In the case of Verizon’s recent annual shareholder meeting, no news is not good news.
Verizon’s competitors, T-Mobile and AT&T, announced major commitments to increase their use of clean energy to power their networks. T-Mobile has committed to reach 100% clean energy by 2021 and AT&T has announced its purchase of 520 MW of power from two wind farms. In contrast, Verizon continues to trail behind its peers by using less than 2% clean energy, and has a goal of adding just 24 MW of clean energy by 2025.
On May 3, Verizon shareholders gathered for its annual meeting. The event did not result in any publicly-stated discussion or commitment to clean energy use. Shareholders should be concerned, since there are proven benefits of clean energy for the environment, as well as measurable savings to the company’s bottom line that Verizon is leaving on the table.
With climate change already impacting communities worldwide, it is imperative that entities using vast amounts of energy prioritize cleaner options and decrease use of fossil fuels, which release greenhouse gas emissions and accelerate climate change. As Verizon’s Chairman’s letter opens, “One quality that defines a great company is how it responds to change.”1 We agree with this sentiment, but are not seeing meaningful action from Verizon to reflect it.