Verizon is dedicated to attaining net-zero carbon emissions throughout its operations by 2035.
Final week, Verizon introduced that it has joined the Local weather Group’s RE100 initiative, which goals to speed up transition in direction of zero carbon grids at scale, aligning with the corporate’s personal goal to supply renewable power equal to 100% of its annual electrical energy utilization by 2030.
Verizon’s chief sustainability officer James Gowen mentioned: “As a core a part of our enterprise, Verizon appears to be like to learn the communities the place we function, establish methods to be stronger and extra resilient and create long-term, measurable worth for our shareholders, clients, staff and society alike.
“Joining this global initiative further underscores Verizon’s dedication to reducing our carbon footprint and transitioning to renewable energy to help protect the planet for future generations.”
Since 2019, the corporate has issued six inexperienced bonds for a complete of $6bn, with proceedings from its fifth bond being allotted totally to renewable power buy agreements (REPAs), to assist speed up the transition to cleaner electrical grid throughout the US.
Up to now, Verizon has entered into 27 REPAs for a complete of roughly 3.6 gigawatts (GW) of anticipated renewable power producing capability.
Based on the corporate, it’s positioned to keep away from greater than 4.7 million metric tons of carbon emissions yearly by means of its REPAs and exceed its 2025 renewable power goal to energy 50% of its annual electrical energy utilization utilizing renewable power.
Furthermore, the telecommunications big is dedicated to attaining net-zero carbon emissions throughout its operations by 2035.
As of the top of 2022, the corporate had achieved a 23.3% discount in Scope 1 (direct) and a pair of (power-related) emissions and 15.1% discount in Scope 3 (oblique) emissions over a 2019 baseline.
Moreover, as of year-end 2023, options resembling synthetic intelligence (AI), Web of Issues (IoT) choices, provider relationships and transition to an electrical fleet had enabled the corporate to keep away from greater than 93 million metric tons of carbon emissions since 2018.
Company demand for renewable electrical energy
Greater than 400 corporations are at present signed as much as the RE100, collectively surpassing 500 terawatt-hours (TWh) of electrical energy demand yearly, which is more than the annual energy demand of France.
The initiative confirmed late final 12 months that if its collective members had been a rustic, it will be the world’s 10th largest in terms of electricity consumption.
Because the demand for clear electrical energy grows, firms have been calling on nationwide and regional governments to take away coverage limitations so as to allow the uptake of renewable electrical energy at a larger tempo, whereas creating cheaper prices.
The Climate Group recently revealed that policymakers in Japan and South Korea are under increasing pressure to improve national clean energy targets and supporting insurance policies, as a groundswell of corporates plan to extend their use of renewable electrical energy.
