This week’s Newday spotlight is 3M (NYSE:MMM). 3M invents technologies that make daily life easier, safer and more fulfilling. Some The Minnesota-based industrial conglomerate develops a wide range of products including adhesives and abrasives, safety gear, electronic materials, and medical products. In 2015, the company has published a strong set of goals and targets around the development of sustainable materials, resource use reduction, energy efficiency, and education and empowerment, with targets set to achieve significant measurable progress by 2025.
3M is aligned with UN SDG 6, seeking to promote access to clean water for everyone around the planet. The company is taking the following steps to reduce their water footprint:
- 3M has already achieved a 42% reduction in water usage between 2005 and 2014 and seeks to reduce their global water use by an additional 10% from 2014 levels. The company achieves these improvements by driving water reduction and conservation processes and developing technology changes within their operations.
- 3M is partnering with the communities where they have manufacturing plants in an effort to increase water recycling and conservation. Their goal is to engage with 100% of water-stressed and water-scarce communities where they operate.
3M recognizes our planet’s resources are finite and seeks to preserve natural resources for future generations by investing in sustainable materials and products and reducing their overall environmental footprint. Their goals and progress include:
- Investing more sustainable materials and products to help their customers improve their environmental footprint.
- Reduce manufacturing waste by an additional 10%. Since 1975, 3M’s Pollution Prevention Pays program has prevented over 2 million tons of waste and saved $1.9 billion.
- Achieving “zero landfill” status at more than 30% of their manufacturing sites.
- Reusing and recycling of potential waste materials to divert from landfill disposal.
3M also seeks to drive supply chain Sustainability by increasing raw material traceability. 3M is implementing a comprehensive risk-based approach to engage critical supply chains for collaboration and improvement.
Climate and Energy:
3M has taken aggressive measures in recent years to improve their energy efficiency and lower their overall environmental footprint. Achievements include:
- 3M achieved a 50% improvement in energy efficiency between 2000 and 2014, and will continue to improve energy efficiency, with a target of a further 30% reduction by 2025. Achieving this reduction would keep their global energy use nearly flat over the next 10 years.
- Adding 800,000 MWh of renewable energy use globally, the primary sources of which will be wind and solar.
- Between 2002 and 2014, 3M achieved a 64% absolute reduction in greenhouse gas emissions, demonstrating commitment to addressing the issue of climate change.
- By continuing to develop sustainable products, in 2014 alone 3M helped their customers save about 15 million metric tons of CO2, equivalent to the annual emissions of more than 3.1 million cars.
Education and Development:
3M is a corporate leader in promoting education and development opportunities inside and outside of the organization. Their recent achievements and goals include:
- 3M has invested approximately $1.4 billion in cash and product donations into local communities since 1953. By doing so, 3M is increasing access for people worldwide to STEM and business skills
- 3M seeks to achieve full participation in employee development programs to advance individual and organizational capabilities.
- 3M is committed to increasing female representation and diversity in every region in which they operate. Doubling diversity in management will help build a diverse pipeline for executive leadership as well.