Verizon Communications broadcasted that it has fully allocated the $1 billion in proceeds from its most current green bond which was issued on May 2023 will be the full amount engaged towards investments in renewable energy, backing the corporation’s clean energy targets.
As per Verizon’s Green Bond Impact Report, funds from the green bond are its fifth green bond since 2019 that were allocated completely to renewable energy purchase agreements (REPAs), backup renewable energy schemes under development in five states, together with Illinois, North Dakota, Ohio, Maine, and West Virginia, and covering approximately 0.9 gigawatts of volume, of which 47% is wind energy and 53% is solar.
Verizon additionally added that it is on track to surpass its goal to source the equivalent of 50% of its total yearly electricity use with renewable energy by 2025 and that it will continue to detect new renewable energy plans undergrowth to support its goal to reach 100% renewable energy by the year 2030.
Verizon has entered into 27 renewable energy purchase agreements for around 3.6 gigawatts (GW) of anticipated renewable energy-producing capacity. According to the Green Bond report, renewable energy schemes are anticipated to enable the avoidance of more than 4.7 million metric loads of greenhouse gas emissions per annum and assist creators build new wind and solar services in 15 states.
Chief Financial Officer of Verizon, Tony Skiadas, stated that the $5 billion of green bonds that they have allotted to date are instrumental to their efforts to attain their objective of net zero emissions in their business operations by 2035. As one of the foremost corporate buyers of renewable energy and one of the major green bond issuers in the United States., they are extremely proud to help accelerate the rejuvenation of the United States. electrical grid as they work to meet their objectives around climate protection.