#Cleantech #Podcast – 3M (NYSE: $MMM) #Water buddy or foe?
October 17, 2023 – Investorideas.com, a world information supply and main investor
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Transcript
Good morning and welcome to
at the moment’s podcast. In the present day I wish to proceed the theme of latest podcasts – trying
on the high 100 polluters in several classes with at the moment’s theme as soon as once more
taking a look at water. I’m that includes 3M (NYSE:MMM) Firm’s Political Financial system Analysis Institute
rank in Poisonous 100
Water Polluters:
92. So, you say, ‘they aren’t as unhealthy as
a number of the different corporations you may have featured within the high 10’. You might be proper,
however the cause that they’re as poisonous because the water they’ve polluted is that water
know-how is considered one of their important areas of enterprise.
They are saying, “High quality water is
essential for a lot of operations throughout the residential, OEM fridge,
industrial and industrial meals service markets. With over 75 years of
expertise as a pacesetter in offering water filtration merchandise, 3M Purification
Inc. delivers know-how that
improves water high quality.”
“At 3M, we
attempt to make use of know-how and experience to advertise a way forward for “water circularity” — a future
the place water stress is eradicated, sources are circulated, and nature is
regenerated. We work with water leaders in communities the place we function to assist
enhance water availability and high quality, with aspiration towards a internet optimistic
water impression.”
“As a signatory of the UN
CEO Water Mandate and a number one member of the Water Resilience Coalition, 3M’s
technique aligns with the six core focus areas outlined by the Mandate and
follows UN Sustainable Improvement Aim 6 (Clear Water and Sanitation).”
3M’s ESG
statements from their web site: “Greater than ever, we want science to create a extra optimistic future
the place everybody can thrive. The resilience of our planet, our folks, and our
financial system is dependent upon it.”
“Because the expectations of our
prospects, workers, traders, and stakeholders proceed to develop, we set
significant and measurable targets that show our ESG commitments and
progress. Our workers are pushed to pursue these targets and make a distinction
on the earth — and we’re happy with the popularity their efforts have earned for
3M.”
So, if all of that’s true,
can somebody please clarify to me how they’ve paid out penalties of $1,045,066,310 for environmental offenses?
Listed here are just a few examples and all associated to water.
Violation Tracker Particular person Report
Firm: 3M
Present Dad or mum Firm: 3M Firm
Penalty: $850,000,000
12 months: 2018
Date: February 20, 2018
Offense Group: environment-related offenses
Main Offense: environmental violation
Violation Description: 3M agreed to pay $850 million in settlement
of allegations its manufacturing of PFCs had broken consuming water and pure
sources within the Twin Cities space.
Degree of Authorities: state
Motion Sort: company motion
Company: Minnesota Legal professional Normal
Civil or Prison Case: civil
Violation
Tracker Particular person Report
Firm: 3M Co.
Present Dad or mum Firm: 3M Firm
Penalty: $98,400,000
12 months: 2021
Date: December 21, 2021
Offense Group: environment-related offenses
Main Offense: environmental violation
Violation Description: 3M agreed to pay $99 million to settle
litigation alleging that considered one of its manufacturing crops launched cancer-linked
PFAS chemical substances into the Tennessee River in Alabama.
Degree of Authorities: federal
Motion Sort: personal litigation
Courtroom: Northern District of Alabama
Civil or Prison Case: civil
Case ID: 5:16cv1029
Case Title: Tennessee Riverkeeper Inc v. 3m Firm et al
Personal Lawsuit Decision Sort: settlement
Violation
Tracker Particular person Report
Firm: 3M Firm
Present Dad or mum Firm: 3M Firm
Penalty: $27,000,000
12 months: 2023
Date: March 29, 2023
Offense Group: environment-related offenses
Main Offense: environmental violation
Violation Description: 3M and Wolverine Worldwide collectively agreed
to pay $54 million to settle allegations they have been chargeable for tainting
groundwater in Rockford, Michigan with PFAS without end poisonous chemical substances. Courtroom
paperwork didn’t specify how a lot every firm would pay. Right here we assume they
cut up the overall equally between them.
Degree of Authorities: federal
Motion Sort: personal litigation
Courtroom: Western District of Michigan
Civil or Prison Case: civil
Case ID: 1:17cv1062
Case Title: Cooper et al v. The 3M Firm et al
Personal Lawsuit Decision Sort: settlement
How can we, as shoppers and traders
belief these corporations and the our bodies that regulate them and the coalitions they
be part of, that acknowledge and reward them, when it’s all simply posturing, propaganda
and self-promotion?
Perhaps 3M ought to change its identify to 3P.
But when posturing, propaganda and self-promotion warrant the identify, I believe there
are a whole lot of large companies bidding for that title.
If you’re a small firm doing large issues to profit our water and our
atmosphere I might love to listen to from you and inform your story.
Thanks, that’s it for at the moment. Do one thing good for this lovely planet
every day.
If you need to be a visitor on this podcast and
inform your story please name me at 800 665 0411
Go to the Cleantech and Local weather Change Podcast web page at Investorideas.com
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