Verizon Emissions Reporting
We recognize that climate change poses a serious threat to society and may impact how we operate our business and networks both today and in the future. 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 our progress on our climate-related goals and key environmental indicators in our ESG Report. We have also published three TCFD reports to provide a comprehensive view into how we understand and manage the risks and opportunities associated with climate change.
Reference Verizon’s ESG Resources Hub for more details.
Climate-related targets and progress
Metric | Goal/target | Type | Time frame | Progress |
|---|---|---|---|---|
Carbon indicators | ||||
Scope 1 and 2 emissions1 | Expect to achieve net-zero operational emissions | Absolute | By 2035 | As of year-end 2023, achieved a 44% reduction in our scope 1 and 2 emissions (market-based) |
Expect to achieve a 53% reduction in our operational (scope 1 and 2) emissions to limit global warming to 1.5°C (over a 2019 baseline) | Absolute SBTi-approved target | By 2030 | ||
Scope 3 emissions1 | Expect to achieve a 40% reduction in our scope 3 emissions (from our value chain) to limit global warming to well-below 2°C (over a 2019 baseline) | Absolute SBTi-approved target | By 2035 | As of year-end 2023, achieved a 20% reduction in our scope 3 emissions |
Energy indicators | ||||
Renewable energy sourced | Expect to source renewable energy equivalent to 50% of our annual electricity usage by 2025 and 100% by 2030 | Absolute | By 2025 (50%) | In 2023, sourced renewable energy equivalent to 34.4% of our annual electricity usage |
Verizon’s emissions profile
Verizon voluntarily discloses our operational (scope 1 and 2) and value chain (scope 3) emissions data.
Scope 1 & 2 emissions data:
GHG emissions CO2e (metric tons) | 2019 | 2020 | 2021 | 2022 | 2023 | % Change 2019-2023 |
|---|---|---|---|---|---|---|
Scope 1 | 358,753 | 336,831 | 310,145 | 273,904 | 269,333 | -25% |
Scope 2 (location-based) | 4,006,874 | 3,753,660 | 3,554,155 | 3,498,643 | 3,511,076 | -12% |
Scope 2 (market-based) | 4,006,874 | 3,627,972 | 3,222,342 | 3,075,077 | 2,195,515 | -45% |
Total Scope 1 & 2 (location-based) | 4,365,627 | 4,090,491 | 3,864,300 | 3,772,547 | 3,780,409 | -13% |
Total Scope 1 & 2 (market-based) | 4,365,627 | 3,964,803 | 3,532,488 | 3,348,981 | 2,464,849 | -44% |
Scope 3 emissions data:
| 20192 | 2023 | % Change 2019-2023 |
|---|---|---|---|
Upstream scope 3 | 17,360,388 | 13,412,213 | –23% |
Downstream scope 3 | 1,619,361 | 1,711,971 | 6% |
Scope 3 | 18,979,748 | 15,124,184 | -20% |
Scope 3 categories:
| December 31, 20192 | December 31, 2023 |
|---|---|---|
1 – Purchased goods & services | 15,545,157 | 12,150,133 |
3 – Fuel- and energy-related and activities | 1,021,844 | 921,537 |
4 – Upstream transportation and distribution | 64,752 | 111,616 |
5 – Waste in operations | 39,320 | 16,998 |
6 – Business travel | 175,135 | 48,951 |
7 – Employee commuting | 514,180 | 162,978 |
8 – Upstream leased assets | Not Applicable | Not Applicable |
9 – Downstream transportation and distribution | 60,003 | 14,213 |
10 – Processing of sold products | Not Applicable | Not Applicable |
11 – Use of sold products | 1,557,137 | 1,696,335 |
12 – End-of-life of sold products | 2,220 | 1,423 |
13 – Downstream leased assets | Not Applicable | Not Applicable |
14 – Franchises | Not Applicable | Not Applicable |
15 – Investments | Not Calculated | Not Calculated |
Verizon-specific emissions intensity
The following table provides Verizon-specific emissions intensity factors based on revenue.
Intensity indicator | Year | Intensity unit | Intensity factor |
|---|---|---|---|
Operational emissions per $ of revenue (location-based) | 2023 | MT CO2e per $ | 0.00003 |
Operational emissions per $ of revenue (market-based) | 2023 | MT CO2e per $ | 0.00002 |
Operational + upstream value chain emissions per $ of revenue (location-based) | 2023 | MT CO2e per $ | 0.00013 |
Operational + upstream value chain emissions per $ of revenue (market-based) | 2023 | MT CO2e per $ | 0.00012 |
Data assurance
Verizon annually obtains independent limited assurance over key environmental indicators, including our scope 1, scope 2 (location- and market-based) and scope 3 GHG emissions and emissions intensity factors. For 2023, Verizon also obtained independent limited assurance over the adjusted 2019 scope 3 emissions baseline.
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
Because most of our operational carbon footprint comes from the electricity that powers our networks, we have set targets to source renewable energy equivalent to 50% of our annual electricity usage by 2025 and 100% by 2030. To demonstrate our commitment to the global transition to renewable energy, Verizon joined RE100 in 2023.
Our renewable energy purchase program is focused on supporting the transition to a greener U.S. electrical grid. As our U.S network operations are located across the country and require a constant supply of electricity, we are dependent on sourcing power from the grid. Today, much of that is “brown” power, produced from conventional fossil fuels, such as coal and oil. We are working to bring additional renewable energy to the grid by entering into long-term renewable energy purchase agreements (REPAs) for solar and wind power under development. The agreements provide the developers of renewable energy facilities with long-term revenue certainty, enabling them to obtain the capital they need to construct new solar and wind energy facilities.
REPAs can help reduce Verizon’s long-term exposure to energy price volatility. REPAs do not require physical delivery of energy. 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 electricity consumption to track our progress toward meeting our renewable energy targets.
Outside the U.S., we aim to procure most of our electricity from renewable sources and obtain guarantee of origin certificates from our utility providers.
As of March 31, 2024, we had in place 27 long-term REPAs for a total of approximately 3.6 gigawatts (GW) of anticipated renewable energy generating capacity across multiple states. We continue to identify new renewable energy projects under development as we work toward our 2030 renewable energy target and 2035 operational net-zero goal
1 Verizon’s GHG emissions are reported in CO₂e and are substantially comprised of CO₂.
2 In 2023, Verizon made adjustments in the calculation of the 2019 scope 3 baseline to reflect the following subsequent developments: a) the acquisition of TracFone Wireless, Inc. in November 2021, b) the application of the environmentally-extended input-output (EEIO) emissions factors developed by The Carbon Trust to relevant categories and c) the calculation of well-to-tank emissions to relevant categories in alignment with the 2023 calculation methodology. These updates resulted in an increase of ~12% in the scope 3 base-year emissions from 16,954,198 MT CO₂e to 18,979,748 MT CO₂e. The impact of the acquisition of TracFone Wireless, Inc. on Verizon’s base-year scope 1 and 2 emissions was determined to be de minimis and therefore the 2019 scope 1 and 2 base year values have not been updated.