Cleantech Podcast - 3M (NYSE: MMM) Water friend or foe?

Cleantech Podcast - 3M (NYSE: MMM) Water friend or foe?

Episode Transcript

(00:00):
Thanks for joining me today Investorideas dotcom, Clean tech and climate change podcast
looking at today's problems and solutions forthe future. I'm your host, Don
van Zandt, founder of Investorideas dotcom and hoping to share our way of
making a difference in climate change.Good morning, and welcome to today's podcast.
Today, I would like to continuewith the theme of recent podcasts looking

(00:21):
at the top one hundred polluters indifferent categories, with today's focus once again
looking at water and featuring three Mtrading on the NYSEMMM. The company's Political
Economy Research Institute rank in terms oftoxic one hundred water polluters is ninety two.
So you say that's not as badas some of the other companies I've

(00:43):
featured within the top ten, andyou're correct. But the reason that this
is as toxic as the water isthat they have polluted is that water technology
and water treatment is one of theirmain areas of business. They say water
quality is crucial for many operations withinthe residential, OEM, refrigerator, industrial

(01:04):
and commercial food services markets. Withover seventy five years of experience as a
leader in providing water filtration products,three M Purification in delivers technology that improves
water quality. They say at threeM, we strive to use technology and
expertise to promote a future of watercircularity, a future where water stress is

(01:29):
eliminated, resources are circulated, andnature is regenerated. We work with water
leaders in communities where we operate tohelp improve water quality, water availability,
and with the aspiration toward a netpositive water impact. As a signatory of
the UN CEO Water Mandate and aleading member of the Water Resilience Coalition,

(01:53):
three M strategy aligns with the sixcore focus areas outlined by the Mandate and
follows the UN Sustainable Development Goal sixClean Water and Sanitation. Three m's ESG
statements from their website say, morethan ever, we need science to create
a more positive future where everyone canthrive. The resilience of our planet,

(02:15):
our people, and our economy dependsupon it. As the expectations of our
customers, employees, investors, andstakeholders continue to grow. We set meaningful
and measurable goals that demonstrate our ESGand our commitments and our progress. Our
employees are driven to pursue these goalsand make a difference in the world,

(02:38):
and we're proud of the recognition theirefforts have earned for three M. So
if all of that is true,can someone please explain to me how they
have paid out penalties of over onebillion, forty five million, sixty six
thousand, three hundred and ten dollarsfor environmental offenses. And here are just

(02:58):
a few examples, and all relatedto water. So this is a violation
Tracker individual record account. So fromtwenty eighteen, this is an offense environmental
related offenses. Three AM agreed topay eight hundred and fifty million in settlement
of allegations of its productions of PFCsand that had damaged drinking water and natural

(03:23):
resources in the Twin Cities area.From twenty twenty one, again another environmental
related offense, Threem agreed to payninety nine million to settle litigation alleging that
one of its manufacturing plants released cancerlake PFAS chemicals into the Tennessee River in

(03:44):
Alabama. And now a more recentoffense from twenty twenty three, this was
an environmental violation and offense. Threemand Wolverine Worldwide together to pay fifty four
million to settle allegations that they wereresponsible for tainting groundwater in Rockford, Michigan

(04:06):
with pfas Forever Toxic Chemicals. Courtdocuments did not specify how much each company
would pay. Here, we assumethey split the total equally between them.
So how can we, as consumersand investors trust these companies and the bodies
that regulate them, and the coalitionsthat they join that recognize and honor them

(04:30):
and reward them for what I wouldsay is posturing propaganda and self promotion.
Maybe three M should change its nameto three P. But if posturing propaganda
and self promotion warrant the name,I think there are a lot of big
corporations bidding for that title. Ifyou are a small company doing big things
to benefit our water and our environment, I would love to hear from you

(04:54):
and tell your story. That's itfor today. Do something great for this
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(06:01):
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(06:27):
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