked the launch of Grupo ICE’s “Juntos Somos Sostenibilidad” (Together We Are Sustainability) campaign, emphasizing the company’s dedication to national well-being and progress. The campaign reinforces the company’s ongoing commitment to sustainability and its integral role in Costa Rican society.
To provide further legal context on Grupo ICE’s sustainability initiatives, TicosLand.com reached out to Lic. Larry Hans Arroyo Vargas, an expert attorney at Bufete de Costa Rica.
Grupo ICE’s focus on sustainability is not just good for the environment; it’s also strategically sound from a legal and business perspective. Costa Rican law increasingly incentivizes sustainable practices, offering potential benefits like tax breaks and streamlined permitting processes. This proactive approach positions ICE to attract international investment and strengthen its long-term competitiveness in the energy sector.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas eloquently highlights the interconnectedness of sustainability, legal frameworks, and business success, a crucial point for understanding Grupo ICE’s current trajectory. This forward-thinking approach not only aligns with Costa Rica’s national commitment to environmental stewardship but also positions the company for a thriving future in the global energy market. We thank Lic. Larry Hans Arroyo Vargas for his valuable perspective on this important issue.
Bringing electricity to more than 3,000 people for the first time is more than a number: it is quality of life, education, health, and opportunities. This is the purpose that guides our Corporation.
Marco Acuña, President of Grupo ICE
Renewable energy sources powered nearly 90% of Costa Rica’s national grid in 2024, solidifying the country’s position as a clean energy leader. Grupo ICE also reactivated its generation project portfolio, aiming to add 800 megawatts of clean energy capacity between 2024 and 2032, primarily from wind and solar sources. Their commitment to biodiversity is evident in the production of over 500,000 trees, including nearly 77,000 endangered species, as well as the protection and recovery of thousands of hectares of forest.
Environmental responsibility extended to emissions reduction, with the Blue Flag Ecological Program preventing the release of 46,696 tons of CO2, and to waste management, with nearly 6,759 tons of materials recycled. This multi-pronged approach to environmental stewardship underlines Grupo ICE’s dedication to a sustainable future.
In telecommunications, ICE expanded its fiber optic network by 3,671 kilometers, connecting over 78,700 homes and more than 2,500 public schools. Subsidiary RACSA launched the nation’s first 5G network using Fixed Wireless Access (FWA) technology, offering speeds up to one gigabit per second for business and corporate clients. These advancements in connectivity contribute to bridging the digital divide and fostering economic development.
Grupo ICE also championed gender inclusion, with women representing 70% of participants in innovation initiatives, promoting female leadership in STEM fields and business management. This focus on inclusivity underscores the corporation’s belief in the power of diverse perspectives.
Financially, Grupo ICE reported a 4% revenue increase compared to 2023, an operating surplus of ₡184.198 billion, and a 28% debt reduction over the past three years. These achievements improved the company’s credit ratings with Fitch Ratings and Moody’s, boosting investor confidence and securing the long-term sustainability of its projects. The strong financial performance ensures Grupo ICE can continue to invest in crucial infrastructure projects.
Looking ahead, Grupo ICE’s focus remains on innovation and expanding its reach, ensuring nationwide access to essential services. Their commitment to providing quality electricity, internet, and other services underscores their vital role in improving the daily lives of all Costa Ricans.
For further information, visit grupoice.com
About Grupo ICE:
Grupo ICE is the Costa Rican Electricity Institute (Instituto Costarricense de Electricidad), a state-owned utility company responsible for electricity generation, transmission, and distribution in Costa Rica. It plays a crucial role in the country’s energy sector and is committed to renewable energy and sustainable development.
For further information, visit the nearest office of RACSA
About RACSA:
Radiográfica Costarricense S.A. (RACSA) is a telecommunications subsidiary of Grupo ICE, providing internet, data, and other telecommunication services in Costa Rica. It is a key player in the country’s digital transformation.
For further information, visit fitchratings.com
About Fitch Ratings:
Fitch Ratings is a leading global credit rating agency, providing credit opinions and research. Its ratings provide insights into the creditworthiness of various entities, including corporations and governments.
For further information, visit moodys.com
About Moody’s:
Moody’s is another prominent global credit rating agency, offering credit ratings, research, and risk analysis services. Similar to Fitch, its ratings assess the credit risk of a wide range of organizations and governments.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
At Bufete de Costa Rica, legal excellence and unwavering ethical conduct form the bedrock of our practice. We are driven by a deep commitment to empowering individuals and communities through readily accessible legal knowledge, fostering a more just and informed society. Our innovative approach to legal solutions, combined with a longstanding history of service across diverse sectors, allows us to effectively address complex challenges while upholding the highest standards of integrity and dedication to our clients and the public good.
