Commercial, Solar, Sourcing Renewables - April 2, 2024
Verizon Re-affirms Plans to Add More Renewables
Verizon announced the telecom company joined RE100, a global initiative bringing together businesses committed to 100% renewable electricity. As previously announced, Verizon aims to source renewable energy equivalent to 100% of its annual electricity usage by 2030 with an interim target of 50% by 2025.
Led by the Climate Group and in partnership with CDP, RE100’s mission is to accelerate change toward zero-carbon grids at scale.
“As a core part of our business, Verizon looks to benefit the communities where we operate, identify ways to be stronger and more resilient and create long-term, measurable value for our shareholders, customers, employees and society alike,” said James Gowen, Senior Vice President, Global Supply Chain & Sourcing, and Chief Sustainability Officer at Verizon, in a statement. “Joining this global initiative further underscores Verizon’s dedication to reducing our carbon footprint and transitioning to renewable energy to help protect the planet for future generations.”
The move to join RE100 aligns with Verizon’s commitment to drive both environmental and social progress as part of its responsible business plan, Citizen Verizon.
As of year-end 2023, Verizon’s projects enabled the avoidance of over 93 million metric tons of CO2e since 2018.
Through year-end 2022, Verizon had achieved a 23.3% reduction in Scopes 1 and 2 emissions and 15.1% reduction in Scope 3 emissions over a 2019 baseline.
Verizon continues to leverage its AI capabilities, IoT offerings, supplier relationships and increasingly electric fleet to drive emissions reduction not only throughout its operations, but also for its customers.
Earlier in 2024, Verizon announced the issuance of its sixth $1 billion green bond since 2019. The proceeds of its fifth green bond were allocated entirely to renewable energy purchase agreements (REPAs) that will help accelerate the transition to greener electrical grids across the U.S.
The company has entered into 27 REPAs for a total of approximately 3.6 gigawatts of anticipated renewable energy generating capacity, positioning the company to enable the avoidance of over 4.7 million metric tons of CO2e annually and exceed its 2025 renewable energy target.
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