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Second-Party Opinion Download

Project Details


Verizon Green Financing Framework Second Party Opinion (2021)


Verizon Communications Inc.

Project Type

Green Bond/Loan

Industry Group

Telecommunication Services

Use of Proceeds

Renewable energy; Green buildings; Energy efficiency; Water/waste water management; Conservation;



Evaluation Date

Aug 2021

Evaluation Summary

Sustainalytics is of the opinion that the Verizon Green Financing Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2021. This assessment is based on the following: 


The eligible categories for the use of proceeds – Renewable Energy, Energy Efficiency, Green Buildings, Sustainable Water Management, Biodiversity and Conservation – are aligned with those recognized by both the Green Bond Principles 2021 and the Green Loan Principles 2021. Sustainalytics considers that Verizon’s investments in these eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals (“SDGs”), specifically SDGs 6, 7, 8, 9, 11, & 15. 


Verizon’s Sustainability and Treasury teams will be responsible for determining if potential investments are in conformance with the eligibility criteria under the Framework. Verizon has due diligence processes to manage and mitigate environmental and social risks, which are applicable for all allocations under the Framework. Sustainalytics considers risk management processes to be adequate and the project selection process to be in line with market practice.  


Verizon will track allocations using its internal recording system led by the company’s Treasury team. Pending full allocation, proceeds will be managed in line with its liquidity policy. Verizon has stated its intention to allocate the majority of the net proceeds within three years of issuance. This is in line with market practice. 


Verizon intends to produce a Green Financing Report annually until full allocation. This report will detail the amounts allocated to each category and provide relevant quantitative impact metrics for each category, where feasible. This is in line with market practice.