#Cleantech #Podcast – #ForeverChemicals in our #Water – Does the
Billions 3M (NYSE: $MMM) and DuPont (NYSE: $DD) Pay in Settlements Make a Difference?
November 3, 2023 - Investorideas.com, a global news source and leading investor
resource covering cleantech stocks issues a new edition of the Cleantech and Climate Change Podcast.
Listen to the Podcast:
https://www.investorideas.com/Audio/Podcasts/2023/110323-Cleantech.mp3
Read this in full at: https://www.investorideas.com/news/2023/cleantech-podcasts/110313M-DuPont.asp
Listen
to the cleantech and climate change podcast on Spotify
Transcript:
Good morning and welcome to
today’s podcast. Today I would like to pose the question – does the billions
that companies like 3M (NYSE:MMM) and DuPont (NYSE: DD) pay in settlement for water contamination with
PFAS make a difference if these chemicals are forever chemicals?
CanadianUnderwriter.com explains in simple language, “Also known as ‘forever chemicals,’ PFAS are a group of synthetic
chemicals that have chains of carbon-fluorine bonds. These bonds do not degrade
easily in the environment and are incredibly difficult to break.”
“PFAS is water- and oil-proof and is present in
countless products: non-stick cookware, pizza boxes, popcorn bags, dental floss
and water-proof cosmetics, to name a few. PFAS are also a major component in
firefighting foam, which is effective in quashing grease and oil fires.”
The sad truth is that in spite of the fines and settlements it
continues. 3M has announced it will discontinue
the use of PFAS across its product portfolio by the end of 2025.
The Washington Post reported in March, the
Environmental Protection Agency proposed
the nation’s first drinking-water standards requiring water utilities to reduce levels of PFAS —
perfluoroalkyl and polyfluoroalkyl substances. The key word here is ‘reduce’.
ACS
Publications reported that Research has suggested over 200 million Americans
likely drink water contaminated with PFAS chemicals, which have been linked to
a host of health issues, including cancer.
But up until now, the pollutants have only been regulated by
some US states.
The US has now issued a rule that would require communities to
test and treat water for six of the chemicals.
The BBC reported “Through
its infrastructure law, the Biden administration has dedicated $5B to address
water contaminants like PFAS, $2B of which is designated for disadvantaged
communities. Still, that may not be enough.”
“But while cleaning up the chemicals marks an important first
step to protecting Americans' health, the most safe and cost-effective method
would be to limit the manufacturing of the chemicals, experts said.”
"You have to turn it off at the source," said Dr.
Kwiatkowskiof of the Green Science Policy Institute, an environmental advocacy
organisation.
"It doesn't make any
sense to keep cleaning them out of the water if we keep putting them back
in."
CanadianUnderwriter.com notes –“Nearly 15,000 synthetic chemicals qualify as PFAS,
according to the U.S. Environmental Protection Agency. But exposure to PFAS can
have adverse health effects, like mimicking our bodies’ fatty acids and
disrupting hormone production or insulin regulation.
Over 6,500 PFAS lawsuits have been
filed in the U.S. over the last 20 years. In June consumer goods manufacturer 3M reportedly
reached a $10.3-billion settlement for its public water system contamination
suit in the U.S.“
Looking at the 3M (NYSE:MMM) June SEC
filing, it is clear that these companies will settle on
conditions that work for them in the long run and with no admission of guilt.
On June 22, 2023, 3M Company (“3M”) entered into a
proposed class-action settlement (“Settlement”) to resolve a wide range of
drinking water claims by public water systems (“PWS”) in the United States
regarding any per- or poly-fluoroalkyl substance (“PFAS”), subject to court
approval. Eligible class members are United States public water systems as
defined in the Settlement. Subject to court approval, the Settlement would resolve
a portion of 3M’s PFAS-related multidistrict litigation that involves PWS
drinking water claims in the United States by providing funding for treatment
technologies to PWS that have tested positive for PFAS, funding for future
testing, and funding for systems that test positive in the future.
Under the Settlement, class members would agree to release 3M from
any claim arising out of, relating to, or involving (i) PFAS that has entered
or may enter drinking water or the class member’s water system; (ii) the
development, manufacture, formulation, distribution, sale, transportation,
storage, loading, mixing, application, or use of PFAS or any product (including
aqueous film-forming foam (“AFFF”)) manufactured with or containing PFAS; (iii)
the transport, disposal, or arrangement for disposal of PFAS-containing waste
or PFAS-containing wastewater, or a class member’s use of PFAS-containing water
for irrigation or manufacturing; or (iv) representations about PFAS or any
product (including AFFF) manufactured with or containing PFAS. The Settlement
would also require class members to release punitive- or exemplary-damages
claims that arise out of conduct occurring at least in part before the
Settlement’s effective date and that relate to PFAS or any product (including
AFFF) manufactured with or containing PFAS.
If the court approves the Settlement and all conditions in the
Settlement are met, 3M will pay $10.5 billion to $12.5 billion in total to
resolve the claims released by the Settlement. The Settlement calls for 3M to
make payments annually from 2024 through 2036. The actual amounts that 3M will
pay will be determined in part by which, if any, class members that do not have
a positive test result for the presence of PFAS in their drinking water (as defined
by the Settlement) as of the date of the Settlement receive such a test result
by the end of 2025.
The Settlement gives 3M the option to terminate the Settlement if
the numbers of eligible class members opting out of the Settlement exceed
specified levels.
The Settlement provides that 3M does not admit any liability or
wrongdoing and does not waive any defenses.
According to June article in Time Magazine, “As the evidence of the dangers of PFAS
mounted—both from company research and independent studies—3M and DuPont began
covering up what they were learning.”
And to scare you more, this is not just isolated to
water,
NRDC.org said in April, “Whether found in a raincoat or a pair
of yoga pants, PFAS are used widely in our clothing, shoes, and accessories.
These chemicals also cause pollution at every stage of production. At the PFAS
chemical manufacturing facilities and garment factories, they often contaminate
the air, water, and soil of the surrounding environment.”
In our next podcast I will drill down on DuPont and
its never ending list of lawsuits and settlements. And like the irony of other
podcasts showing these serial contaminators – they too have an ESG and sustainability strategy.
ESG policy now means nothing, and they should flush
it down the drains with their other toxic chemicals.
Investors don’t be woke – be awake!
If you are a small company doing big things to benefit our water and our
environment I would love to hear from you and tell your story.
Thanks, that’s it for today. Do something good for this beautiful planet
each and every day.
If you would like to be a guest on this podcast and
tell your story please call me at 800 665 0411
Visit the Cleantech and Climate Change Podcast page at Investorideas.com
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