ST. PAUL, Minn., July 27, 2021 /PRNewswire/ -- 3M (NYSE: MMM)
is expanding its ongoing commitment to environmental stewardship by
investing in TPG Rise Climate, a multi-billion dollar climate
impact investing fund that deploys mission-driven capital at
scale.
TPG Rise Climate is focusing investments on clean energy,
enabling solutions, decarbonized transport, greening industrials,
and agricultural and natural solutions. The first-close fund
participation of more than 20 global companies, including
3M, was announced this morning.
"From environmental goals to reduce water use, improve water
quality, and achieve carbon neutrality, to our ongoing investments
in emerging technologies that advance sustainability, 3M is committed to making a difference in the
trajectory of climate change," said Gayle
Schueller, Senior Vice President and Chief Sustainability
Officer, 3M. "We continually build
and add to our external partnerships to bring together people,
ideas, and science, reimagine what's possible and help solve the
world's greatest challenges."
TPG Rise Climate includes a unique group of global institutional
and corporate investors that are united by capital, innovation, and
accountability. The TPG Rise Climate Coalition has a shared
commitment to harness the rigor of TPG's investment process to
unlock technologies, scale solutions, and deliver broad impact.
Advancing environmental goals
Earlier this year, 3M announced
new environmental goals to help mitigate climate change, achieve
cleaner air, improve water quality, and reduce waste.
- The company is investing approximately $1 billion over the next 20 years to achieve
carbon neutrality by 2050, reduce water use by 25% at its
facilities, and return higher quality water to the environment
after use in manufacturing operations.
- 3M also aims to reduce its
dependence on virgin fossil-based plastic by 125 million pounds by
2025.
3M has already begun installing
technologies at its facilities worldwide to accelerate these
environmental goals. The company will continue to collaborate with
customers, governments, and global partners to address the
challenges associated with climate change—including water use,
water quality and waste—and use its science-based approach to
innovate new products and solutions.
Strengthening sustainability commitments
3M has a long-standing commitment
to sustainability, and it is a core value of the company. Its
consistent industry leadership is evident in the establishment of
the ground-breaking Pollution Prevention Pays program in 1975,
which continues to thrive, as well as more recent initiatives:
advancing the transition toward 100% renewable electricity,
reducing greenhouse gas emissions, increasing circular solutions,
and growing skills-based volunteering programs. 3M is committed to a science-based, collaborative
approach to solving shared global challenges and improving
lives. To learn more about these efforts,
visit 3M.com/sustainability and
view 3M's 2021 Sustainability Report..
About 3M
At 3M, we apply science in
collaborative ways to improve lives daily as our employees connect
with customers all around the world. Learn more about 3M's creative
solutions to global challenges at www.3M.com or on Twitter @3M
or @3MNews.
About TPG Rise Climate
About TPG Rise Climate TPG Rise Climate is the dedicated
climate investing strategy of TPG's global impact investing
platform TPG Rise. TPG Rise Climate pursues climate-related
investments that benefit from the diverse skills of TPG's investing
professionals, the strategic relationships developed across TPG's
existing portfolio of climate-focused companies, and a global
network of executives and advisors. The fund takes a broad[1]based
sector approach to investment types, from growth equity to
value-added infrastructure, and focuses on five climate
sub-sectors: clean energy, enabling solutions, decarbonized
transport, greening industrials, and agriculture & natural
solutions. Jim Coulter, TPG Founding
Partner and Executive Chairman, serves as Managing Partner of TPG
Rise Climate. Former U.S. Treasury Secretary Hank Paulson serves as TPG Rise Climate's
Executive Chairman. For more information, please
visit www.therisefund.com/tpgriseclimate.
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SOURCE 3M