Given that the electricity that powers our networks is responsible for most of Verizon’s emissions, our support of renewable energy and the transition to a greener grid is a key enabler to achieving our long-term operational net zero goal. In 2021, we joined the Clean Energy Buyers Association (CEBA) to support the transition to a cleaner, prosperous, zero-carbon energy future.
Our network operations are located across the country and require a constant supply of electricity to operate. As it is not feasible to power our network operations directly from solar or wind generation facilities during every hour of every day, we are dependent on sourcing power from our nation’s electrical grids. Today much of that power is “brown” power, produced from conventional fossil fuels such as coal and oil. To achieve our interim renewable energy and long-term operational net zero goal, we are focusing our resources on accelerating the transition to greener electrical grids across the U.S.
We are working to bring additional renewable energy to the grids by entering into long term power purchase agreements for solar and wind power under development. The agreements, called virtual power purchase agreements, or VPPAs, are financially settled and can help reduce Verizon’s long-term exposure to energy price volatility.