Verizon’s $2B Green Bonds Power Renewable Energy Projects

Verizon has now allocated nearly $2 billion in green bonds, making it the only U.S. telecom operator to fully issue and allocate two green bonds. Green bonds are a way for enterprises to earmark funds for projects that positively impact the environment. The carrier issued its first green bond for $1 billion in 2019. Those funds were fully allocated in 2020 for renewable energy, green buildings, biodiversity, and conservation efforts. Verizon’s second green bond was issued last September, and its $994 million in net proceeds has been fully allocated toward virtual power purchase agreements (VPPAs) for renewable energy projects. In total, these projects are capable of generating a gigawatt (GW) of renewable energy across seven U.S. states — Illinois, Indiana, Iowa, Maryland, North Carolina, Ohio, and Pennsylvania. Solar energy will make up 83% of the renewable energy generating capacity, and wind energy will account for the remaining 17%.