Verizon Communications Inc. has emerged as a green-bond heavyweight in the U.S., using its vast network to raise another $1 billion to add more renewable energy to the electricity grid.
The telecom giant’s green-bond financing now stands at $3 billion and counting, with more programmatic issuance expected as Verizon works toward its goal of sourcing 50% of its annual electricity consumption from renewable energy by 2025, and to be net-zero in emissions by 2035.
“Our strategy has been very clear, very straightforward,” said Verizon Treasurer Scott Krohn, in an interview with MarketWatch on Wednesday. “There’s nothing greener than pushing carbon off the grid by adding renewable capacity.” In less than two years, Verizon has emerged as one of the biggest U.S. corporate buyers of renewable energy.
While proceeds from all of Verizon’s green bonds have been dedicated to advancing the environment, Krohn said the past two debt deals will be 100% dedicated to adding renewable energy. The pair also will include annual reporting to show how funds have been spent and their environmental impact. “Investors like it because they can see not only the issuance, they can see us putting our money where our mouth is.”