Verizon

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

Because most of Verizon's operational carbon footprint comes from electricity that powers its networks, the path to operational net zero relies heavily on renewable energy transition. Verizon achieved its 50% interim target by 2025 and is targeting 100% renewable energy equivalent to annual electricity usage by 2030. The company is bringing additional renewable energy to the U.S. grid primarily by entering into long-term renewable energy purchase agreements (REPAs) for solar and wind power. Progress is tracked via renewable electricity generated on-site or via energy attribute certificates divided by total electricity consumed.

To address residual emissions that Verizon is ultimately unable to abate, the company plans to pursue carbon removal solutions. The strategy currently lacks specifics on DAC, BECCS, biochar or removal volumes.

• Network modernization: copper-to-fiber migration and legacy decommissioning

  Verizon's strategic focus on network modernization and decommissioning of legacy equipment continues to drive significant energy savings. As part of a wireline network transformation initiative, copper-based services are being migrated to fiber technologies, which enables decommissioning of energy-intensive switches and use of newer intelligent edge platforms. Fiber-delivered broadband is significantly more efficient on a kWh-per-gigabyte basis than copper-delivered broadband.

• 4G/5G network energy efficiency and on-site clean energy

  Verizon implements multiple initiatives across active 4G/5G networks: optimizing power usage, equipment placement and heat generation to reduce cooling demand; increasing heat tolerance of network sites with high-temperature batteries; upgrading HVAC; enhancing equipment with lower-power and sleep modes; and migrating to clean energy sources such as fuel cells and solar power where practicable. AI and machine learning are used to drive energy efficiency.

• Building & data centre energy management

  Verizon installs energy-efficient systems and employs energy-management best practices across buildings while consolidating its real estate portfolio to co-locate people and equipment. Data centres are designed and operated for optimal energy efficiency, leveraging environmental tolerances of hardware suppliers to enable free cooling, waterside economizers, evaporative cooling, aisle containment and passive exhaust.

• Fleet transformation: hybrid bucket trucks and EV adoption

  Verizon is reducing fleet emissions by replacing aging bucket trucks (excluding special-use vehicles) with hybrid drive systems, using optimized vehicle dispatching technology and automation to minimize miles driven and reduce Fios truck rolls, and purchasing EVs at a rate aligned with available products and charging infrastructure suitable for operations.

• Network and data center electricity efficiency

  Electricity to power networks and data centers is Verizon's largest Scope 2 source. Verizon manages water consumption at technical facilities through upgrades to cooling towers, replacing water-cooled equipment with closed-loop and refrigerant-based systems. Energy efficiency measures in technical buildings also reduce water consumption.

• Fleet and stationary fuel reduction (Scope 1)

  Scope 1 emissions — primarily fuel for fleet, building heat and backup generators — fell 26% from 2019 to 265,859 MT CO2e in 2024. Verizon tracks fuel including natural gas, gasoline, diesel, jet fuel, propane, CNG, biofuels (B02-B20, E85), methanol and ethanol.

• Circular supply chain — device trade-in, e-waste recycling, plastic reuse

  Recycled or reused over 92 million pounds of materials in 2024, including 49 million pounds of e-waste (1.4M lbs plastic, 2.2M lbs lead-acid batteries). Device trade-in program reuses, resells or recycles mobile phones from any brand. Plastic from routers and set-top boxes is repurposed into road signs, park benches and office chairs. Engages e-waste recyclers certified to R2 and e-Stewards.

• Network energy efficiency — energy-efficient equipment, legacy shutdown, renewable sourcing

  Verizon states it strives to improve the energy efficiency of its networks, facilities and fleet, balancing increased energy needs from network expansion and 5G densification with initiatives to manage consumption. These include deploying more energy-efficient equipment, discontinuing or migrating legacy services (e.g., 3G shutdown, copper-to-fiber migration), and pursuing renewable energy sources. The evolution to 5G architecture also enables simplification of operations by eliminating legacy network elements, which reduces energy intensity per unit of traffic.

• Fleet decarbonisation — transitioning vehicles dependent on traditional fuels

  Verizon acknowledges in its risk factors that carbon/climate-related regulations and policy changes in fuel or energy prices could increase costs for its vehicle fleet dependent on traditional fuels. This implies an active lever around fleet electrification or efficiency, though specific EV targets or timelines are not detailed in this 10-K filing.

• Fleet decarbonization & electrification

  Multi-faceted approach: hybrid bucket trucks (battery-powered aerial lifts eliminate idling), electric battery systems replacing gas generators in fiber splicing vans, engine recalibration of legacy Fios vans, route optimization, and electrification of light-duty customer-facing vehicles. Fleet fuel consumption dropped from 22.2M gallons (2021) to 18.7M (2023). Active in NAFA, Advanced Energy Group, GM EV Vision Board, Green Truck Association, Corporate EV Alliance to spur availability of commercial EVs.

• Network modernization & energy efficiency

  Strategic decommissioning of legacy equipment (3G network shut down January 2023; copper to fiber migration — fiber is 100x more efficient on kWh/GB basis than copper). Energy efficiency initiatives include powering down idle radios, relocating heat-generating equipment outdoors, upgrading cell-site HVAC, AI-driven cooling optimization, and partnering with the National Renewable Energy Laboratory on off-grid solar for fuel-powered generator sites. 677 ENERGY STAR certifications since 2001; ENERGY STAR Partner of the Year for 11 consecutive years.

• Building decarbonization via Strategic Decarbonization Audit

  Strategic Decarbonization Audit program selects sites based on fuel use, building age, energy performance, and state/local building performance standards. Year-long audits focus on HVAC electrification and retro-commissioning. Implementing heat recovery chillers, submetering, heat pumps, adiabatic coolers, LED lighting and on-site solar across the portfolio.

• On-site solar generation at administrative and technical facilities

  Installed 37.6 MW of on-site green energy generation since 2013, with new solar PV at Basking Ridge NJ, Irving TX, Rocklin CA in 2022, and Garden City NY nearing completion. Investment in community solar programs in MA and NY delivering renewable power to local residents.

• Green financing

  Verizon is one of the largest corporate green bond issuers in the U.S., with $4 billion in green bonds issued since 2019. Net proceeds allocated primarily to VPPAs for new renewable energy projects. Green Financing Framework aligns issuance with UN SDGs and pledges to engage diverse-owned underwriters.

• Fleet electrification and fuel reduction

  Fleet fuel consumption dropped from 24.3M gallons (2020) to 19.4M gallons (2022). Verizon is transitioning customer-facing fleet to electric vehicles, deploying battery systems on bucket trucks to eliminate engine idling, downsizing engines, and building EV charging at 76 locations. Active in National Association of Fleet Administrators, GM EV Vision Board, Corporate Electric Vehicle Alliance.

• Network and data center energy efficiency

  Most of Verizon's operational footprint comes from electricity powering networks. Migration from copper to fiber broadband (fiber is at least 100x more efficient kWh per gigabyte). AI-driven network cooling optimization, free-cooling economizers, high-efficiency HVAC, data center waterside economizers and aisle containment. EPA ENERGY STAR Partner of the Year for 10th consecutive year; 668 ENERGY STAR certifications and 359 LEED projects.

• Supply chain engagement and resilience

  Verizon's Centralized Operations function oversees supply chain resilience, circularity and value-chain engagement. The Global Supply Chain Resilience Governance Council manages supplier risk including environmental impacts. The Third Party Risk Management program identifies, assesses and monitors supply chain risks including environmental impacts of supplier activity. Scope 3 reduction of 40% by 2035 (SBTi-approved) covers purchased goods, capital goods, transportation, business travel, employee commuting, use of sold products and end-of-life treatment.

• Purchased goods, services & capital goods (79% of Scope 3)

  Purchased goods and services + capital goods together account for 79% of total Scope 3 emissions. Supplier engagement uses EcoVadis assessments (764 key suppliers since 2013) and JAC audits (1,210 audits since 2010, 150 in 2024). Supplier Code requires waste reduction, recycled content and minimized single-use plastics.

• Use of sold products (12% of Scope 3)

  Use of sold products accounts for 12% of Scope 3 emissions. Verizon's teardown lab systematically deconstructs network equipment and devices to drive design optimization that improves product energy efficiency from production to disposal.

• Customer network efficiency enabled by 5G and fiber infrastructure

  Verizon's 5G network deployment and fiber expansion (including the pending Frontier acquisition) are positioned as enabling customers to use more efficient connectivity infrastructure. 5G technology provides higher throughput per unit of spectrum and energy compared to 4G, and Verizon's 100% fiber-optic Fios network is more energy-efficient than legacy copper networks. These infrastructure investments underpin avoided emissions enabled by Verizon's services, though no formal avoided emissions figures are quantified in this filing.

• Supply chain engagement via CDP & SBTi

  Most of Verizon's emissions are upstream (scope 3 ~79% of total). Invited 318 key suppliers to respond to 2023 CDP Climate Change survey via CDP Supply Chain program; participating in CDP Science-Based Targets Campaign to press high-impact suppliers to commit to SBTi 1.5°C-aligned targets. Carbon maturity analysis of key suppliers conducted; assessing 728 key suppliers via EcoVadis since 2013. Industry collaboration through GeSI, JAC, MIT Climate & Sustainability Consortium.

• Product life-cycle management & circular supply chain

  Teardown lab disassembles equipment to optimize design for sustainability. Internal life cycle assessment calculator under development. Circular Supply Chain team extends device life via repurposing; device trade-in program for repair, repurpose, resell. Recycled/reused ~79M pounds in 2023 including 47M pounds of e-waste. Incorporating PCW, recycled resin, ocean-bound plastics in routers, set-top boxes, remotes. Eliminating single-use plastics from reverse logistics.

• Supply chain emissions engagement via CDP and EcoVadis

  Verizon partners with CDP and EcoVadis to engage suppliers in fully reporting scope 1, 2, and 3 emissions, obtain external assurance, and set their own emissions reduction targets. 623 key suppliers assessed via EcoVadis since 2013. Member of Joint Alliance for CSR (JAC); 910 supplier audits completed since 2010.

• Customer emissions avoidance via 5G/IoT solutions

  Verizon's products (smart building, smart grid, smart transport, telematics, telecommuting, telehealth, smart meters) enabled customers to avoid 15.2 million metric tons CO2e in 2022, equivalent to 3.3 million cars. Over 73 million metric tons of CO2e avoided cumulatively since 2018. Target: enable customers to avoid 20 million tCO2e annually by 2030.