Reinventing Our Impact: 3M’s Global Impact Report
- 3M achieved 56.2% renewable electricity usage globally and reduced greenhouse gas emissions by 43.2% since 2019.
- The company decreased virgin fossil-based plastic usage by 69.8 million pounds.
- Water efficiency increased by 19.1% with continued engagement in water impact initiatives.
- 3M invested $39.4 million to address racial opportunity gaps and donated 108,000 skills-based work hours globally.
- Over 8.4 million health and safety training instances were recorded in 2023, surpassing the 2025 goal of 5 million instances since 2015.
- 3M focuses on sustainability goals and ESG metrics, using a science-based approach to address critical global challenges.
- The company explores emerging areas like climate technology, industrial automation, electronics, and sustainable packaging.
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The strides 3M has made in sustainability, as outlined in their recent Global Impact Report, indicate a meaningful pivot towards responsible corporate behavior which can have a positive influence on investor sentiment. The company's achievement of 56.2% renewable electricity usage across global operations, which exceeds their set schedule, along with a substantial 43.2% reduction in greenhouse gas emissions since 2019, underscores a commitment that exceeds many industrial peers who often aim for incremental improvements over longer timeframes.
A reduction of 69.8 million pounds in virgin fossil-based plastic use is a significant milestone, indicating a shift towards circular economy principles that can reduce long-term costs and mitigate supply chain risks associated with raw material procurement. Efficiency increases, like the 19.1% improvement in water usage, demonstrate operational improvements that can lead to reduced overheads and an enhanced corporate reputation, potentially leading to an improved market position.
3M's investment of $39.4 million to address racial opportunity gaps and donation of 108,000 skills-based work hours globally reflect an understanding of the wider role corporations play in social structures. This activity may resonate with socially conscious investors and could be indicative of a forward-thinking leadership team that seeks to preemptively address social issues that could later impact the business environment.
From a financial perspective, the early completion of health and safety training goals suggests 3M is ahead of schedule in mitigating workplace risk, which may result in lower insurance premiums and fewer workdays lost to injury, improving overall productivity and reducing liabilities.
3M's Global Impact Report offers investors critical insight into the company's environmental, social and governance (ESG) performance. High ESG ratings are increasingly sought after by investment funds dedicated to sustainable investing, which can lead to a broader investor base and potentially lower capital costs for 3M.
The report’s emphasis on science-based targets and the exploration of emerging areas such as climate technology and sustainable packaging may position 3M as a leader in innovation within the industrial sector, which could translate into long-term strategic advantages and market opportunities in rapidly growing sustainability sectors.
NORTHAMPTON, MA / ACCESSWIRE / April 15, 2024 / 3M
Originally published on 3M News Center
3M's 2024 Global Impact report shows the great strides we've made toward our sustainability commitments in 2023. The company hit major milestones, strengthened collaborations, and engaged with the public on our goals.
3M pursued ambitious targets with urgency, making progress on our carbon, water, and waste footprints.
"From our substantial carbon emissions reductions to hosting our first environmental justice summit, we took significant steps toward our sustainability commitments," said Gayle Schueller, 3M senior vice president and chief sustainability officer. "I'm proud of the work 3Mers have done to create a brighter future."
Key accomplishments include:
- Achieving
56.2% renewable electricity across global operations - ahead of schedule - and a substantial43.2% reduction in greenhouse gas emissions since 2019. - Reduced virgin fossil-based plastic use by 69.8 million pounds.
- Increased water efficiency by
19.1% and continued engagement with the Water Resilience Coalition on net positive water impact initiatives. - Invested
$39.4 million to address racial opportunity gaps in the U.S. and donated 108,000 skills-based work hours globally. - In 2023, the total number of health and safety training instances was over 8.4 million, putting us well past our 2025 goal of 5 million instances since 2015.
3M is committed to contributing to a better and brighter future through our people, products, and operations. The strength of our commitment is reflected in our sustainability goals and our environmental, social, and governance (ESG) metrics.
3M uses a science-based approach to reimagine what's possible as we rise to the most critical challenges facing our planet and its people - focusing our efforts where we can make the greatest impact. As these challenges evolve, we're accelerating our exploration of emerging areas like climate technology, industrial automation, the next generation of electronics, and sustainable packaging.
View additional multimedia and more ESG storytelling from 3M on 3blmedia.com.
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SOURCE: 3M
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