February 4, 2015: Trillium Asset Management (Trillium) is pleased to announce that we have withdrawn our shareholder proposal at 3M (NYSE: MMM) following a commitment from the company that it will set quantitative goals for the sourcing and/or production of renewable energy.
The proposal asks the company to incorporate renewable energy into the company’s climate change strategy. To meet these goals, 3M has announced that it will use a mix of on-site production and long-term Power Purchase Agreements (PPA) with specific renewable energy projects. In addition to these goals, the company will announce Greenhouse Gas reduction goals in their 2015 Sustainability Report.
“Companies increasingly have the opportunity to drive significant change in the demand and consumption of clean energy,” said Brianna Murphy, Trillium’s Vice President Shareholder Advocacy and Corporate Engagement. “By making this commitment, 3M is demonstrating a proactive approach to reducing exposure to volatile energy prices, enhancing U.S. energy security, reducing reputational risk, and meeting the global need for cleaner energy.”
We commend 3M for making these meaningful commitments and for recognizing the critical role renewable energy plays in a carbon reduction strategy.
For more information: Randy Rice, Trillium Asset Management, (617) 515-6889, firstname.lastname@example.org
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