3M To Invest About $1 Bln Over Next 20 Years To Achieve Carbon Neutrality By 2050

(RTTNews) - 3M Co. (MMM) a maker of consumer, health-care and industrial products, said Tuesday it expects to invest about $1 billion over the next 20 years to achieve carbon neutrality by 2050, reduce water use by 25 percent at its facilities, and return higher quality water to the environment after use in manufacturing operations.

3M noted will further accelerate the improvement of its manufacturing operations and ability to achieve its environmental goals.

3M said it expects to further reduce carbon emissions, aiming for a 50 percent reduction by 2030, an 80 percent reduction by 2040, and 100 percent carbon neutrality in its operations by 2050.

Starting this year, as part of its ongoing review of its manufacturing facilities, 3M will also work to ensure all operations become best in class for minimizing emissions that can be produced during manufacturing operations.

3M also said it is taking immediate steps to drive reductions in water use in the coming months and over the longer-term. This includes a 10 percent reduction in water use by 2022, a 20 percent reduction by 2025, and a 25 percent reduction by 2030.

3M expects to install state-of-the-art water purification technology by the end of 2023 and be fully operational by 2024 at all of its largest water-using locations. Through its efforts, the company expects to reduce its overall water usage by 2.5 billion gallons, or about 9.5 billion liters, per year.

3M said its ongoing efforts in sustainability and environmental stewardship include the creation of the Pollution Prevention Pays program that has prevented over two million tons of pollution.

In 2015, 3M introduced its ambitious 2025 Sustainability Goals which focus on how its science drives change for a more sustainable future.