Telecom giant Verizon revealed today that it is on track to exceed its goal to source or generate renewable energy equivalent to 50% of its total annual electricity consumption by 2025, and set a new target to reach 100% by 2030.
The new goal was announced alongside the release of Verizon’s 2023 Green Bond Impact Report, which indicated that the company has fully allocated the $1 billion of proceeds from its most recent green bond issuance in March 2022.
The proceeds from Verizon’s green bond were allocated entirely to virtual power purchase agreements (VPPAs), totaling 850 MW of new renewable energy generating capacity, with around 71% from wind and 29% solar. The 2022 green bond offering was the fourth from Verizon.
Last month, the company unveiled a series of new renewable energy agreements, bringing its projected renewable energy capacity to more than 3GW, enough to power more than 707,000 homes.
Matt Ellis, Executive Vice President and Chief Financial Officer at Verizon, said:
“As one of the largest corporate green bond issuers in the U.S., and as a leader in green finance and diversity in the capital markets with our Green Financing Framework, we are proud that our actions are contributing to greener power grids across the nation.”