Verizon’s $1 Billion Green Bond Accelerates Renewable Energy Projects Across the U.S.

Verizon Communications has marked a significant stride in its sustainability journey with the full allocation of nearly $1 billion from its fifth green bond, issued in May 2023. As the first U.S. telecom giant to venture into green bonds back in February 2019, Verizon has since led the industry forward, cumulatively issuing $5 billion in green bonds. These funds are pivotal to Verizon’s ambitious goal of achieving net zero emissions in its operations by 2035.

Tony Skiadas, Verizon’s Executive Vice President and Chief Financial Officer, highlighted the critical role these green bonds play in meeting the company’s climate objectives. By investing in renewable energy, Verizon not only advances its sustainability agenda but also contributes significantly to the greening of the U.S. electrical grid. This effort underscores Verizon’s dual commitment to climate protection and its position as a top corporate purchaser of renewable energy and a leading issuer of green bonds in the country.

As of February 16, 2024, Verizon has allocated the $994.1 million net proceeds from its latest green bond to Renewable Energy Purchase Agreements (REPAs) for projects across Illinois, Maine, North Dakota, Ohio, and West Virginia. These agreements support nearly 0.9 gigawatts (GW) of new renewable energy capacity, split between approximately 53% solar and 47% wind energy generating capabilities.

Verizon’s renewable energy portfolio, bolstered by 27 REPAs, now encompasses around 3.6 GW of anticipated generating capacity. This robust portfolio is set to propel the company beyond its 2025 goal of sourcing 50% of its total annual electricity consumption from renewable sources. As Verizon continues to scout for new renewable projects, it steadfastly advances towards its 2030 target of sourcing 100% renewable energy, demonstrating a steadfast commitment to sustainability and renewable energy expansion on a monumental scale.