It is interesting to note both 3M and Michelin addressing water in their ESG narratives - Exhibits below. Water is not getting a lot of air time from the ESG crowd yet, but it is very much on our radar and we will publish our first water index in tomorrow’s ESG and Climate report.
Source: 3M Strategic Update Presentation – February 14, February 2022
Clean water shortages are emerging all over the world, in the US, Europe, Asia, and Africa with implications for human health and agriculture. Over the next 10 years, we expect to see a much greater focus on water supply, leading to a significant step up in desalination investment. Note that increased desalination investment will be another demand pull for renewable power, making some of the energy substitution targets harder to achieve.
Source: Michelin 4Q21 Results - Investor Presentation, February 2022
