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MarketScreener Homepage  >  Equities  >  Nyse  >  AT&T Inc.    T

AT&T INC.

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AT&T Vows Carbon Neutrality, Braces for Severe Weather

09/17/2020 | 10:15am EST

By Dieter Holger

 

AT&T Inc. set out to reach net-zero emissions across its operations and energy purchases by 2035 as it braces its U.S. network for severe weather fueled by climate change.

The Dallas, Texas-based telecommunications giant said Thursday that it would reach its new climate target through more efficient equipment, renewable power, cleaner vehicles and replacing hardware with software. It also didn't rule out carbon offsets, which are often via tree planting and carbon-credit purchases.

"Our employees are responding to wildfires, hurricanes and floods," said Charlene Lake, sustainability chief at AT&T, in an interview. "Climate change is affecting our employees, it's affecting our customers, it's expensing our expenses."

AT&T's pledge comes amid warnings from scientists of climate change spurring more destructive fires, hurricanes and floods that threaten the infrastructure of America's biggest corporations. The company has spent around $1 billion to recover from severe weather events since 2016.

"What is happening to the planet is happening to our business," Ms. Lake said.

The company didn't share a forecast on future spending for the move to net-zero, but Ms. Lake said a green bond to help finance the effort was "something that we're watching." AT&T has yet to issue a green bond, unlike rival Verizon Communications Inc. that has listed two such bonds, including one that raised $1 billion this month and drew high demand from investors.

AT&T, which has tracked its emissions since 2008, placed the new goal on its direct operations and energy purchases, known as scope 1 and 2 emissions. Scope 3 emissions, which apply to suppliers and products, aren't included. Though, Ms. Lake said the company has required that half of its suppliers set their own emission targets by 2024.

Ms. Lake declined to share which providers it was working with for upcoming renewable-energy purchase agreements, but AT&T has entered into such deals with Duke Energy Corp. and NextEra Energy Inc. in recent years.

To fortify its network from severe weather to come, AT&T has rolled out what it calls the Climate Change Analysis Tool, supported by the U.S. Department of Energy's Argonne National Laboratory, which gives a 30-year view of what the company can expect in terms of wind and flooding.

"If I know that today and I am building a cell site, I can literally build a pedestal, build the ground up two or three feet to put that cell site on so I can basically plan today for what will be coming tomorrow," said Scott Mair, AT&T's president of network operations, in the interview.

The wildfires raging on the West Coast are also raising concerns at the company. It is working to expand its climate-prediction tool to include droughts and fires in regions like the West Coast.

"Climate change is happening," Mr. Mair said.

Still, Mr. Mair stressed that AT&T can't foresee if its spending on weather-related disaster recovery will grow as climate change worsens. For example, this year has seen a record number of tropical storms in the Atlantic, but which storms make landfall has varied over the years.

"I can't predict the future," Mr. Mair said. "I can respond to what Mother Nature has to say as it happens."

 

Write to Dieter Holger at dieter.holger@wsj.com; @dieterholger

 

Stocks mentioned in the article
ChangeLast1st jan.
AT&T INC. -0.41% 29.17 Delayed Quote.1.43%
DUKE ENERGY CORPORATION 0.49% 92.11 Delayed Quote.0.60%
NEXTERA ENERGY -0.59% 82.04 Delayed Quote.6.34%
VERIZON COMMUNICATIONS INC. 0.60% 57.38 Delayed Quote.-2.33%
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Financials (USD)
Sales 2020 171 B - -
Net income 2020 12 620 M - -
Net Debt 2020 145 B - -
P/E ratio 2020 17,0x
Yield 2020 7,14%
Capitalization 208 B 208 B -
EV / Sales 2020 2,07x
EV / Sales 2021 2,04x
Nbr of Employees 235 000
Free-Float 93,4%
Chart AT&T INC.
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AT&T Inc. Technical Analysis Chart | T | US00206R1023 | MarketScreener
Technical analysis trends AT&T INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 31
Average target price 31,62 $
Last Close Price 29,17 $
Spread / Highest target 30,3%
Spread / Average Target 8,39%
Spread / Lowest Target -45,1%
EPS Revisions
Managers and Directors
NameTitle
John T. Stankey President, CEO, COO & Director
Randall L. Stephenson Executive Chairman
John J. Stephens Chief Financial Officer & Senior Executive VP
Matthew K. Rose Lead Independent Director
Scott T. Ford Independent Director
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