Boston, April 15, 2024 – Following a shareholder proposal filed by Green Century, 3M Company agreed to publish its first climate transition plan to provide a roadmap and key milestones for reducing greenhouse gas emissions from its operations by 50% by 2030.
3M’s climate transition plan will give investors and stakeholders insight into the company’s journey toward meeting its long-term renewable energy and greenhouse gas reduction goals.
“Even mainstream firms are evaluating climate risks, and climate transition plans are the cutting-edge tool to inform investors,” said Green Century President Leslie Samuelrich. “3M produces a wide spectrum of products through complex manufacturing processes, and investors want clarity on how the company will navigate these complexities. This policy will be the guide for the 3M’s path to reduce carbon pollution and source cleaner energy while providing transparency on the company’s steps.”
3M manufactures a broad range of materials and coatings, consumer goods such as Post-it Notes and Scotch tape and is among the world’s largest producers of N95 masks. The company has an extensive global footprint, operating 200 manufacturing plants across 87 countries. In its first climate transition plan, 3M agreed to describe predicted climate change impacts to its business and outline actions to cut greenhouse gas emissions.
During the last three years, 3M significantly increased use of renewable energy and achieved — two years early — its goal to power 50% of its operations with renewables by 2025. In 2023, the company committed to set greenhouse gas reduction goals with the Science Based Targets initiative, a well known third-party verification pathway used by thousands of corporations.
Credible and comprehensive plans
Few companies publish comprehensive climate transition plans. According to the CDP, one of the leading platforms for voluntary environmental data disclosure, only 81 of the 18,600 companies reporting to the organization met all 21 indicators of a credible transition plan.
“During the past two years, Green Century has secured agreements with 12 companies for developing and publishing thorough climate transition plans,” said Green Century Shareholder Advocate Andrea Ranger. “We are both supportive of ambitious climate goals but remain vigilant in case of possible backsliding.”