In February 2019, Verizon became the first U.S. telecom company to issue a green bond. The inaugural offering raised almost $1 billion in net proceeds and was fully allocated in 2020 to renewable energy, energy efficiency, green buildings, and biodiversity and conservation. Since then, Verizon has issued four additional $1 billion green bonds, three of which have been fully allocated to renewable energy. The company’s latest green bond was issued in May 2023.