3M Business Sustainability in Triple Bottom Line

5/21/2018 3M Business Sustainability in Triple Bottom Line

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Indira Institute of Management, Pune

REPORT

On

3M Company Sustainability In Triple Bottom Line

Of

Business Sustainability & Innovation

Submitted To Submitted by

Prof: - B. S. Guha Vikrant Mohta4thsem marketing

Roll no. 47


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3M Business Sustainability in Triple Bottom Line

Green Is Good Business

Sustainability is here to stay. Every day, you see companies' sustainability efforts in actionat the coffee

shop, the office, local retailers and beyond.

The emphasis on green in the graphics industry is also growing. A recent ISA survey found that 72percent of sign companies consider sustainability strategies "important" or "very important"; 65 percent

consider buying green materials "important" or "very important"; and more than half of companies

implement sustainable practices in manufacturing, energy conservation or waste management. Whether

reducing waste, streamlining production, saving energy or offering more eco-friendly products or

services, sustainability initiatives are good for the environment and can boost your business, too.

Increase revenue opportunities: - Greener products can sometimes cost more to produce. The good

news is that buyers often are willing to pay more for sustainable goods. A survey of apparel consumers

found that they would pay 15-20 percent more for products made using sustainable practices. Another

survey showed that 90 percent of facility managers would pay an additional 5-10 percent for products

produced by a sustainable company. Perhaps most importantly, offering greener solutions can create

access to new customers seeking sustainable alternatives.

Answer growing demand and gain a competitive edge: -Businesses large and small are looking to their

vendor-partners to offer sustainable choices. A 2012 Green Biz/Ernst & Young survey found that 58

percent of the companies polled have discussed sustainability initiatives with their suppliers, while 25

percent are already working directly with suppliers and measuring their performance in sustainability.

Many organizationsfrom manufacturers and retailers to state governmentsnow give purchasing

preference to companies with environmentally sound products and practices.

Reduce energy and waste management costs:- Green Biz survey respondents identified cost reduction

(74 percent) as the most important driver in sustainability efforts. And 93 percent of respondents said

reducing energy use was a key contributor to overall savings. Decreasing the use of hazardous materialscan also deliver cost savings by reducing the need for special waste handling.

Consider the "triple bottom line: -"Today, businesses are examining not only the financial aspects of

their operations, but environmental and social measures, too. Keeping all three categories in mind can

help your company positively impact its sustainability profile. For example, making production processes

more efficient can lead to reduced energy and chemical use, less waste, a safer workplace and financial

benefits.
http://www.signs.org/Newsroom/IndustryNews/IndustryNewsItem.aspx?NewsID=2566http://www.greenbiz.com/research/report/2012/03/01/six-growing-trends-corporate-sustainabilityhttp://www.greenbiz.com/research/report/2012/03/01/six-growing-trends-corporate-sustainabilityhttp://www.signs.org/Newsroom/IndustryNews/IndustryNewsItem.aspx?NewsID=2566


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3M has a long history of sustainable initiatives, dating back into the early 1970s. One of the earliest

initiatives was championed by our then Vice President for Pollution Control and Engineering, Joe Ling.

He realized that pollution and waste were really the result of manufacturing inefficiencies. He understood

that prevention was the key. We optimized our manufacturing process and initiated the Pollution

Prevention Pays (3P) program, which prevents pollution at the source through product reformulation,

process modification, equipment redesign and recycling and reusing waste materials. To date, 3M has

implemented over 9,300 3P team innovations and prevented more than 3.5 billion pounds of pollution.

3Ms sustainability goals,it achieve next on its sustainability journey

3M released its first set of environmental goals in 1990. Since then, 3M has cut green house gas

emissions by more than 72% worldwide, reduced Volatile Organic Compound (VOC) emissions by 96%

and decreased energy usage by 82%. We know we can do more. Weve set new goals to reach by 2015:

1.

Reduce volatile air emissions 15% from 2010 base year, indexed to net sales.

2.

Reduce waste 10% from 2010 base year indexed to net sales.

3.

Improve energy efficiency 25% from 2005 base year, indexed to net sales.4.

Reduce greenhouse gas emissions 5% by 2011 from 2006 base year, indexed to net sales. (Goal was

set in 2007).

5.

Develop water conservation plans when 3M is located in water scarce and stressed areas.

Were excited and proud that since the inception of these new goals we have achieved an 8.6% reduction

in VOCs and a 9.2% reduction in waste. Weve also improved our energy efficiency by 32% since 2005,

reduced greenhouse gases by 55% since 2006 and have developed 100% of our original water

conservation plans.

Our culture of innovation is driving us to do more. 3M adheres to the triple bottom line (People, Planet,

Profit) and one challenge we face is developing more environmentally friendly products for our customers

that are both performance and price competitive.

Our collaborative product development process has spurred the creation of several new technologies.

These technologies have been used to develop best-in-class performing products with a sustainability

edge. New 3M Envision Wrap Film 480Cv3 and 3M Envision Gloss Wrap Over laminate

8548G are the first high performance wrap films with a sustainability edge; and 3M Envision

Translucent and Diffuser Films are the first graphic films that optimize LED light.


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SGP fit into pursuing 3Ms sustainability

We put just as much effort and commitment into developing high-performing products as we do into

creating inspired partnerships. Sustainability for 3M is more than just working to improve our own impact

on the environment; its also about empowering our customers to achieve their own go als. Partnering with

SGP is an excellent means to accomplishing this. SGP can be the catalyst to help print shops take the first

step and SGP can continue to help printers reach new goals as the shops make progress in their ownsustainability journey.

3M benefited from being early sustainability adopters

New technologies, new manufacturing methods and a new way of looking at the industryat 3M

sustainability is evolutionary. By remaining passionate about providing a progressive and holistic

approach to practices that support economic, social and environmental sustainability for over 70 years,

weve earned the 12th ranking on InterbrainsBest Global Green Brands in 2012, as well as winning eight

consecutive Sustained Excellence Awards for Energy Management from the US Environmental

Protection Agency and the US Department of Energy. Sustainability has been profitable for us too; our

Pollution Prevention Pays programs have saved over $1.5 billion.

3Ms customers benefited from its commitment to sustainability

3M has made a strong commitment to advance our sustainability journey. Our clients can be assured that

although we may not have every solution to meet their sustainability needs, we will continue to develop

innovative, sustainability solutionsits part of our DNA.

We believe innovation is a powerful force for progress. And we want to help ensure our customers

success in the dynamic environments of visual communications. Thats what drove us to invent

tomorrow, today and create the 3M Envision brand. We think this brand is going to change the

industry. It offers leading-edge technology, best-in-class performance and has a distinct sustainability

edge.

This gives our customers what theyve been asking for: more sustainability options that dont sacrificeperformance; and that should help them improve their bottom line as well as help them stay ahead of their

competition.

Encourage others to take their own sustainability journey, and if so, why?

We believe sustainability is a winning business strategy; and in an industry where innovation is a

powerful force for progress, were excited to advance and contribute to its success.

We strongly encourage our customers to start their own sustainability journey. Its not only the right thing

to do, but it can help save them money.

Ultimately we think its better to prevent pollution than to try to clean it up later. And as with any

initiative, its important to start with obtainable goals such as recycling office paper, turning off lights and

computer monitors when not in use. These actions make a difference and theyll help build the

momentum necessary to tackle larger objectives.

Corporate Accountability and Triple Bottom Line Reporting, written by Martin E. Taylor, Ph.D., CPA, of

The University of Texas at Arlington, provides guidance to corporations that wish to issue Triple Bottom

Line or Sustainability Reports.


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For purposes of this Portfolio, Triple Bottom Line (TBL) refers to a methodology under which an

enterprise reports not only financial results but also its success in promoting social and environmental

values. This methodology views an enterprise as having three (triple) bottom lines: economic, social, and

environmental.

This Portfolio describes the relationship between the TBL and Corporate Social Responsibility (CSR).

Historically companies have reported primarily on issues of economic impact. However, stakeholders and

the public increasingly scrutinize how companies can minimize harm resulting from their activities by

following socially and environmentally responsible paths. Companies increasingly are expected to report

on the environmental and social implications of their business as well as on their delivery of economic

value.

This Portfolio explains and traces the development of Triple Bottom Line/Sustainability reporting. Topics

include:

Introduction to Triple Bottom Line Reporting;

Examples of misfortunes that have occurred when corporations do not adequately plan for

environmental and social risk;

The metrics of Triple Bottom Line Reporting;

Key organizations associated with Sustainability and Triple Bottom Line Reporting;

Examples of Company Social and Environmental Reports; and

Auditing and Accountability in Triple Bottom Line Reporting.

This Portfolio provides companies with information on the importance and benefits of Triple Bottom Linereporting. Topics include organizations that are developing metrics to measure corporate social

responsibility, examples of how corporations are dealing with Triple Bottom Line reporting, and the

necessity of integrating Triple Bottom Line reporting into an enterprise's culture.

Corporate Accountability and Triple Bottom Line Reporting allows you to benefit from:

Hundreds of hours of original research on specific tax planning topics from leading practitioners

in this area.

Invaluable practice documents including tables, charts and lists.

Guidance from world-class experts.

Real-world and in-depth analysis that lets you explore various options.

Time-saving access to relevant sections of tax laws, regulations, court cases, IRS documents and

more.

Alternative approaches to both common and unique tax scenarios.

This Portfolio is included in theAccounting Policy & Practice Series,a comprehensive series of titles

which explain, explicate, and offer commentary on a wide range of accounting and financial management
http://www.bna.com/Accounting-Policy-Practice-Series-p7886/http://www.bna.com/Accounting-Policy-Practice-Series-p7886/


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topics, including revenue recognition, income taxes, leasing, business combinations, debt instruments,

risk management, internal controls and more

Today, much of our focus is on how can we can create products that

help consumers and society reduce their environmental impact.

At 3M, we've long recognized that what's good for the environment can also be good for business. One of

the biggest and earliest influences on our environmental sustainability work is thePollution Prevention

Paysprogram. Back in the early 1970s, Joe Ling, 3M's then Vice President for Pollution Control and

Engineering, had the simple idea that preventing pollution makes business sense. Joe realized that

pollution and waste were really manufacturing inefficiencies. By correcting those inefficiencies, both the

planet and 3M benefit. Joe shared his idea globally through the creation of the Pollution Prevention Pays

or "3P" program. 3P challenged 3M employees to find ways to prevent pollution at the source and save

money in their day-to-day jobs. Joes ideas have multiplied, leading to 9,300 3P team innovations, all ofwhich prevented more than 3.5 billion pounds of pollution and saved $1.5 billion in the first year of 3P

projects.

Even beyond 3P, the spirit of creative collaboration has inspired 3Ms overall approach to reducing its

environmental footprint, resulting in impressive reductions of our energy usage and releases into the

environment. The same thinking that started 3P led to many of 3Ms other sustainability initiatives and

policies, such as our approach to product life cycle management and our work to set goals around

reducing our environmental footprint.

Since 1975, 3M has had a formal environmental policy in place, which includes our desire to:

Develop products that support a sustainable environment Ensure that our facilities and products are in compliance with applicable national, regional and local

environmental requirements and are in conformance with other applicable environmental

obligations

Assist, whenever possible, governmental agencies and other official organizations engaged in

environmental activities

3Ms first corporate environmental goals were established in 1990 with Life Cycle Management

introduced shortly thereafter. Today, much of our focus is on how can we can create products that help

our customers, consumers and society reduce their environmental impact. It is important to note, however,

that at 3M, we define sustainability as being broader than just our environmental actions. We also point to

a few early social responsibility milestones as being key early accomplishments: 3M began providing short-term and long-term disability coverage and a pension plan for employees in

the 1930s the company instituted one of the nationsfirst company-paid unemployment insurance

plans

3M Foundation was established in 1953 as one of the earliest corporate charitable foundations in the

United States

3Ms Environmental & Safety programs began in the 1960s .
http://solutions.3m.com/wps/portal/3M/en_US/3M-Sustainability/Global/Environment/3P/http://solutions.3m.com/wps/portal/3M/en_US/3M-Sustainability/Global/Environment/3P/http://solutions.3m.com/wps/portal/3M/en_US/3M-Sustainability/Global/Environment/3P/http://solutions.3m.com/wps/portal/3M/en_US/3M-Sustainability/Global/Environment/3P/


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Triple bottom line philosophy (people, planet, profit)

We recognized early on that doing business in new and smarter ways would not only create a more viable

company, but it could also enable 3M to meet its social responsibilities and reduce its impact on the

environmenttwo objectives integral to ethical business conduct.

Simply put, sustainability is a natural extension of 3Ms values. Today, were building on more than 70

years of practicespractices that support economic, social, and environmental sustainability.

We are guided by three strategic principles that make sustainability implicit in everything we do:

Economic Success: We build lasting customer relationships by developing differentiated, practical,

and ingenious solutions to their sustainability challenges

Environmental Stewardship: We provide practical solutions and products to address our environmental

challengesfor ourselves and our customers

Social Responsibility: We engage key stakeholders in dialogue and take action to improve our

sustainability performance

Using these strategic principles as a framework, were vigorously pursuing our key sustainability

objectives: managing our environmental footprint, developing solutions that address environmental and

social challenges for our customers and society, ensuring our products are safe for their intended use

throughout their entire lifecycle, ensuring the appropriate management of any 3M health and safety

issues, maintaining a safe and healthy workplace, etc.

Sustainability at 3M grew from a commitment to both innovation and ethical conduct. By continually

increasing sustainability at the economic, social, and environmental levels, we believe that we are running

a strong, vital company today, and leaving a rich legacy on which future generations can build.

Documents

3M Business Sustainability in Triple Bottom Line