31 Jul Cadiz Inc. Statement on Signing of Senate Bill 307 by California Governor
(Los Angeles, CA) – Today, Cadiz Inc. (the “Company”) (NASDAQ: CDZI) announced that California Governor Gavin Newsom signed Senate Bill 307 (“SB 307”), a measure designed to require additional review of the Cadiz Water Project by state agencies. The legislation, available here, will go into effect on January 1, 2020. Governor Newsom included a signing messagethat calls for the additional review to be “public and transparent” and focused on determining if the Project will “unreasonably affect the environment and water dependent ecosystem in the surrounding watersheds.”
Cadiz CEO Scott Slater made the following statement following Governor Newsom’s action:
“While we believe SB 307 is a troubling precedent for infrastructure development, it will not stop the Cadiz Water Project, a sustainable project designed to safely make available new water for 400,000 people in California. We stand ready to comply with SB 307, just as we have complied with all of California’s stringent environmental laws.
“We look forward to working closely with the Governor’s office, the State Lands Commission and other State Agencies as we complete this public, and transparent procedural step and we are confident that we will continue to demonstrate that the Project is environmentally sound and a worthy part of the solution to California’s persistent water supply challenges.
“California is home to over a million people who lack access to safe, clean, reliable drinking water. Over the long-term we face a statewide supply-demand imbalance that requires a successful water resiliency strategy, especially if we seek to achieve the State’s objectives of providing water and housing for all. We believe a fact-based evaluation of the Project conducted under the Governor’s watchful eye will undoubtedly conclude we can sustainably contribute to this effort.”
“Importantly, SB 307, which regulates the transfer of groundwater from Cadiz into urban Southern California, does not affect our ongoing efforts to conserve and efficiently use groundwater in our substantial agricultural ventures. SB 307 also does not limit the direct delivery of water or the storage of imported water at Cadiz as evaluated in the Project’s court-approved permits. We will continue to pursue these opportunities concurrently with compliance with SB 307 and the remaining permitting milestones for the Water Project.”