new york – Today, Verizon announced that it has joined RE100, a global initiative bringing together the world's most influential companies committed to 100% renewable electricity. Led by the Climate Group and in collaboration with CDP, RE100's mission is to accelerate change toward a zero-carbon grid at scale, and Verizon is proud to support this goal. As previously announced, Verizon aims to source renewable energy equivalent to 100% of its annual electricity use by 2030, with an interim goal of 50% by 2025.
“At the core of our business, Verizon benefits the communities in which we operate, identifies ways to make them stronger and more resilient, and is committed to our shareholders, customers, employees, and society. We aim to create long-term, measurable value as well,” said James Gowen. , Verizon's Global Supply Chain and Sourcing Senior Vice President and Chief Sustainability Officer. “Joining this global initiative further underscores Verizon's commitment to reducing our carbon footprint and transitioning to renewable energy to protect our planet for future generations. .”
The move to join the RE100 is consistent with Verizon's long-standing commitment to driving both environmental and social progress as part of its Citizen Verizon Responsible Business Plan, which addresses pressing social issues. This enables the company to fulfill its mission of moving the world forward.
Verizon's recently published 2023 ESG Report highlights the company's efforts to minimize its carbon footprint through emissions and energy management. As of the end of 2022, Verizon achieved a 23.3% reduction in Scope 1 and 2 emissions and a 15.1% reduction in Scope 3 emissions compared to his 2019 baseline. Verizon continues to leverage its AI capabilities, IoT products, supplier relationships, and electric vehicle electrification to drive emissions reductions across its operations as well as for its customers. As of the end of 2023, Verizon's solutions have enabled the avoidance of more than 93 million tons of CO₂e since 2018.
Earlier this year, Verizon announced its sixth $1 billion green bond issuance since 2019. Proceeds from the fifth green bond were fully allocated to Renewable Energy Purchase Agreements (REPAs) to help accelerate the transition to a greener power grid across the United States. Verizon today signed 27 REPAs totaling approximately 3.6 gigawatts of renewable energy generation capacity, avoiding more than 4.7 million tons of CO₂ annually and positioning us to exceed our 2025 renewable energy goals.
For more information about RE100, please visit https://www.there100.org. To access Verizon's 2023 ESG Report, please visit the company's ESG Resources Hub at https://www.verizon.com/about/investors/esg-resources-hub.