Sleep keyboard shortcut on M1 MacBook Pro

Solution 1:

On my M1 MacBook Air, the following works: press Touch ID with any finger not registered with Touch ID to lock the Mac. Then press Esc to Sleep.

Solution 2:

This bothered me too. I have hot corners active, but have three screens connected to my MacBook Pro, and that is quite a distance to travel.

There is a simpler solution, without the need for third party tools. Goto System Preferences > Keyboard under the tab Shortcuts select App Shortcuts in the left column and then click the plus button. In the dialog box use Sleep (or the equivalent to your "Sleep" in your OS language - just check the Apple menu item) for the "Menu Title" field and select a free shortcut.

You will then find it is listed under the  menu.