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.
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 broadbased 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.