Outlook for Mac - only sync calendar not emails
Solution 1:
Short answer is no. When you add an account on Outlook it will add everything in the account that it has access to without a way of disabling one component.
Getting back to your question though, you could potentially add the Google calendar onto your Outlook web app (visit outlook.com and follow steps to add a shared calendar) - however that would only give you read access to the calendar.
So you have a lot of options of where to go from here:
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You can export the Google calendar contents into an Outlook calendar and find a method of importing the events.
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You can add the Google calendar as a read-only shared calendar inside the Outlook web app which will then sync to your Outlook desktop and Mobile clients.
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You can add your Outlook Exchange account AND your Google calendars on the Apple Internet Accounts section and use the Built in Calendar app instead of the one inside Outlook.
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You could go on your old Google Apps/G Suite account and move all your inbox items and sub folders into a Old Email folder of some sort, then at least it's out of your line of sight.
Keep in mind when IT decides to cancel the G Suite accounts your old calendar will be gone! So plan ahead.. it costs around $6/month per account, so it's only a matter of time before they decide the cost is not worth keeping it around.