3M

3M reported Total CO2e Emissions - Market-Based Scope 1 + Scope 2 for the twelve months ending 31 December 2022 at 3,345 Kt (-627 /-15.8% y-o-y). Also positively, carbon intensity declined to 98 t (-15 /-13% y-o-y).

3M's Scope 3 emissions soared to 11,641 Kt (+941/+8.8% y-o-y). The growth accelerated compared to the long-term upward trend (CAGR of +3.9% since 4Q'15).

The company is committed to reducing Scope 1 + 2 by 50% by 2030 from a base year 2019, which translates into the estimated reduction of -83 Kt per annum over the period of FY2023 - FY2030. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

3M aims to achive carbon neutrality across its operations (Scope 1 + 2) in 2050. Companies normally become carbon neutral with the help of the acquisition of carbon offsets rather than absolute reductions in their own greenhouse emissions. Also, carbon neutrality does not include non-CO2 GHG emissions.