Verizon Sourcing LLC Joins RE100 to Commit to 100% Renewable Electricity
NEW YORK, March 28, 2024 (GLOBE NEWSWIRE) — Verizon has recently announced its membership in RE100, a global initiative uniting influential businesses dedicated to using 100% renewable electricity. The Climate Group, in collaboration with CDP, leads RE100’s mission to drive the transition to zero-carbon grids on a large scale, a goal which Verizon proudly advocates for. By 2030, Verizon aims to source renewable energy equivalent to 100% of its annual electricity consumption, with an interim target of 50% by 2025.
James Gowen, Senior Vice President of Global Supply Chain & Sourcing and Chief Sustainability Officer at Verizon, stated, “Verizon is committed to reducing our carbon footprint and transitioning to renewable energy to safeguard the planet for future generations, while also creating value for our stakeholders and communities. Joining RE100 aligns with our broader mission to drive environmental and social progress through initiatives like Citizen Verizon, empowering us to address pressing societal issues.”
The decision to join RE100 reinforces Verizon’s ongoing efforts towards sustainability, as illustrated in their recently released 2023 ESG Report. By the end of 2022, Verizon had successfully reduced scopes 1 and 2 emissions by 23.3% and scope 3 emissions by 15.1% compared to a 2019 baseline. Leveraging AI, IoT solutions, supplier partnerships, and an electric fleet, Verizon has not only reduced emissions within its operations but also assisted customers in emissions reduction. As of the end of 2023, Verizon’s solutions had enabled the avoidance of over 93 million metric tons of CO₂e since 2018.
Earlier this year, Verizon issued its sixth $1 billion green bond since 2019, with the proceeds dedicated to renewable energy purchase agreements (REPAs) aiding the transition to greener electrical grids across the U.S. Through 27 REPAs totaling approximately 3.6 gigawatts, Verizon anticipates avoiding over 4.7 million metric tons of CO₂e annually, surpassing its 2025 renewable energy target.
For more details 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. continues to be a leading provider of Technology and communications services globally, generating $134.0 billion in revenues in 2023. Headquartered in New York City, Verizon offers data, video, and voice services on top-rated networks, meeting customer demands for mobility, reliable connectivity, and security.
To learn more, visit Verizon’s online media center at verizon.com/news for news releases, media contacts, and other resources. For media inquiries, contact Andrew Eble at andrew.eble@verizon.com or 201.572.0975.
Historical Background:
Verizon’s commitment to environmental sustainability dates back to earlier initiatives, such as their participation in the UN Global Compact and the Science-Based Targets initiative. By prioritizing renewable energy and reducing emissions, Verizon has demonstrated its dedication to creating a more sustainable future for all.
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