Verizon restated its commitment to being carbon neutral in its operations by 2035
The company said it plans to achieve this goal through a combination of reducing emissions and investing in renewable energy and carbon offsets. The company is also working toward sourcing or generating renewable energy equivalent to 50 percent of its total annual electricity consumption by 2025, through on- and off-site renewable investments.
Additionally, Verizon has pledged to set a Science-Based emissions reduction Target (SBT) by September 2021 to further its commitment to emissions reductions in line with the Paris Agreement.
Verizon sets 2035 target for carbon neutrality
Verizon announced a commitment to go carbon neutral by 2035.
“Sustainability and social responsibility are part of Verizon’s DNA,” said James Gowen, Chief Sustainability Officer and Vice President of Supply Chain Operations at Verizon. “As an emerging leader in sustainability, Verizon understands its responsibility to continuously evolve and innovate to meet new challenges and expectations.”
Verizon highlights the following milestones and commitments
- A 28% Carbon Intensity reduction since 2016 with the goal set for a 50% carbon intensity reduction by 2025
- A green energy initiative which has offset 20,000 metric tons of CO2
- A 2025 commitment to source renewable energy equivalent to 50% of Verizon’s total electricity usage
- Carbon abatement will enable customers to also reduce their carbon footprint
- Verizon solutions have enabled the avoidance of 8.2 million metric tons of CO2 emissions, the equivalent to removing 1.6 million cars off the road for one year
- 278 ENERGY STAR-certified buildings and 22 onsite renewable energy installations
- 28,000 Green Team employees in 44 countries
- Two million trees planted by 2030 with more than 700,000 planted already
Verizon raises $1 billion “Green Bond”
Verizon Communications has closed a $1 billion “Green Bond” to fund a variety of new and existing green investments. The company expects to allocate a majority of the funds within three years to support its long-term commitment to minimize its environmental impact, drive operating efficiencies and benefit the communities it serves.
Investments will focus on renewable energy, energy efficiency, green buildings, sustainable water management, and biodiversity and conservation,
Verizon launched its first formal sustainability program in 2009. The company has committed to source renewable energy equivalent to 50 percent of its total electricity usage by 2025.