3M will invest about $1 billion over the next 20 years to accelerate its global environmental goals, according to the Star Tribune.
The focus will be on reducing water use and improving water quality, as well as reducing greenhouse gas emissions, with a goal of carbon neutrality by 2050. 3M expects to invest more in equipment and industrial processes that reduce greenhouse gases.
The spending will also assist pollution control programs, reported the Star Tribune.
"It's a big step up in our commitment," said CEO Mike Roman in the press release. "It's certainly unprecedented in terms of the way we are stepping into it."
Approximately half of the $1 billion investment will be for capital spending and the other half will fund people, engineers and others working to improve manufacturing processes.
3M expects to install water purification technology at its manufacturing plants by the end of 2023 and the improvements are expected to be fully operational at its most water-intensive facilities in 2024, according to the Star Tribune.
3M's goal are as follows: Reduce water use 10% by 2022, 20% by 2025, and 25% by 2030. The company expects to reduce its overall water usage by 2.5 billion gallons per year.
The water quality improvements will include mitigating issues associates with PFAS, speeding up carbon reduction, and ramping up the purchase of renewable energy.
