Verizon Joins RE100 and Shares New Milestones in its Responsible Business Plan

Rhea-AI Summary

Verizon joins RE100 to commit to 100% renewable electricity, aiming for 50% by 2025 and 100% by 2030. The company has reduced emissions and leverages AI and IoT for sustainability.

NEW YORK, March 28, 2024 (GLOBE NEWSWIRE) -- Today, Verizon announced it has joined RE100, a global initiative bringing together the world’s most influential businesses committed to 100% renewable electricity. Led by the Climate Group and in partnership with CDP, RE100’s mission is to accelerate change towards zero carbon grids at scale, an objective that Verizon is proud to support. 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.

“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. “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 long-standing commitment to drive both environmental and social progress as part of its responsible business plan, Citizen Verizon, empowering the company to deliver on its mission to move the world forward by addressing pressing societal issues.

Verizon’s recently published 2023 ESG Report highlights the company’s efforts to minimize its carbon footprint through emissions and energy management. As of 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. As of year-end 2023, Verizon solutions had enabled the avoidance of over 93 million metric tons of CO₂e since 2018.

Earlier this year, 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. To date, Verizon 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.

For more information on RE100, visit: https://www.there100.org. To access Verizon’s 2023 ESG Report, visit the company’s ESG Resources Hub at: https://www.verizon.com/about/investors/esg-resources-hub.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed in 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $134.0 billion in 2023. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, and security.

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Media contact:
Andrew Eble
andrew.eble@verizon.com
201.572.0975 

FAQ

What is Verizon's commitment regarding renewable electricity?

Verizon aims to achieve 50% renewable electricity by 2025 and 100% by 2030.

Who leads the RE100 initiative that Verizon has joined?

The Climate Group leads the RE100 initiative that Verizon has joined.

How much has Verizon reduced its emissions by year-end 2022?

Verizon achieved a 23.3% reduction in scopes 1 and 2 emissions and a 15.1% reduction in scope 3 emissions over a 2019 baseline by year-end 2022.

What is the purpose of Verizon's green bond issuance?

Verizon's green bond issuance aims to accelerate the transition to greener electrical grids across the U.S.

How many REPAs has Verizon entered into for renewable energy generating capacity?

Verizon has entered into 27 REPAs for a total of approximately 3.6 gigawatts of anticipated renewable energy generating capacity.