Verizon has issued its Green Bond Impact Report, outlining the full allocation of the nearly $1 billion of net proceeds from its third green bond.

The bond was issued in September 2021 under an updated Green Financing Framework that included new underwriter selection criteria focused on diversity and the U.N. Sustainable Development Goals.

In February 2019, Verizon became the first U.S. telecom company to issue a green bond and remains a leader in the industry with the allocation of three green bonds.

Matt Ellis, Verizon’s executive vice president and chief financial officer, said: “The $3 billion in green bonds that we have issued to date are helping position us to achieve our goal of net zero emissions in our operations by 2035.”

“Renewable energy and energy efficiency are the foundation of our net zero strategy. We are proud to do our part to green the U.S. energy grid and make strides toward achieving our ambitious corporate climate goals.”

Verizon has fully allocated the net proceeds of its third green bond entirely to renewable energy purchase agreements (REPAs), which are virtual power purchase agreements.

Verizon’s portfolio of REPAs is part of Citizen Verizon, the company’s responsible business plan for economic, environmental and social advancement. The Green Bond Impact Report can be found here.