Verizon Emissions Reporting
We recognize climate change as a serious threat to society that warrants meaningful action and we are doing our part to meet the enormity of this challenge. We have set long-term goals and interim targets to address climate-related risks. Our primary long-term goal is to achieve net zero emissions in our operations by 2035. In support of this goal, we have set a number of interim targets, including a science-based operational emissions reduction target and two renewable energy targets.
We report progress toward our climate-related goals in our ESG Report. We also publish a climate-specific report aligned with the TCFD recommendations. Our most recent TCFD Report provides a comprehensive view into how we understand and manage the risks and opportunities associated with climate change at Verizon.
Reference Verizon’s ESG Resources Hub for more details.
Climate-related targets and progress
Metric | Goal/target | Type | Time frame |
|---|---|---|---|
Carbon indicators | |||
Scope 1 and 2 emissions1 | Expect to achieve net zero operational emissions by 2035 | Absolute | By 2035 |
Expect to achieve a 53% reduction in our scope 1 and 2 operational emissions by 2030 (over 2019 baseline) to limit global warming to a 1.5oC scenario | Absolute - Science-based target2 | By 2030 | |
Scope 3 emissions3 | Expect to achieve a 40% reduction in our scope 3 emissions from our value chain by 2035 (over 2019 baseline) to limit global warming well-below 2oC | Absolute - Science-based target2 | By 2035 |
Energy indicators | |||
MW of renewable energy | Expect to source renewable energy equivalent to 50% of our annual electricity usage by 2025 and 100% by 2030 | Absolute | By 2025 (50%) |
1 Scope 1 and 2 emissions are independently assured.
2 These targets were approved by the Science Based Targets initiative (SBTi).
3 Scope 3 emissions are also assured. Relevant categories included are purchased goods and services, capital goods, fuel- and energy-related activities (not included in Scope 1 or 2), upstream transportation and distribution, waste generated in operations, business travel, employee commuting, downstream transportation and distribution, use of sold products and end-of-life treatment of sold products.
Verizon’s emissions profile
Verizon voluntarily discloses the greenhouse gas (GHG) emissions associated with our operational energy consumption (scope 1 and 2) and with our value chain (scope 3).
Emissions data:
GHG Emissions CO2e (metric tons) | 2019 | 2020 | 2021 | 2022 | % Change 2019-2022 |
|---|---|---|---|---|---|
Scope 1 | 358,753 | 336,831 | 310,145 | 273,904 | -24% |
Scope 2 (location based) | 4,006,874 | 3,753,660 | 3,554,155 | 3,498,643 | -13% |
Scope 2 (market based) | 4,006,874 | 3,627,972 | 3,222,342 | 3,075,077 | -23% |
Total Scope 1 & 2 (location based) | 4,365,627 | 4,090,491 | 3,864,300 | 3,772,547 | -14% |
Total Scope 1 & 2 (market based) | 4,365,627 | 3,964,803 | 3,532,488 | 3,348,981 | -23% |
Upstream Scope 3 | 15,412,775 | 14,131,046 | 14,107,049 | 13,084,967 | -15% |
Downstream Scope 3 | 1,541,423 | 1,509,368 | 1,160,143 | 1,316,464 | -15% |
Scope 3 | 16,954,198 | 15,640,414 | 15,267,192 | 14,401,431 | -15% |
Science-based target progress: | 2019 - 2022 | Target Year |
|---|---|---|
Expect to achieve a 53% reduction in our scope 1 and 2 operational emissions by 2030 (over 2019 baseline) to limit global warming to a 1.5oC scenario | -23% | 2030 |
Expect to achieve a 40% reduction in our scope 3 emissions from our value chain by 2035 (over a 2019 baseline) to limit global warming well-below 2oC | -15% | 2035 |
Verizon-specific emissions intensity
To assist our stakeholders relative to Verizon’s emissions activity indicators, the following table provides Verizon specific emissions intensity factors based on revenue and throughput of network data.
Intensity indicator | Year | Intensity unit | Intensity factor |
|---|---|---|---|
Operational emissions per $ of revenue (location based) | 2022 | MT CO2e per $ | 0.00003 |
Operational emissions per $ of revenue (market based) | 2022 | MT CO2e per $ | 0.00002 |
Operational + upstream value chain emissions per $ of revenue (location based) | 2022 | MT CO2e per $ | 0.00012 |
Operational + upstream value chain emissions per $ of revenue (market based) | 2022 | MT CO2e per $ | 0.00012 |
Data assurance
Verizon annually seeks independent limited assurance for key ESG data, including our emissions profile. Please see the Independent Accountants’ Review Reports for more information.
For information that is not specifically identified as being independently assured, Verizon relies on the application of various internal policies (including those requiring the creation and maintenance of accurate records and the establishment of internal controls over externally reported financial and non-financial information) and compliance with data quality standards and verification procedures set forth in our ESG information governance and controls frameworks to validate such information.
Transitioning to renewable energy
Given that the electricity that powers our networks is responsible for most of Verizon’s emissions, our support of renewable energy and the transition to a greener grid is a key enabler to achieving our long-term operational net zero goal. In 2021, we joined the Clean Energy Buyers Association (CEBA) to support the transition to a cleaner, prosperous, zero-carbon energy future.
Our network operations are located across the country and require a constant supply of electricity to operate. As it is not feasible to power our network operations directly from solar or wind generation facilities during every hour of every day, we are dependent on sourcing power from our nation’s electrical grids. Today much of that power is “brown” power, produced from conventional fossil fuels such as coal and oil. To achieve our interim renewable energy and long-term operational net zero goal, we are focusing our resources on accelerating the transition to greener electrical grids across the U.S.
We are working to bring additional renewable energy to the grids by entering into long term power purchase agreements for solar and wind power under development. The agreements, called virtual power purchase agreements, or VPPAs, are financially settled and can help reduce Verizon’s long-term exposure to energy price volatility.
By providing the developers of renewable energy facilities with long-term revenue certainty for a project, VPPAs can enable them to obtain the capital they need to construct the new solar and wind energy facilities. We generally do not expect to take physical delivery of the energy from a facility under a VPPA. Rather the facility operator sells the energy into the wholesale market, and we typically receive the renewable energy credits (RECs) associated with the energy sold. We retire these RECs against our actual energy consumption to track our progress in meeting our interim renewable energy goal and our long-term operational net zero goal.
Verizon is one of the leading corporate buyers of renewable energy in the United States. As of March 31, 2023, we have entered into 25 VPPAs for a total of nearly 3.2 gigawatts (GW) of anticipated renewable energy capacity. The VPPAs we’ve signed to date position us to exceed our 2025 renewable energy target. We will continue to identify new renewable energy projects under development as we work toward our 2030 renewable energy target and 2035 operational net zero goal.
