Applied EEIO factors and added well-to-tank to Scope 3 Applied environmentally extended input-output (EEIO) emissions factors developed by The Carbon Trust and added well-to-tank emissions calculation to relevant Scope 3 categories.
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Primary: 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.
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Primary: 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.
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Scope 3 2019 baseline restated upward ~12% In 2023, Verizon adjusted the 2019 scope 3 baseline to reflect a) the acquisition of TracFone Wireless in November 2021, b) application of EEIO emissions factors from The Carbon Trust and c) calculation of well-to-tank emissions. These updates increased the scope 3 base-year from 16,954,198 to 18,979,748 MT CO2e (~12% increase).
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Dependent: 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.
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UN SDG alignment Goals aligned with SDGs 4, 7, 8, 13, 15, 16 — including renewable energy, energy efficiency, decent work, climate action.
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100% renewable electricity by 2030 Target to source renewable energy equivalent to 50% of annual electricity usage by 2025 and 100% by 2030. Joined RE100 in 2023.
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Joined RE100 To demonstrate commitment to global renewable energy transition, Verizon joined RE100 in 2023.
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Verizon Business Group goodwill impairment charge of $5.8 billion in 2023 In Q4 2023, Verizon recorded a non-cash goodwill impairment charge of approximately $5.8 billion ($5.8 billion after-tax) related to the Business reporting unit, driven by secular declines in wireline services, lower projected cash flows, and macroeconomic pressures including higher interest rates.
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~3.6 GW REPA portfolio targeting 100% renewable electricity by 2030 Verizon has set targets to source renewable energy equivalent to 50% of annual electricity by 2025 and 100% by 2030, and joined RE100 in 2023. As of February 2024, 27 long-term renewable energy purchase agreements (REPAs) for ~3.6 GW of anticipated capacity are in place, with 15 projects in commercial operation (~1.8 GW contracted). RECs from REPAs are retired against actual electricity consumption. Verizon is one of the largest U.S. corporate green bond issuers ($6B issued, ~$5B allocated primarily to REPAs). On-site solar/green generation: 37.6 MW installed since 2013. The contracted capacity is expected to avoid >4.7M tCO2e annually.
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