Verizon Communications announced today that it has fully allocated the $1 billion in proceeds from its most recent green bond, issued in May 2023, will the full amount directed towards investments in renewable energy, supporting the company’s clean energy targets.

According to Verizon’s Green Bond Impact Report, proceeds from the bond, Verizon’s fifth green bond since 2019, were allocated entirely to renewable energy purchase agreements (REPAs), supporting renewable energy projects under development in five states, including Illinois, Maine, North Dakota, Ohio and West Virginia, and covering nearly 0.9 GW of capacity, of which 53% is solar and 47% is wind energy.

Verizon added that it is on track to exceed its target to source the equivalent of 50% of its total annual electricity consumption with renewable energy by 2025, and that it will continue to identify new renewable energy projects under development to support its goal to reach 100% renewable energy by 2030.

Verizon has entered into 27 REPAs for a total of approximately 3.6 gigawatts (GW) of anticipated renewable energy generating capacity. According to the green bond report, the renewable energy projects are expected to enable the avoidance of more than 4.7 million metric tons of greenhouse gas emissions annually, and help developers build new wind and solar facilities in 15 states.

Tony Skiadas, Chief Financial Officer of Verizon, said:

“The $5 billion of green bonds that we have issued to date are instrumental to our efforts to achieve our goal of net zero emissions in our operations by 2035. As one of the leading corporate buyers of renewable energy and one of the largest green bond issuers in the U.S., we are proud to help accelerate the greening of the U.S. electrical grid as we work to meet our goals around climate protection.”