3M achieves Science Based Targets initiative validation, strengthening commitment to decarbonization and customer innovation

Rhea-AI Summary

3M (NYSE: MMM) has announced that its near-term, science-based emissions reduction targets have been validated by the Science Based Targets initiative (SBTi) as aligning with the 1.5°C trajectory of the Paris Agreement. This validation strengthens 3M's commitment to climate action and decarbonization. The company's targets include:

1. Reducing absolute scope 1 and 2 greenhouse gas emissions by 52.6% by 2030 from a 2019 baseline.

2. Reducing absolute scope 3 emissions by 42% by 2030 from a 2021 baseline.

This marks 3M's first scope 3 GHG emissions target, a significant milestone for the diverse, global company. 3M has been documenting and reporting scope 1 and 2 inventory since 2002 and developing its scope 3 emissions inventory since 2011.

Positive

• SBTi validation of emissions reduction targets aligns with 1.5°C Paris Agreement trajectory
• Commitment to reduce scope 1 and 2 emissions by 52.6% by 2030
• First scope 3 emissions target set, aiming for 42% reduction by 2030
• Long-standing history of emissions reporting and inventory development since 2002

Negative

• None.

• Announces first scope 3 goal, a milestone for a diverse, global company with thousands of products
• Refines scopes 1 and 2 near-term targets for 2030 in alignment with the 1.5° C trajectory of the Paris Agreement

ST. PAUL, Minn., Oct. 3, 2024 /PRNewswire/ -- 3M announced today that its near-term, science-based emissions reduction targets have been validated by the Science Based Targets initiative (SBTi) as being in line with the 1.5° C trajectory of the Paris Agreement. This milestone reaffirms 3M's ongoing commitment to climate action, decarbonization of its operations and portfolio of products and continual innovation on behalf of customers around the world. 

"3M has a long history of reducing its greenhouse gas emissions. The validation of our targets by SBTi reflects years of collaboration and dedication by 3Mers working on a detailed action plan to innovate across our portfolio to decarbonize industry, accelerate our climate solutions and improve our environmental footprint," said Gayle Schueller, senior vice president and chief sustainability officer at 3M. "We will continue to drive innovation in our products and our processes, empowering customers to reach their sustainability goals, and working together to build a low-carbon economy."

The SBTi provides a framework for companies to set targets according to climate science. SBTi offers standards, guidance, and tools for establishing emissions reduction targets. The SBTi has validated the following near-term targets for 3M: 

• Reduce absolute scope 1 and scope 2 greenhouse-gas emissions by 52.6 percent by 2030, from a 2019 baseline.
• Reduce absolute scope 3 emissions by 42% by 2030 from a 2021 baseline. 

"Not only has 3M been an early adopter of setting targets for greenhouse gas emissions reductions, but we have also helped evolve the science of measurement and accounting for supply chain emissions (Scope 3), which are particularly challenging for a diverse, global company like 3M." Schueller continued, "For years, we have focused on demonstrating our math, path and plan and we will continue to leverage that on behalf of our customers." 

The announcement of the 3M's first scope 3 GHG emissions target – validated by SBTi – is a milestone in the company's journey to account for a portfolio that spans across industries including automotive, protective safety, energy, consumer packaged goods, and electronics. 3M has been documenting and reporting scope 1 and 2 inventory since 2002 and has been developing its scope 3 emissions inventory since 2011 in line with the GHG Protocol Corporate Value Chain (scope 3) Accounting and Reporting Standard. For more than a decade, 3M has been collaborating with customers to provide the data and solutions to meet their sustainability goals.

More information about 3M's sustainability strategy, goals and progress can be found on the company website and in the 2024 Q1 Global Impact Summary.

About 3M
3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we're working to improve lives and make what's next at 3M.com/news. 

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SOURCE 3M Company

FAQ

What are 3M's (MMM) new emissions reduction targets validated by SBTi?

3M's new SBTi-validated targets are to reduce absolute scope 1 and 2 greenhouse gas emissions by 52.6% by 2030 from a 2019 baseline, and to reduce absolute scope 3 emissions by 42% by 2030 from a 2021 baseline.

When did 3M (MMM) start reporting its scope 1 and 2 emissions inventory?

3M has been documenting and reporting its scope 1 and 2 emissions inventory since 2002.

What is significant about 3M's (MMM) scope 3 emissions target announcement?

The announcement of 3M's first scope 3 GHG emissions target is a milestone for the company, given its diverse portfolio spanning multiple industries. It demonstrates 3M's commitment to addressing emissions across its entire value chain.

How does the SBTi validation align with 3M's (MMM) climate commitments?

The SBTi validation confirms that 3M's near-term emissions reduction targets are in line with the 1.5°C trajectory of the Paris Agreement, reinforcing the company's commitment to climate action and decarbonization.