Verizon joins Amazon and Global Optimism in signing The Climate Pledge
Jun 17, 2020
June 17, 2020 - NEW YORK, USA: Today, Verizon (NYSE: VZ) announced it has joined The Climate Pledge - the commitment co-founded by Amazon (NASDAQ: AMZN) and Global Optimism to meet the Paris Agreement 10 years early. The Climate Pledge calls on new signatories to be net zero carbon across their businesses by 2040 - a decade ahead of the Paris Accord’s goal of 2050.
Verizon is on track to be carbon neutral across scope 1 and scope 2 emissions by 2035 and has issued a $1 billion green bond to invest in innovative solutions to accelerate the company’s sustainability efforts. This includes powering operations with 50% renewable energy by 2025 and new virtual power purchase agreements (VPPA) for more than 380 MW of new wind and solar power capacity.
“Climate change is a global challenge that impacts everyone, and that is why we considered it vital to join The Climate Pledge,” said Hans Vestberg, Chairman and CEO of Verizon. “Leaving future generations with a cleaner world is core to our values as a responsible business. At Verizon, it does not stop with reducing our carbon footprint. Through our technology and networks, we’re innovating solutions for customers, increasing efficiencies and building resiliency across the company and the communities we serve.”
Verizon and other companies that sign The Climate Pledge agree to:
Measure and report greenhouse gas emissions on a regular basis;
Implement decarbonization strategies in line with the Paris Agreement through real business changes and innovations, including efficiency improvements, renewable energy, materials reductions, and other carbon emission elimination strategies;
Neutralize any remaining emissions with additional, quantifiable, real, permanent, and socially beneficial offsets to achieve net zero annual carbon emissions by 2040.
“I’m excited that Verizon is signing The Climate Pledge and committing to reach the Paris Agreement ten years early. Tackling climate change requires innovation, leadership, and partnership - no one can do it alone,” said Jeff Bezos, Amazon founder and CEO. “Verizon has set aggressive goals to increase energy efficiency across its operations and power its business with 50% renewable energy by 2025 - on the path to achieving net zero carbon by 2040.”
“As the climate crisis worsens, more companies will need to get serious and challenge themselves to achieve decarbonization at a faster pace,” said Christiana Figueres, the UN’s former climate change chief and founding partner of Global Optimism. “Verizon is committing to an accelerated timeline that will move the needle against the race to stop the continued warming of our planet. Actions like this will cut emissions and slow down the damage that has been done, but we have to act now.”
By joining The Climate Pledge and agreeing to decarbonize at a faster rate, Verizon will play a critical role in stimulating investment in the development of low carbon products and services that will be required to help companies meet the pledge. To learn more about Verizon’s sustainability efforts, visit verizon.com/sustainability.