Verizon’s Vision for a Sustainable and Inclusive Future
Every day the world becomes more reliant on digital communications.
The companies and energy powering mobile networks grow with this reliance, having a bigger impact on communities and the environment.
One of the biggest telecommunications companies, Verizon, is putting its efforts behind sustainability to reduce its negative impact on the world.
Hans Vestberg, Chairman and Chief Executive Officer at Verizon, says: “Operating as a responsible business is essential to earning our customers’ trust and building a world-class brand.
“By championing digital responsibility and inclusion, promoting diversity, mitigating climate risk and creating meaningful work for our employees, we are forging a purpose-driven and resilient business, with long-term growth and strong financial stability.”
Meet Verizon
Verizon Communications is an American telecommunications company.
Headquartered in New York City, it is the world’s second largest telco with revenue of US$133.9bn in 2023.
The company was founded in 1983 as Bell Atlantic Corporation and became Verizon Communications in 2000.
In 2023 it had more than 100,000 employees and total assets worth US$380bn.
Verizon’s sustainability goals
More than 90% of the company’s carbon footprint comes from the electricity it uses to power its networks.
By 2025 the company expects to source renewable energy equivalent to 50% of its annual electricity usage, increasing to 100% by 2030.
Verizon is running initiatives such as recycling e-waste, reducing water use and planting 20 million trees by 2030.
It aims to reach net zero operational emissions by 2035.
Marissa McInnis, Senior Director for Sustainability at Verizon, explains: “Industry-wide, there is a constant balance between the need for digital innovation, the needs of our customers, and ensuring we develop sustainable solutions.
“Digital solutions should help reduce our total emissions and help communities adapt to increasing and more intense natural disasters.
“The time to move on these solutions is now. There is so much work to build on, and such a great need for digital innovations with purpose.”
Social and community initiatives
Verizon puts its employees and the communities it serves at the heart of its ESG strategy.
It has achieved 100% pay equity in salary for women and men globally, and with respect to race and ethnicity in the US.
More than 60% of its US-based workforce is made up of women and minorities, and it has invested US$2.6bn in healthcare benefits and services.
Since 2019 it has provided more than 2.1 million volunteer hours in communities and prepared more than 45 thousand individuals for jobs of the future.
Environmental progress
The company has already achieved its tree planting goal, getting more than 20 million into the ground since 2009.
As of February 2024 it has issued US$6bn in green bonds.
James Gowen, Chief Sustainability Officer and SVP for Global Supply Chain at Verizon, says: “We are proud to help accelerate the transition to greener electrical grids across the U.S. as we work to meet our environmental and social impact goals.
“Our green bond initiatives will help us source renewable energy equivalent to 100% of our annual electricity consumption by 2030 and achieve net zero operational emissions by 2035.”
James will be speaking at Sustainability LIVE London 2024 next month as part of a panel on Sustainability and Responsibility.
Verizon has around 3.6GW of anticipated renewable energy under contract as of February 2024.
It has also achieved a 22.3% reduction in Scope 1 and 2 emissions, and a 15.1% reduction in Scope 3 emissions between 2019 and 2022.
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