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3M EHS Growth Template v2 3.11.09 Dr. Joseph Ling, 3M ’s former Staff Vice President, Environmental Engineering and Pollution Control, is recognized, worldwide, as the father of pollution prevention. He was one of the first, if not the first, individual to articulate the concept of pollution prevention. Its seeems common place to us today, but back in the early 1970s, Joe ’s belief that pollution prevetion was more environmentally effective, technically sound and economical than conventional pollution controls was considered revolutionary. In 1976, Dr. Ling first presented his ideas at a Conference sponsored by the United Nations. Shortly after, Dr. Ling was approached by the Director of the United Nations Environmental Program to develop a booklet explaining these theories for distribution to UN member countries and countries such as the United Kingdom, France, Germany, and Sweden adopted pollution prevention as a formal part of their environmental policies . Here in the US, Dr. Ling served as an advisor to three sitting U.S. presidents and the US EPA. At 3M, Dr. Ling took his novel ideas one step further by integrating them into 3M ’s business processes through the Pollution Prevention Pays program or 3P. 3P seeks to eliminate pollution at the source through product reformulation, process modification, equipment redesign, and the recycling and reuse of waste materials.
3M EHS Template v1 4.25.08 Today, 3P is still a fundamental business strategy. In fact, in 2010, 3M prevented over 244 million pounds of fiirst year pollution and saved over $75 million through more than 550 projects. Beyond formal 3P projects, it has become a philosophy that guides our business practices including new product development and customer partnerships. We call it “3P Thinking” This thinking drives Innovation. One of the striking things about 3M ’s 3P results is that they only reflect the pollution prevented in the first year of the project. So, as an example, one of the first five 3P projects back in 1975 was the reformulation of Scotch Magic Tape from a solvent based adhesive to a water based adhesive. Magic tape is still manufactured using a water based adhesive today but the pollution prevented from this transition was only counted in 1975. Transition, 3P and 3P thinking is a strategy we bring to Energy conservation and greenhouse gas emissions reductions at 3M. .
Business and Environment Series: Marcus - Strategic Environmental Management
STRATEGICENVIRONMENTAL MANAGMENT Alfred MarcusCarlson School of Management
From Compliance to Business Growth and Development opportunity, not constraint enhance competitiveness 3
Win-Win Conversion of Environmental Challenges to Opportunities???? Old Model Hi Win-Loss ComplianceProfits Model (neutral) New Model Lo W in -w in Good Bad Environmental Performance
Evidence of Economic Benefits from SEM Corporate performance (CSP) and corporate financial performance (CFP) are positively correlated. Reputation is an important mediator of the CSP-CFP relationship. Meta-analysis of 52 studies by Orlitzky, Schmidt, & Rynes (2003) 5
Evidence of Economic Benefits from SEM Saving $ through energy saving and prevention of risks/lawsuits Support from socially responsible investment $3.07 trillion in 2009 ($2.71 trillion in 2007) (Social Investment Forum, 2010) 6
H O W A C H IE V E S E reduce wastes •LOWER COSTS: M??? •INCREASE REVENUE: higher value products INNOVATE ----INTRODUCE NEW TECHNOLOGIES learningCost b e n e f it s Time
SEM Valuation •Energy Efficiency •Material Efficiency •“Dematerialization” •Reduction of Toxicity CostsStrategic And Earnings Cash Change Policy Flow InDecisions Value Risks Cost of Capital
3M --Dr. Joe Ling: Pollution Prevention “Pollution is … unused raw material. By reducing the amount of pollution, … [3M can] save money both on pollution control and on raw materials the next time around. Its a win-win situation.”Dr. Ling launched 3M’s PollutionPrevention Pays program in 1975
POLLUTION PREVENTION LOWERS COSTS: REDUCES WASTE product TT 1 OO TT haz/solid AA 2 waste LL Process/process waste OI step water 3 UN TP air PU releases UT 4 TS T o t a l in p u t s = other S To ta l o u tp u ts
Pollution Prevention Pays (3P) Foundation for governmental environmental 3M’s 3P Results (aggregate first year savings) policies/programs globally Over 3 billion pounds of pollution prevented Benefits for 3M or for its Over $1.4 Billion saved customers & suppliers. Fundamental to 3M philosophy
Valuation: Environmental Elements •New products •New markets •New clients • Price premium CostsStrategic And Earnings Cash Change Policy Flow InDecisions Value Risks Cost of Capital
NEW GREEN PRODUCTS 1985-1990 Do consumers accept? 350 308 12% Introductions per Year * 300 9.2% Percent Share of Total Introductions 10% 250 262 200 * 8% 160 250 * 6% 122 4.5% 150 60 * * 2.8% 4% 100 2.0% 24 1.1% 2% 50 * 0.5% 0 0% 1985 1986 1987 1988 1989 1990Note: Chart includes any product that claims in label or advertising to address environmental concerns.Source: Marketing Intelligence Service 18
3M- Using the Sun Instead of Electricity “Piping” sunlight through a building• Enabled by 3M MultilayerOptical Film• Materials & processbreakthroughs
“Core Daylighting” Impact Prototype systems installed in Canada, U.S. and Middle East Energy savings larger than anticipated System now being commercialized 3-5 Year payback anticipated
New Green Products TodayDo Good Bottom of the– Affirmative !!! Pyramid (BOP) • Activist • Eco-entrepreneur Entrepreneurial– Sustainable Opportunities • Environment • Social • Economic
WHAT BUSINESS TO BE IN?INNOVATE ----INTRODUCE NEW TECHNOLOGIES &PRODUCTS*Develop and acquire “green businesses”*Divest and alter “environmentally damaging businesses 11
Strategic Realignment by Du Pont Edgar Woolard CEO 1989-95 outspoken commitment corporate environmentalism “greening” of portfolio voluntary exit CFC production SUVA brand HCFC & HFC refrigerants, coolants, air conditioning agents Chad Halliday his successor further “greening” of portfolio WHY? Global Challenge = Opportunity 50% more mouths to feed aging population Technology 7-8 years slight modification 4-5 years whole new crop
Funds research in “life sciences” with mature businesses (e.g.nylon & polyester) Sells Conoco Acquires controlling interest Pioneer Hi-Bred
Uncertainties: Obstacles to Realization Competition Monsanto: genetically modified material • finance Searle - Nutrasweet & drugs (Celebrex) – Novartis, Hoechst+Rhone Poulenc =Aventis • same strategy• Environmental & Regulatory Frankenstein Foods European regulation separation approved and unapproved strains food labeling Technological: picking winners - best options feedstocks for bioengineered chemicals corn for chicken feed soy for heart healthy oil
SEM NOT EASY TO ACHIEVE: no slam dunk, but necessary and essential to corporate bottom line