Verizon Communications

"Verizon Communications has set a net zero target for its operations by 2035. Net Zero Tracker
This target covers scope 1, 2, and 3 emissions, but does not include historical emissions. Net Zero Tracker
The company has not specified which gases are covered by its target and does not have a publicly available plan outlining steps towards achieving this goal. Net Zero Tracker
An interesting fact about Verizon's environmental policy is its interim target, which aims to reduce operational emissions by 53% relative to 2019 emissions by 2030. Net Zero Tracker
In addition, you can check out the net-zero commitments …"

Current Score (vs. LY)

67.0 pts (0.0)

Last Update: Dec. 12, 2023

Current Rankings

Global: #23

S&P100: #13

Communication Services: #4

85.0%

Transparency

Quality of climate reporting based on public disclosures, completeness and verification of GHG emissions

66.3%

Commitments

Level of ambition through gross absolute emissions reduction and 'net zero' targets

50.0%

Results

Results and actions to deliver on commitments for real

Greenhouse Gas Emissions

Last 3 Years Emissions Data Summary

Y2021Y2020Y2019
Scope 1 310,146336,831358,753
Scope 2 - location-based 3,554,1553,753,6594,006,874
Scope 2 - market-based 3,222,3423,627,9713,982,613
Scope 1-2 - location-based 3,864,3014,090,4904,365,627
Scope 1-2 - market-based 3,532,488 3,964,802 4,341,366
Scope 3 15,267,19215,640,41317,061,647
Total - location-based 19,131,49319,730,90321,427,274
Total - market-based 18,799,680 18,656,298 20,345,938

Note: Data sources detailed here

Y2022 Y2021
Total CO2e estimate (by Net0Tracker) 19,254,15918,799,680
Methodology Previous year intensity (revenue)As reported

Carbon emissions are estimated according to comparable years, intensity and sector benchmarks

Performance vs. Target

Note: Targets without baseline are ignored. In case several targets exist, only the shorter-term target is displayed.


Value Chain (scope 3) Emissions by Category

Emissions Trajectory (Full Scopes)



Please refer to the library for viewing the supporting documentation

Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email

Sector Benchmark

Note: Latest GHG and revenue data (based on tradingview.com) are used to calculate GHG emissions intensity by sector. The color scale of each bubble depends on the GHG intensity (GHG emissions per 1 million USD revenue). Sectors follow the Global Industry Classification Standard (GICS) that organize companies based on their primary business activities. The 11 sectors are : Information Technology, Health Care, Financials, Consumer Discretionary, Communication Services, Industrials, Consumer Staples, Energy, Utilities, Real Estate, and Materials.

Verizon Communications belongs to the sector Communication Services.

Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email

Reduction and Net Zero Targets

>Note: intensity targets are not represented in the current version - see Methodology

Gross Absolute Emission Reductions

Scope Reduction Objectives Base Year Target Year Comments
S1S2LOC 50.0 2018 2025
S1S2S3MKT 32.67239479320038 2019 2030
S1S2MKT 53.0 2019 2030
S3 40.0 2019 2035

Net Absolute Emission Reductions

Scope Reduction Objectives Base Year Target Year Comments
S1S2LOC 100.0 2018 2035

Net Zero Future Commitments

Scope Scope 3 Coverage Target Year Comments
S1S2MKT NO 2035

Science-based Targets (SBTI)

Date Published / Updated :01/04/2021

Near-term Long-Term Net Zero Standard
Targets Set : 1.5°C by 2030, 2035 No target No

Verizon Communications Inc. commits to reduce absolute scope 1 and 2 GHG emissions 53% by 2030 from a 2019 base year. Verizon Communications Inc. commits to reduce absolute scope 3 GHG emissions 40% by 2035 from a 2019 base year.

Data source: SBTI

Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email

Offsets

Last update for Verizon by zerotracker.net: Oct. 14, 2023
Planning to use external offset credits Not Specified
Separate targets for emission reductions and removals No
Conditions on use of offset credits None
Plans for carbon dioxide removal (CDR) No

Additional notes: pg 20 of https://www.verizon.com/about/sites/default/files/Verizon-2022-ESG-Report.pdf: "While we expect our energy efficiency and renewable energy initiatives to bring us close to achieving operational net zero, we will eventually need to purchase carbon offsets for the remaining emissions that we cannot eliminate directly"

Data source from zerotracker.net - For more information, see methodology

Score Summary

Ref Principle Score
(points) 		Max
(points) 		Delta
(points)
1 At least 2 years of GHG emissions for scope 1 and 2 are publicly-available and externally-verified 10.0 10.0 0.0
2 Scope 3 emissions are fully reported and externally-verified 7.5 10.0 0.0
3 CDP score demonstrates the level of transparent disclosures 8.0 10.0 0.0
Transparency 25.5 30.0 0.0
4 Net Zero Commitments by 2050 include an intermediate target and cover all the emissions 6.0 10.0 0.0
5 Net Zero targets demonstrate a high-level of emergency 2.5 10.0 0.0
6 Emission reduction targets on a forward-looking basis are ambitious 8.014972824442744 10.0 0.0
7 Targets are science-based as validated by SBTi 10.0 10.0 0.0
Commitments 26.514972824442744 40.0 0.0
8 Results re. operational emissions reduction: on-pace (performance-to-date) and momentum (forward-looking targets) 0.0 10.0 0.0
9 Results re. value chain emissions reduction: on-pace (performance-to-date) and momentum (forward-looking targets) 5.0 10.0 0.0
10 Implied Temperature Rating by MSCi 10.0 10.0 0.0
Results 15.0 30.0 0.0
Total 67.0 100.0 0.0


Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email


Score Details

Criteria Results 2023 Score 2022 Score Vs. 2022 2021 Score
Criteria 1 : Transparency on operational emissions (Scope 1 + 2)
Are S1+S2 figures publicly-disclosed for the last reporting year and the preceding period? yes 5.0 / 5.0 5.0 0.0 5.0
Are S1+S2 figures verified by a 3rd-party for the last reporting year? yes 5.0/ 5.0 5.0 0.0 5.0
Criteria 2 : Transparency on value chain emissions (Scope 3)
Are the 15 categories fully or partly disclosed? full 5.0 / 5.0 5.0 0.0 2.5
Are S3 figures fully or partly verified by a 3rd-party for the last reporting year? partly 2.5 / 5.0 2.5 0.0 0.0
Criteria 3 : Quality and Frequency of reporting
What is the latest CDP score (no later than the preceding year)? B 8.0 / 10.0 8.0 0.0 8.0
How many interim reporting were provided between 2 reporting periods (GHG emissions only)?
Criteria 4 : Net Zero Commitments
Does the net 0 target include a statement of a generally-accepted net zero emission target by 2050? yes 3.0 / 3.0 3.0 0.0 3.0
Does the net zero target include an intermediate target by 2030? 2025 3.0 / 3.0 3.0 0.0 3.0
Does the net zero target include all the emissions? NC 0.0 / 4.0 0.0 0.0 0.0
Criteria 5 : Target year for Net Zero Commitments
Target year for achieving net zero emissions for S1+S2? 2035 2.5 / 5.0 2.5 0.0 2.5
Target year for achieving net zero emissions for S1+S2+S3 combined? NC 0.0 / 5.0 0.0 0.0 0.0
Criteria 6 : Reduction objectives
What is the forward-looking GHG% reduction (without compensation) for scope 1+2? 10.7
5.0 / 5.0 5.0 0.0 5.0
What is the forward-looking GHG% reduction (without compensation) for scope 1+2+3? 3.0
3.0 / 5.0 3.0 0.0 2.7
Criteria 7 : Science-Based Targets
What type of science-based target (as validated by SBTi) did the company commit to? Targets Set 1.5°C 10.0 / 10.0 10.0 0.0 10.0
Criteria 8 : Results based on scope 1 - 2
Performance to date: cumulative% reduction vs. target Objective (in %): 21.4
Actual (in %): 12.6
0.0 / 5.0 0.0 0.0 0.0
Momentum: last year % reduction vs. forward-looking target Objective (in %): 10.7
Actual (in %): 5.5
0.0 / 5.0 0.0 0.0 0.0
Criteria 9 : Results based on scope 1 - 2 - 3
Performance to date: cumulative% reduction vs. target Objective (in %): 5.9
Actual (in %): 7.6
5.0 / 5.0 5.0 0.0 5.0
Momentum: last year % reduction vs. forward-looking target Objective (in %): 3.0
Actual (in %): -0.8
0.0 / 5.0 0.0 0.0 5.0
Criteria 10 : Implied Temperature Rise (ITR)
Is the company aligned with global climate targets? ITR: 1.3°C 10.0 / 10.0 10.0 0.0 7.5
Total 67.0 / 100.0 67.0 0.0 64.2


Available Data Sources

Reporting Year 2021 2020 2020 2019 2019 2018
Source Public CDP Public CDP Public Public
Publication Year 2022 2021 2021 2020 2021 2021
Scope 1 310,146 336,831 336,831 358,753 358,753 385,241
Scope 2 - location-based 3,554,155 3,753,659 3,753,660 4,006,874 4,006,874 4,033,579
Scope 2 - market-based 3,222,342 3,627,971 0 3,982,613 0 0
Scope 1-2 - location-based 3,864,301 4,090,490 4,090,491 4,365,627 4,365,627 4,418,820
Scope 1-2 - market-based 3,532,488 3,964,802 NA 4,341,366 NA NA
Scope 3 15,267,192 15,640,413 0 17,061,647 95,971 98,188
Total - location-based 19,131,493 19,730,903 4,090,491 21,427,274 4,461,598 4,517,008
Total - market-based 18,799,680 18,656,298 NA 20,345,938 NA NA

Sources

Please refer to the library for viewing the supporting documentation

Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email

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