The purpose of this study is to explore whether environmental strategies and innovations are carried out by PT Coca-Cola Amatil Indonesia in protecting its water resources, and how to follow-up on the results of environmental performance of its existing water resources. This study uses the theoretical framework of RBV (Resource-Based View) and NRBV (Natural Resource-Based View) in explaining how company's environmental strategy affects environmental performance based on company’s specific resources (as proposed by Russo and Fouts 1997; and Hart 1995). Environmental strategy posits company's policy to have an environmental management system with the implementation of environmental management accounting system and innovations (Ferreira et al., 2010) aiming for better company’s environmental performance. This research uses a qualitative approach with a case study aiming to address the water crisis that the company has experienced in two different sites (Lampung and Bandung) and better improvements with the rest of the other 6 sites scattered all over Indonesia. The data was collected through interviews conducted with the National Technical & Quality Manager and National Quality Management System & Sustainability Manager of PT Coca-Cola Amatil Indonesia located in Bekasi, West Java, Indonesia. The research concludes that PT Coca-Cola Amatil Indonesia conducts Source Vulnerability Assessment (SVA) which is one form of Coca-Cola's assessment strategy toward its water resources. From this assessment, PT Coca-Cola Amatil Indonesia performs an environmental innovation called Source Water Protection Plan (SWP-Plan), it is a management plan designed to identify and mitigate risks from its water resources. PT Coca-Cola Amatil Indonesia develops several innovative programs such as Coca-Cola Forest, Big Drop & Small Drop Project and Water for life in the form of environmental innovation in protecting its water resources. The environmental management accounting and reporting has limited application as the company incorporates its report towards its traditional financial reporting. CCAI creates new strategies and innovations as based on environmental performance report to address existing environmental issues by reviewing its performance reports on a monthly basis.