Moving 3M Toward Sustainability The Business Case for Sustainable Development

8 MOVING 3M TOWARD SUSTAINABILITY THE BUSINESS CASE FOR SUSTAINABLE DEVELOPMENT 

progress toward environmental, social, and economic sustainability is viewed as an absolute requirement for the success of multinational corporations. And, increasingly, it has an impact on the performance of businesses that operate in more local markets. In fact, companies that cannot demonstrate progress toward sustainability often find themselves at a competitive disadvantage The expectations of shareholders, customers and other stakeholders, as well as regulatory demands, are beginning to make sustainability the price of entry into many markets. 

The most successful corporations have seized upon this business reality. They recognize that sustainability increases market appeal and promotes operational excellence (and therefore profitability). In addition, attention to sustainability makes them more likely to anticipate and address environmental, economic, and social issues. 

Because of its culture and values (Box 8.2), 3M for many years has been adopting the precepts of sustainability. Implicit in these values is the expectation that the company will act in a way that preserves the trust of its constituencies. 3M is committed to the highest ethical standards and to transparency whenever possible (that is, when transparency does not compromise confidentiality or intellectual property). 

When 3M established its Environmental Policy in 1975, it was one of the first companies to do so (Box 8.3). In that same year, it introduced its Pollution Prevention Pays program, a pioneering effort in its recognition of the business case for environmental performance and in its reporting on environmental progress. These statements of its progress were later followed by explicit goals for solid waste and releases to air and water. 

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