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IBM Aims For 'Net Zero' Greenhouse Gas Emissions By 2030

IBM and 3M joined a growing list of bluechip companies committing to significant reductions in greenhouse gas emissions over the next ten years.

International Business Machines  (IBM) - Get International Business Machines Corporation Report said Tuesday that it plans to be 'net greenhouse gas emissions' neutral by 2030, marking the latest bluechip company to commit to significant reductions in their carbon footprint.

IBM said it will reduce its greenhouse gas emissions by 65%, compared to 2010 levels, over the next four years, with the aim of being a 'net zero' emitter by 2030. IBM said it will procure around 75% of its electricity from renewable sources by 2025, a figure that it says will rise to 90% by 2030.

Earlier Tuesday, 3M Co.  (MMM) - Get 3M Company Report said it will invest $1 billion over the next 20 years in order to achieve carbon neutrality b y the year 2050 and pledged to reduce its water consumption by around 25%.

"I am proud that IBM is leading the way by taking actions to significantly reduce emissions," said CEO Arvind Krishna. "The climate crisis is one of the most pressing issues of our time. IBM's net zero pledge is a bold step forward that strengthens our long-standing climate leadership and positions our company years ahead of the targets set out in the Paris Climate Agreement."  

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IBM shares were marked 0.8% lower in early trading Tuesday to change hands at $119.90 each. 3M shares slipped 0.4% to $178.00 each.

Last year, Microsoft Corp.  (MSFT) - Get Microsoft Corporation Report threw down the climate change gauntlet to its tech sector rivals with plans to launch a $1 billion fund and erase five decades worth of carbon emissions -- past and future -- linked to the world's biggest computing and software company.

CEO Satya Nadella said at the time that climate change would have a "devastating" affect on the world economy if global temperatures continue to rise, and vowed to cut carbon emissions from the company's supply chain in half by 2030. By 2050, Microsoft said, it will have removed all the emissions its created -- both directly and indirectly -- since it was founded by Bill Gates and Paul Allen in 1975.