Verizon, a leading telecommunications company, has over 143 million customers, generating billions. But what about Verizon’s sustainability? From renewable energy initiatives to e-waste, we dive into Verizon’s sustainability and social justice initiatives. 

Let’s get started.

On Karma Wallet, we rate Verizon’s sustainability a 4 out of 16. They’re evaluated on 9 UN SDGs, and the sector average score for similar companies is 3.33. So, while they’re better than some competitors, they still have a ways to go to be truly sustainable. 

Here’s why!

The Good

Environmental Commitments 

Verizon has made substantial commitments to environmental sustainability. Here’s a few:

• Reach operational net zero 
• Source renewable energy for 50% of its total electricity usage by 2025, and 100% by 2030
• Achieve carbon neutrality in its operations by 2035

Over 90% of Verizon’s carbon footprint comes from the electricity they use to power their networks. 

Because of this, their path to operational net zero is focused on two things – maximize the energy efficiency of their networks and transition to renewable energy.

And their efforts seem to be working. Here’s some of Verizon’s sustainability accomplishments recently:

• Verizon settled its fifth green bond offering of $1 billion, with the net proceeds expected to be allocated to renewable energy investments to accelerate the transition to greener electrical grids across the U.S. 
• Since 2013, they’ve installed 37.6 megawatts (MW) of on-site green energy
• Since 2018, Verizon has enabled the avoidance of 73 million metric tons of CO2
• In 2022, Verizon reused or recycled approximately 43.4 million pounds of e-waste, including 1.6 million pounds of plastic and 2.7 million pounds of lead-acid batteries.
• Verizon reduced their water usage by 22% from 2016 to 2021

Social Impact and Philanthropy

“This year we also leaned in by making a multi-year pledge of $3 billion to uplift vulnerable communities, help close the digital divide, and contribute to the achievement of the UN SDGs. As part of this we are providing 10 million youths with digital skills training, supporting 1 million small businesses with tech resources and tools and upskilling 500 thousand individuals with tech training, all by 2030.” – Hans Vestberg, CEO of Verizon

In addition to the above pledge, Verizon has made notable contributions to social causes like the Verizon Innovative Learning program.

The Verizon Innovative Learning program aims to bridge the digital divide and provide access to technology and educational resources for underserved communities. 

Through its employee volunteer programs and grants, Verizon has supported various nonprofits and community-based organizations, positively impacting education, healthcare, and disaster relief efforts.

The Bad 

Carbon Emissions

Although Verizon has strong sustainability commitments around emissions, the current landscape of their emissions is not great. In 2022, their energy use went up – and they currently emit nearly 2.5x as much carbon dioxide as T-Mobile.

AT&T and Verizon combined have an electricity usage that could power 2.6 million homes for a year.

In 2020, Verizon was ranked last among the 4 major US wireless carriers in energy efficiency by the American Council for an Energy-Efficient Economy.

Long story short, they have good commitments around carbon – but currently are still producing more emissions than their competitors. 

Will they be able to reduce their emissions quickly and meaningfully?

E-Waste

Verizon has faced criticism for its e-waste practices, particularly in regards to recycling electronic devices. While the company offers a device recycling program, some environmental groups argue that it does not go far enough to reduce e-waste.

Lack of Transparency

Transparency and reporting on ESG metrics are essential for holding companies accountable. 

While Verizon does release an annual ESG report, they have faced criticism for lacking in-depth information and not fully capturing the company’s impact on various stakeholders.

Enhancing transparency and providing comprehensive, audited reports would enable stakeholders to evaluate Verizon’s sustainability and social justice efforts more accurately.

Verizon’s Sustainability Rating 

Verizon’s sustainability and social justice efforts exhibit a mix of commendable initiatives and areas that require improvement. 

The company’s commitment to renewable energy and social impact programs demonstrates a genuine desire to drive positive change. 

However, addressing concerns regarding its overall environmental impact and strengthening ESG reporting and transparency will be crucial for Verizon to bolster its sustainability reputation and effectively contribute to social justice. 

As Verizon continues to evolve its practices, ongoing scrutiny and feedback from stakeholders will play a vital role in shaping its path towards a more sustainable and socially just future.

On Karma Wallet, we rate Verizon’s sustainability a 4 out of 16. Head to their Company Report card to learn why!