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Verizon Communications has invested all of the net proceeds of its nearly $1 billion green bond in renewable energy projects spread across five states, the company announced Monday. The allocation builds on Verizon’s goal to achieve net-zero emissions across its operations by 2035.
The telecommunications provider, which is the second-largest in the country, said it had fully allocated the $994.1 million of net proceeds from its fifth green bond to renewable energy purchase agreements. These agreements cover nearly 0.9 gigawatts of new renewable energy generating capacity, of which 53% is solar energy and 47% is wind energy, according to Verizon.
The REPAs support renewable energy projects being developed in Illinois, Maine, North Dakota, Ohio and West Virginia. Verizon estimates the greenhouse gas emissions that will be slashed due to these green bond-funded projects will amount to 846,009 metric tons of carbon dioxide equivalent, a figure the company says corresponds to the carbon footprint generated by 188,263 passenger vehicles driven and the electricity used by 142,165 homes’ in a year.
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