Verizon closes on U.S. telecom industry’s first Green Bond to fund environmental initiatives
NEW YORK: Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced the close of the U.S. telecommunications industry’s first Green Bond.
An amount equal to the net proceeds of the $1 billion offering will be used to fund a variety of new and existing green investments made during the two years prior to the issuance of the Green Bond through the maturity of the Green Bond. A majority of the funds are anticipated to be allocated within three years, supporting Verizon’s long-term commitment to minimize its environmental impact, drive operating efficiencies and benefit the communities it serves.
The eligible categories for the use of the net proceeds – renewable energy, energy efficiency, green buildings, sustainable water management, and biodiversity and conservation – are designed to positively impact the environment and advance U.N. Sustainable Development Goals.
“Verizon is committed to reducing the environmental impact of its operations, and this funding will support those efforts,” said Chief Sustainability Officer Jim Gowen. “As good corporate citizens, we have made it a priority to deploy more green energy resources, such as solar and fuel cell technology, into our facilities.”
Verizon recently committed to source renewable energy equivalent to 50 percent of its total electricity usage by 2025. The company, which launched its formal sustainability program in 2009, also has a goal to reduce its water consumption by 15 percent by 2025 and to plant 2 million trees by 2030.
In connection with the Green Bond, Verizon worked with Sustainalytics U.S., Inc. – an outside consultant with recognized expertise in environmental, social and governance research and analysis – to assess the eligible green investments and obtain an independent second-party opinion.