#Cleantech #Podcast – 3M (NYSE: $MMM) #Water friend or foe?
October 17, 2023 - Investorideas.com, a global news source and leading investor resource covering cleantech stocks issues a new edition of the Cleantech and Climate Change Podcast.
Listen to the Podcast:
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Read this in full at https://www.investorideas.com/news/2023/cleantech-podcasts/10171NYSE-MMM.asp
Transcript
Good morning and welcome to today’s podcast. Today I want to continue the theme of recent podcasts - looking at the top 100 polluters in different categories with today’s theme once again looking at water. I am featuring 3M (NYSE:MMM) Company's Political Economy Research Institute rank in Toxic 100 Water Polluters: 92. So, you say, ‘they aren’t as bad as some of the other companies you have featured in the top 10’. You are right, but the reason that they are as toxic as the water they have polluted is that water technology is one of their main areas of business.
They say, “Quality water is crucial for many operations within the residential, OEM refrigerator, industrial and commercial food service markets. With over 75 years of experience as a leader in providing water filtration products, 3M Purification Inc. delivers technology that improves water quality.”
“At 3M, we strive to use technology and expertise to promote a future of “water circularity” — a future where water stress is eliminated, resources are circulated, and nature is regenerated. We work with water leaders in communities where we operate to help improve water availability and quality, with aspiration toward a net positive water impact.”
“As a signatory of the UN CEO Water Mandate and a leading member of the Water Resilience Coalition, 3M’s strategy aligns with the six core focus areas outlined by the Mandate and follows UN Sustainable Development Goal 6 (Clean Water and Sanitation).”
3M’s ESG statements from their website: “More than ever, we need science to create a more positive future where everyone can thrive. The resilience of our planet, our people, and our economy depends on it.”
“As the expectations of our customers, employees, investors, and stakeholders continue to grow, we set meaningful and measurable goals that demonstrate our ESG commitments and progress. Our employees are driven to pursue these goals and make a difference in the world — and we’re proud of the recognition their efforts have earned for 3M.”
So, if all of that is true, can someone please explain to me how they have paid out penalties of $1,045,066,310 for environmental offenses? Here are a few examples and all related to water.
Violation Tracker Individual Record
Company: 3M
Current Parent Company: 3M Company
Penalty: $850,000,000
Year: 2018
Date: February 20, 2018
Offense Group: environment-related offenses
Primary Offense: environmental violation
Violation Description: 3M agreed to pay $850 million in settlement of allegations its production of PFCs had damaged drinking water and natural resources in the Twin Cities area.
Level of Government: state
Action Type: agency action
Agency: Minnesota Attorney General
Civil or Criminal Case: civil
Violation Tracker Individual Record
Company: 3M Co.
Current Parent Company: 3M Company
Penalty: $98,400,000
Year: 2021
Date: December 21, 2021
Offense Group: environment-related offenses
Primary Offense: environmental violation
Violation Description: 3M agreed to pay $99 million to settle litigation alleging that one of its manufacturing plants released cancer-linked PFAS chemicals into the Tennessee River in Alabama.
Level of Government: federal
Action Type: private litigation
Court: Northern District of Alabama
Civil or Criminal Case: civil
Case ID: 5:16cv1029
Case Name: Tennessee Riverkeeper Inc v. 3m Company et al
Private Lawsuit Resolution Type: settlement
Violation Tracker Individual Record
Company: 3M Company
Current Parent Company: 3M Company
Penalty: $27,000,000
Year: 2023
Date: March 29, 2023
Offense Group: environment-related offenses
Primary Offense: environmental violation
Violation Description: 3M and Wolverine Worldwide together agreed to pay $54 million to settle allegations they were responsible for tainting groundwater in Rockford, Michigan with PFAS forever toxic chemicals. Court documents did not specify how much each company would pay. Here we assume they split the total equally between them.
Level of Government: federal
Action Type: private litigation
Court: Western District of Michigan
Civil or Criminal Case: civil
Case ID: 1:17cv1062
Case Name: Cooper et al v. The 3M Company et al
Private Lawsuit Resolution Type: settlement
How can we, as consumers and investors trust these companies and the bodies that regulate them and the coalitions they join, that recognize and reward them, when it’s all just posturing, propaganda and self-promotion?
Maybe 3M should change its name to 3P. But if posturing, propaganda and self-promotion warrant the name, I think there are a lot of big corporations bidding for that title.
If you are a small company doing big things to benefit our water and our environment I would love to hear from you and tell your story.
Thanks, that’s it for today. Do something good for this beautiful planet each and every day.
If you would like to be a guest on this podcast and tell your story please call me at 800 665 0411
Visit the Cleantech and Climate Change Podcast page at Investorideas.com
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