As part of our commitment to sustainability, Verizon has designed this Green Financing Framework (“the Framework”) under which we may issue bonds or other debt instruments (each, a “Green Financing Instrument”), the net proceeds of which we intend to allocate to finance or refinance new and existing projects, in whole or in part, that will enable us to achieve our environmental objectives (each, a “Green Financing”). This Framework details what projects are eligible under the use of proceeds, how they are selected, the management of proceeds and reporting.
Verizon Communications Inc. (Verizon) is a holding company that, acting through its subsidiaries, is one of the world’s leading providers of communications, technology, information and entertainment products and services to consumers, businesses and government entities. With a presence around the world, we offer data, video and voice services and solutions on our networks and platforms that are designed to meet customers’ demand for mobility, reliable network connectivity, security and control.
Verizon’s corporate purpose is to create the networks that move the world forward. We seek to be known as a responsible, purpose-driven, trusted brand on the cutting edge of innovation to benefit our four key stakeholders: customers, shareholders, employees and society. We believe that we have a responsibility to leverage our technology, operations and employees to help move the world forward into a more connected, secure and sustainable future. Key to this is our commitment to protect our planet for future generations. Verizon has set ambitious goals around climate protection, including achieving net zero emissions in our operations by 2035.
We understand that climate risk is business risk, and we are taking bold steps to minimize our environmental footprint and make our networks more climate resilient. For example, we are improving the energy efficiency of the components and equipment that comprise our network and we are continuing to upgrade and harden our infrastructure to be prepared for a changing climate. We are developing solutions that enable our customers to minimize their environmental footprints and transition smoothly to a low-carbon economy. We are also supporting the transition to a greener grid by entering into power purchase agreements with renewable energy developers and investing in on-site green energy at our facilities.
We have set ambitious public targets to support these efforts, including:
In addition to our net zero goal, we have announced two science-based emissions reduction targets. We have committed to reduce absolute Scope 1 and 2 GHG emissions by 53% over a 2019 baseline by 2030 and to reduce absolute Scope 3 emissions from our value chain by 40% over a 2019 baseline by 2030. The target covering our operational emissions is consistent with reductions required to keep warming to 1.5°C, and our value chain target is consistent with reductions required to keep warming to well-below 2°C.
2020 began the Decade of Action to achieve the United Nations Sustainable Development Goals (SDGs). As a leading communications technology company, we believe that our technology is an essential tool for achieving all 17 SDGs and it is incumbent on us to use our scale and innovation to accelerate progress. We continue to look for opportunities to integrate the SDGs into our corporate strategies and investments and to focus on specific goals where we believe Verizon can have the most significant and meaningful impact.
Our sustainability strategy, including company-wide goals, is aligned to the following SDGs: 4 - Quality education, 7 - Affordable and clean energy, 8 - Decent work and economic growth, 9- Industry, innovation and infrastructure, 13 - Climate action, 15- Life on land and 16 - Peace, justice and strong institutions. The use of proceeds from our Green Financings will support several of these SDGs as outlined in the following Eligibility Criteria tables.