Verizon Allocates $1 Billion Green Bond Funds to Renewable Energy Projects

Verizon Allocates $1 Billion Green Bond Funds to Renewable Energy Projects

February 27, 2024 : Telecommunications giant Verizon Communications is actively accelerating its clean energy goals. They’ve fully allocated $994.1 million in net proceeds from its fifth green bond towards developing renewable energy projects.

The investment supports Verizon’s plan to achieve net-zero operational emissions by 2035. The projects span five states: Illinois, Maine, North Dakota, Ohio, and West Virginia. Verizon has signed purchase agreements with developers building new wind and solar energy facilities.

The investment will add nearly 0.9 gigawatts (GW) of renewable energy capacity to the grid. About 53% will come from solar and 47% from wind. Verizon estimates these projects will prevent over 4.7 million metric tons of greenhouse gas emissions yearly.

Verizon isn’t just combating climate change; the telecom leader demonstrates how corporations can thrive while driving positive environmental impact. Green bonds allow companies to fund eco-friendly projects, attracting investors seeking to support sustainability.

“The $5 billion of green bonds we have issued to date are instrumental to our efforts to achieve our goal of net zero emissions in our operations by 2035,” said Tony Skiadas, Verizon’s executive vice president and chief financial officer.

This investment shows Verizon’s long-term commitment to transform how it powers its business. Furthermore, it signals to the corporate world that sustainability and profitability aren’t mutually exclusive. Verizon’s actions could inspire other major corporations to explore similar green initiatives, paving the way for a more sustainable future.

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