US telecommunications giant Verizon will pocket USD 1 billion (EUR 886.4m) in net proceeds from selling green bonds that will go to back sustainability projects, including renewables.
The offering — the first green bond sale in the US telecommunications industry — was completed on Friday, Verizon said. The conglomerate is to allocate most of the funds in three years.
The eligible categories for the use of the proceeds include renewable energy, energy efficiency, green buildings, sustainable water management, and biodiversity and conservation schemes. The goal is to lower the environmental impact of Verizon’s business.
The company has committed to cover the equivalent of 50% of its total power demand by 2025 with renewables.
As part of its sustainability programme, launched in 2009, Verizon will also cut its water consumption by 15% by 2025 and plant two million trees by 2030.
Source Renewables Now