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5THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY BOARD OF DIRECTORS Note: Board composition and committee positions reflected as of April 25, 2023. * M s. Millhiser will join the Board on July 1, 2023 after her retirement from her current role, at which time she will join the Audit Committee. DAVID B. WEINBERG A Chairman and Chief Executive Officer, Judd Enterprises, Inc. ANA BOTÍN Executive Chair, Banco Santander, S.A.
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DAVID B. WEINBERG A Chairman and Chief Executive Officer, Judd Enterprises, Inc. ANA BOTÍN Executive Chair, Banco Santander, S.A. HELENE D. GAYLE President, Spelman College AMITY MILLHISER* Vice Chair, PricewaterhouseCoopers LLP (Not pictured) From left to right: ALEXIS M. HERMAN Chair and Chief Executive Officer, New Ventures LLC HERB ALLEN President, Allen & Company LLC CAROLYN EVERSON Senior Advisor, Permira MARC BOLLAND Chairman, Blackstone Europe CAROLINE J. TSAY Technology Company Advisor/ Limited Partner of Venture Capital Funds CHRISTOPHER C. DAVIS Chairman, Davis Selected Advisers, L.P. JAMES QUINCEY Chairman and Chief Executive Officer, The Coca-Cola Company BARRY DILLER Chairman and Senior Executive, IAC Inc. and Expedia Group, Inc. MARIA ELENA LAGOMASINO Lead Independent Director Chief Executive Officer and Managing Partner, WE Family Offices Our Board of Directors is proud of our company’s ongoing success.
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and Expedia Group, Inc. MARIA ELENA LAGOMASINO Lead Independent Director Chief Executive Officer and Managing Partner, WE Family Offices Our Board of Directors is proud of our company’s ongoing success. As the business continues to grow and evolve, our Board also continues to evolve. Through our Board refreshment efforts, we strive to maintain a balance of skills, tenure and diversity among our Directors. I am extremely proud that in 2022 we achieved gender parity in the composition of our Board. And as this report demonstrates, our actions and our business success remain grounded in our strong values and purpose: to refresh the world and make a difference.” MARIA ELENA LAGOMASINO Lead Independent Director Audit Committee Corporate Governance and Sustainability Committee Executive Committee Finance Committee Talent and Compensation Committee Chair Member
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Executive Summary OUR PRIORITIES & PROGRESS We focus on the highest-priority sustainability issues facing our company, stakeholders and communities, with the goal of maximizing collective impact. These issues, which we review on a regular basis in collaboration with leading NGO partners, are integrated into both our business strategy and system- wide operations to simultaneously build resilience and drive growth. They also inform our ambitious sustainability goals and how we report on progress against these interconnected goals. 6THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY
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7THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY OUR SUSTAINABILITY GOALS WATER LEADERSHIP PORTFOLIO PACKAGING CLIMATE SUSTAINABLE AGRICULTURE PEOPLE & COMMUNITIES OUR KEY GOALS Achieve 100% regenerative water use across 175 facilities identified as facing high levels of water stress by 2030 Work with partners to help improve the health of 60 watersheds identified as most critical for the system’s operations and agricultural supply chains by 2030 Aim to return a cumulative total of 2 trillion liters of water to nature and communities globally,
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between 2021–2030 Offering drinks with reduced added sugar Offering more drinks with nutrition and wellness benefits Providing clear nutrition information on packaging and in our communications Marketing our drinks responsibly Make 100% of our packaging recyclable globally by 2025 Use at least 50% recycled content in our packaging by 2030 Collect and recycle a bottle or can for each one we sell by 2030 Reduce our use of virgin plastic derived from non-renewable sources by a cumulative 3 million metric tons between 2020–2025 1 By 2030, we aim to have at least 25% of our beverages worldwide by volume sold in refillable/ returnable glass or plastic bottles or in fountain dispensers with reusable packaging Reduce absolute emissions by 25% by 2030 against a 2015 baseline Ambition to achieve net zero emissions by 2050 Sustainably source 100% of priority agricultural ingredients over time Mirror the markets we serve by 2030 • Aspire to be 50% led by women globally • Align U.S. race/ethnicity representation to U.S.
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S. race/ethnicity representation to U.S. census data across all job levels 2022 PROGRESS Replenished 159% of the water we use in our finished beverages 291 billion liters of water returned to nature and communities in 2022 ~68% of the products in our beverage portfolio have less than 100 calories per 12-ounce serving 29% of our volume sold in 2022 was low- or no-calorie 90% of our packaging is recyclable 15% of PET used is recycled PET (rPET) 61% of our packaging collected for recycling 2 7% decline in absolute emissions since 2015 toward a 25% science- based reduction target by 2030 Renewable electricity usage increased from 12% in 2021 to 21% in 2022 64% of priority ingredients sustainably sourced to Leader standard in line with our Principles for Sustainable Agriculture 39% of senior leadership positions held by women 4 COMMITTED TO INDUSTRY LEADERSHIP CDP Water Security Score: A– Replenished 100% of the water used in our finished beverages globally every year since 2015 We support more than 50 calorie and sugar reduction pledges globally,
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in collaboration with industry peers Coca-Cola Zero Sugar has delivered double-digit volume growth in five of the last six years Investing in refillable and dispensed solutions More than 40 markets currently offer at least one brand in 100% rPET3 packaging, excluding caps and labels Target aligned to Science-Based Targets initiative (SBTi) CDP Climate Change Score: A– Engagement with suppliers to implement Principles for Sustainable Agriculture framework and drive progress on other key sustainability issues such as water As part of our efforts to create a diverse, equitable and inclusive workplace, we are partnering with the Valuable 500’s Generation Valuable initiative, a mentoring program designed to promote inclusion in the workplace for people with disabilities 1 R eduction measured from historical usage modeled with 2018–2020 data. 2 The c ollection rate represents the average collection rate for select primary consumer packaging, which is the percentage of our packaging that was collected for recycling (or refill). 3 Ex cept where otherwise indicated, where reference is made in this report to 100% recycled PET, 100% rPET, or 100% recycled plastic beverage packaging, we are referring to the material from which the plastic bottle is made, not the cap and label.
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4 Da ta as of December 31, 2022, for salaried and hourly employees. Race/ethnicity data is for U.S. workforce only. This data excludes Bottling Investments Group (BIG), Global Ventures, fairlife and BODYARMOR. The Coca-Cola SystemThe Coca-Cola Company
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8THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY WATER LEADERSHIP PORTFOLIO: BEVERAGES FOR ALL Water is a priority for The Coca-Cola Company because it is essential to life, our beverages and the communities we serve. We have operations nearly everywhere in the world—in more than 200 countries and territories. That means we have a responsibility to help those who face water scarcity and to protect local water resources where we operate, especially in places with the biggest challenges. Our 2030 Water Security Strategy is focused on accelerating the actions needed to increase water security where we operate, source ingredients and touch people’s lives. We do that by contributing toward sustainable, clean water access that improves livelihoods and wellbeing while protecting against water-related disasters. We understand water challenges are different in each region, so we are focused on doing what matters most locally, where the challenges are greatest.
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We understand water challenges are different in each region, so we are focused on doing what matters most locally, where the challenges are greatest. Wehavesetthr ee key goals designed t o achieve ourvision: • A chieve 100% regenerative water use across 175of our facilities, identified as facing high levels of water stress by 2030. • Impr ove the health of 60w atersheds identified as most critical for our operations and agricultural supply chain by 2030. • R eturn a cumulative total of 2trillion liters of water to nature and communities globally over the life of our strategy, between 2021–2030. READ MORE WATER LEADERSHIP 1 Substan tially all replenish data is internally validated and verified; the equivalent volume for 100% Replenish rate (182.9 Billion litres BL) is externally assured. Peer-reviewed methodologies were used to calculate volumetric benefits per project and operating unit for all externally assured data; one exception was approved for internally validated and verified data. The replenish benefit is typically estimated as a long-term, average annual volume, but for some project activities it varies annually.
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The replenish benefit is typically estimated as a long-term, average annual volume, but for some project activities it varies annually. Replenish benefits fall under three categories: Watershed Protection and Restoration (233.5 BL), Water for Productive Use (40.9 BL) and Water Access and Sanitation (17.4 BL). Due to joint venture or merger and acquisition activities between 2019–2022, certain brands may not be accounted for in this metric. Unless otherwise stated, in this report finished beverages is based on global sales volume. Approximately 13.5 BL (approx. 7%) of the water used in our beverages that we returned to nature and communities is from 7 projects located in Ukraine and Belarus where since May 2019 we have not been able to monitor projects on intervals aligned with internal guidelines due to COVID and the ongoing war. As a total beverage company, we are committed to offering people more of the drink choices they want across a range of categories and in a variety of packages. Evolving consumer tastes and preferences help steer our business strategy and shape the lineup of beverages we bring to market. We take a disciplined approach to product innovation and portfolio management, ensuring we develop and deliver preferred, great-tasting beverages for all occasions and lifestyles.
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We take a disciplined approach to product innovation and portfolio management, ensuring we develop and deliver preferred, great-tasting beverages for all occasions and lifestyles. This includes offering drinks with reduced added sugar and more brands with nutrition and wellness benefits; providing small package options and clear nutrition information on packaging and in our communications; and marketing our drinks responsibly.
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This includes offering drinks with reduced added sugar and more brands with nutrition and wellness benefits; providing small package options and clear nutrition information on packaging and in our communications; and marketing our drinks responsibly. READ MORE PORTFOLIO: BEVERAGES FOR ALL 291B LITERS OF WATER RETURNED TO NATURE AND COMMUNITIES IN 2022 10% WATER EFFICIENCY IMPROVEMENT ACROSS ALL SYSTEM OPERATIONS COMPARED TO 2015 19 OF TOP 20 BRANDS ARE REDUCED-SUGAR OR ZERO-SUGAR, OR HAVE A REDUCED-SUGAR OR ZERO-SUGAR OPTION 29% OF OUR VOLUME SOLD IN 2022 WAS LOW- OR NO-CALORIE 900,000 + TONS OF ADDED SUGAR REMOVED FROM OUR GLOBAL PORTFOLIO CUMULATIVELY THROUGH EFFORTS TO REFORMULATE MORE THAN 1,000 BEVERAGES FROM 2017–2022 ~68% OF THE PRODUCTS IN OUR BEVERAGE PORTFOLIO HAVE LESS THAN 100 CALORIES PER 12-OUNCE SERVINGWe have exceeded our 100% replenishment goal every year since 2015.
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159% OF THE WATER USED IN OUR FINISHED BEVERAGES RETURNED TO NATURE AND COMMUNITIES IN 2022 1 PortfolioMarketing We continue to use our marketing to drive growth of our low- and no-calorie portfolio. Coca-Cola Zero Sugar has experienced double-digit growth in five of the last six years. In 2022, several leading low- and no-calorie brands in North America launched consumer campaigns with celebrity partners and sponsorship assets.
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9THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY PACKAGING We recognize our responsibility to help solve complex plastic waste challenges facing our planet and society. Our ambitious strategy to drive change through a circular economy for our packaging is called World Without Waste. This strategy is a global sustainable packaging platform focused on these fundamental goals: Making 100% of our packaging recyclable globally by 2025—and using at least 50% recycled material in our packaging by 2030 (Design); collecting and recycling a bottle or can for each one we sell by 2030 (Collect); and bringing people together to support a healthy, debris-free environment (Partner). We are making progress against each of these objectives, which are embedded in how we operate as a business, and we take a transparent approach to reporting our actions, results and learnings. Local teams are executing in ways appropriate for their markets, and we are using a networked approach to deliver impact at scale.
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Local teams are executing in ways appropriate for their markets, and we are using a networked approach to deliver impact at scale. READ MORE PACKAGING COLLECT: GOAL 2022 STATUS Collect and recycle a bottle or can for each one we sell by 2030 61%4 61% PARTNER: GOAL 2022 STATUS We bring people together to support a healthy, debris-free environment. See our 2022 partnership highlights here DESIGN: GOALS 2022 STATUS Make 100% of our packaging recyclable globally by 2025 90% globally1 90% Use at least 50% recycled content in our packaging by 2030 25%2 recycled material in our packaging globally; 15% of PET used is recycled PET 25% 15% Reduce our use of virgin plastic derived from non-renewable sources by a cumulative 3 million metric tons from 2020–20253 In 2022, we avoided around half a million metric tons of virgin plastic usage through our efforts on lightweighting and use of recycled content with an incremental avoidance of over 50,000 metric tons compared to 2021.
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However, growth of plastic packaging has outpaced these efforts, so we did not reduce virgin plastic usage overall in 2022 By 2030, we aim to have at least 25% of our beverages worldwide by volume sold in refillable/returnable glass or plastic bottles or in fountain dispensers with reusable packaging Approximately 14% of total beverage volume was served in reusable packaging in 2022 14% CLIMATE Taking well-informed, decisive action to help address climate change is a priority for our company. Climate change poses risks to our business and our stakeholders. By implementing an interconnected approach across our priority sustainability issues, we are reducing the Coca-Cola system’s greenhouse gas (GHG) emissions and building resilience in our business, value chain and local communities. We are working to reduce our carbon footprint in line with science to help avoid the worst impacts of climate change. We do this by analyzing and prioritizing the sources of GHG emissions across our value chain and by partnering with stakeholders to drive down emissions. As of 2022, we reduced our absolute emissions by 7% against a 2015 baseline, making progress toward our science-based reduction target of 25% by 2030 against the baseline.
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As of 2022, we reduced our absolute emissions by 7% against a 2015 baseline, making progress toward our science-based reduction target of 25% by 2030 against the baseline. Our ambition also includes achieving net zero emissions by 2050. Several of our bottling partners and suppliers have set or committed to setting their own science-based reduction targets to drive climate action across our value chain. READ MORE CLIMATE GOAL 2022 STATUS Reduce absolute greenhouse gas (GHG) emissions by 25% by 2030, against a 2015 baseline 7% decline in absolute emissions since 2015 1 7% AMBITION To achieve netzero emissions by 2050 1 Onl y recyclable where infrastructure exists. 2 Incl udes select primary consumer packaging materials. 3 R eduction measured from historical usage modeled with 2018–2020 data. 4 The c ollection rate represents a weighted average of national collection rates, collected for recycling rates or refillable rates by packaging type to TCCS’s sales in units to express the percent of equivalent bottles and cans introduced into the market that were collected and refilled or collected for recycling for the year.
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1 This figur e is calculated using the market-based emissions method and therefore includes purchased renewable electricity as part of the system’s overall emissions reduction. The Coca-Cola Company applies the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) in this report and in a TCFD Index and provides comprehensive disclosures to CDP on Climate Change. 378 OF OUR SUPPLIERS (OUT OF 495 REQUESTED) PROVIDED CLIMATE DATA TO CDP IN 2022 (A 12% INCREASE FROM 2021) 21% RENEWABLE ELECTRICITY USAGE IN OUR SYSTEM—AN INCREASE FROM 12% IN 2021
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10THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY 93% 2020 93% 2019 99% 2022 95% 2021 0 20 40 60 80 100 Percentage of company operations that achieved compliance with our Supplier Guiding Principles 0 20 40 60 80 100 90% 2020 92% 2019 93% 2022 93% 2021 Percentage of bottling partners that achieved compliance with our Supplier Guiding Principles 0 20 40 60 80 100 87% 2020 91% 2019 91% 2022 92% 2021 Percentage of direct suppliers that achieved compliance with our Supplier Guiding Principles SUSTAINABLE AGRICULTURE HUMAN RIGHTS Our products and some of our packaging are made from a wide variety of agricultural ingredients, which we source from around the world. This complex global supply chain includes many kinds of suppliers, from multinational companies to smallholder farmers.
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This complex global supply chain includes many kinds of suppliers, from multinational companies to smallholder farmers. Our Principles for Sustainable Agriculture (PSA) communicate our expectations for environmental, social and economic performance to our agricultural suppliers at the farm level. The PSA, introduced in 2021, take a long-term perspective and reflect the most recent science, our total beverage company portfolio, and our increasingly diverse supply chain. The PSA are designed to encourage continuous improvement in farming practices and lead to more ethical and sustainable sourcing. Our goal is to sustainably source all our ingredients over time—such as sugar cane, corn, fruit, coffee, tea and soybeans. Sustainably sourcing our ingredients increases the resilience of our supply chain, helps to conserve nature, and empowers producers and farm workers. In practice, we encourage and support our ingredient suppliers to drive continuous improvement in sustainable farming practices, based on our PSA. READ MORE SUSTAINABLE AGRICULTURE Respecting human rights is one of our core values. The Coca-Cola Company was among the first companies to commit to the United Nations Guiding Principles on Business and Human Rights, and we have strived to inspire and drive responsible business practices ever since.
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The Coca-Cola Company was among the first companies to commit to the United Nations Guiding Principles on Business and Human Rights, and we have strived to inspire and drive responsible business practices ever since. READ MORE HUMAN RIGHTS 1 L eader standard represents supply volume verified to a company-approved, third-party validation, that is aligned with our PSA. 2 Da ta is based on supplier reporting according to our PSA governance requirements. 0 20 40 60 80 100 SOYBEANS COFFEE LEMONS ORANGES PULP AND PAPER SUGAR BEETS TEA CORN APPLES SUGAR CANE GRAPES MANGOES 37% 36% 40% 55% 70% 74% 80% 86% 89% 96% 99% 100% 2022 Progress on Sustainable Sourcing2 To make our ambition concrete, Real IMPACT includes three signature initiatives. Real IMPACT Toward a Better Tomorrow Driving meaningful and enduring change in the lives of everyone touched by the commodities at the heart of our products — from smallholder farmers and their families to the communities we serve.
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Empowering workers across our value chain — from upstream supply chain workers and our 700,000+ system employees to down- stream informal waste collection workers supporting recycling around the world. IMPACT AgricultureIMPACT Work Developing transformative due diligence and remediation programs through emerging technologies and creative partnerships with stakeholders and experts. IMPACT Innovation 2Real IMPACT: Toward A Better Tomorrow IN 2022, 64% OF OUR GLOBAL PRIORITY INGREDIENT VOLUMES WERE SUSTAINABLY SOURCED TO OUR LEADER STANDARD 1, IN LINE WITH OUR PRINCIPLES FOR SUSTAINABLE AGRICULTURE. We are proud to introduce Real Impact, a new vision for the company’s human rights program. Our mission is to take actions that lead toward a better tomorrow. We will take the lessons learned from existing programs and partnerships and seek to scale and adapt best practices across more geographies to deliver real impact to more people across our value chain. We will work to drive progress across our company, our industry and beyond through rigorous analysis, creative partnerships and constant innovation to turn commitment into action.
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We will work to drive progress across our company, our industry and beyond through rigorous analysis, creative partnerships and constant innovation to turn commitment into action. 2,770 AUDITS CONDUCTED IN 2022
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11THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES We help create a better shared future for everyone our brands and business system touches by working to provide access to equal opportunity and fostering belonging both in our workplaces and the communities we serve. We partner with global, national and local organizations—plus our network of bottling partners— to improve people’s lives. While we continued to make meaningful progress in 2022, our work is an ongoing journey in an ever-changing landscape. That’s why we continue to prioritize listening and learning; executing our strategy consistently; and holding ourselves accountable for continuous progress. READ MORE DIVERSITY, EQUITY & INCLUSION The Coca-Cola Foundation’s mission is to make a difference in communities where our company operates and where our employees live and work. As the independent philanthropic arm of The Coca-Cola Company, The Coca-Cola Foundation supports transformative ideas and institutions that address pressing and complex global challenges.
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As the independent philanthropic arm of The Coca-Cola Company, The Coca-Cola Foundation supports transformative ideas and institutions that address pressing and complex global challenges. Our goal is to leave a measurable and lasting impact in local communities through a focus on the environment and society. In 2022, The Coca-Cola Foundation contributed $94.8 million to 301 organizations globally. READ MORE GIVING BACK TO OUR COMMUNITIES 2022Race/Ethnicity Representation by Level (U.S.
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READ MORE GIVING BACK TO OUR COMMUNITIES 2022Race/Ethnicity Representation by Level (U.S. only)1 SENIOR LEADERSHIP MIDDLE MANAGEMENT PROFESSIONALS TOTAL American Indian/Alaskan Native 0.0% 0.3% 0.4% 0.3% Asian 10.0% 10.4% 5.4% 8.1% Black/African American 8.6% 16.1% 30.3% 22.0% Hispanic/Latino 9.9% 8.7% 21.2% 14.6% Native Hawaiian/Other Pacific Islander 0.1% 0.1% 0.5% 0.3% Not specified 9.1% 5.2% 2.4% 4.3% Two or more races 0.9% 2.2% 3.0% 2.5% White 61.4% 57.1% 36.7% 48.1% 1 Da ta as of December 31, 2022, for salaried and hourly employees. Race/ethnicity data is for U.S. workforce only.
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Race/ethnicity data is for U.S. workforce only. This data excludes Bottling Investments Group (BIG), Global Ventures, fairlife and BODYARMOR. For exclusions, please view the criteria statement in the Independent Accountants’ Review Report. Note: The percentages in each column in these charts may not sum to 100% due to rounding. 2022Gender Representation by Level (global)1 SENIOR LEADERSHIP MIDDLE MANAGEMENT PROFESSIONALS TOTAL Female 39.0% 51.3% 36.0% 44.0% Male 61.0% 48.7% 64.0% 56.0% Our Refreshed Giving Appr oach As of 2022, our giving is focused on impacting these areas: ENVIRONMENTAL SOCIAL ASPIRE TO CREATE a workforce that mirrors the markets we serve. ENABLE an inclusive culture where our employees thrive. ADVANCE equity within our business, communities, and the marketplace.
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ENABLE an inclusive culture where our employees thrive. ADVANCE equity within our business, communities, and the marketplace. Weapproachour DEI strategythr ough thelensofthr ee core ambitions: $94.8M 2022 Contributions $31.8M $14.1M$13.0M $12.0M $10.1M $7.0M $6.8M 33% Water & Environment 11% Community Well-Being 7% Women’s Empowerment 7% Matching Gifts 15% Disaster Relief & Humanitarian Aid 14% Education & Youth Development 13% Recycling TheCoca-ColaFoundation:2022Contributions
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HOW WE OPERATEAT A GLANCEOVERVIEW INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS Our Company We are a total beverage company with products sold in more than 200 countries and territories. We are constantly transforming our portfolio, from reducing added sugar in our drinks to bringing innovative new products to market. We seek to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. 12THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY
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13THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT HOW WE OPERATEAT A GLANCEOVERVIEW INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY AT A GLANCE COMPANY FACTS 137 YEARS of refreshing the world and making a difference ATLANTA, GEORGIA Global headquarters 200 + Countries and territories where our products are sold ~ 200 Master brands OUR SUSTAINABILITY BUSINESS PRIORITIES Water Leadership Packaging Sustainable Agriculture Reducing AddedSugar Climate People& Communities 11% 2022 Net Operating Revenue Growth $43.0B 2022 Net Operating Revenues 2022 PERFORMANCE THE COCA-COLA SYSTEM ~ 200 Bottling partners worldwide ~ 950 Production facilities 700K + System employees ~ 30M Retail customer outlets 2022 GLOBAL UNIT CASE VOLUME MIX BY OPERATING SEGMENT 28% Europe,
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Middle East & Africa 27% Latin America 17% North America 24% Asia Pacific RETAIL VALUE UNIT CASE VOLUME Trademark Coca-Cola Sparkling Flavors Water, Sports, Coffee & Tea Juice, Value-Added Dairy & Plant-Based Beverages Emerging & Other 0 10 20 30 2022 32.7 2021 31.329.0 2020 30.3 2019 29.6 2018 29.2 2017 29.3 2016 29.2 2015 28.6 2014 28.2 2013 Total Company Unit Cases (in billions) 4% Global Ventures
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14THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT HOW WE OPERATEAT A GLANCEOVERVIEW INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY HOW WE OPERATE 1 The C oca-Cola Company and its bottling partners are collectively known as the Coca-Cola system. The Coca-Cola Company does not own, manage or control most local bottling companies. The Coca-Cola Company markets, manufactures and sells: • Be verage concentrates and syrups • F inished beverages (including sparkling soft drinks; water, sports, coffee & tea; juice, value- added dairy & plant-based beverages; and emerging beverages). In our concentrate operations, The Coca-Cola Company typically generates net operating revenues by selling concentrates and syrups to authorized bottling partners. Our bottling partners combine the concentrates and syrups with still or sparkling water and sweeteners (depending on the product), to prepare, package, distribute and sell finished beverages.
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Our bottling partners combine the concentrates and syrups with still or sparkling water and sweeteners (depending on the product), to prepare, package, distribute and sell finished beverages. Our finished product operations consist primarily of company-owned bottling and distribution operations. We also operate retail outlets through Costa Limited (Costa), which has nearly 4,000 Costa coffee shops and over 14,000 Costa Express self-serve coffee bars worldwide. Costa’s portfolio also includes ready-to-drink and at- home coffee solutions. BOTTLERS DISTRIBUTION CUSTOMERS& CONSUMERS 2.2B SERVINGS PER DAY The Coca-Cola System1 INNOVATION / CREATION / MARKETING COMPANYTHE Concentrates andSyrups Finished Products BOTTLING PARTNERS WORLDWIDE ~2 0 0 PRODUCTION FACILITIES WORLDWIDE ~950
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15THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT INNOVATION HOW WE OPERATEAT A GLANCEOVERVIEW INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY INNOVATION BOLD BEVERAGES AND NEW EXPERIENCES We’re taking global innovation to the next level. In 2022, we combined partnerships, technology and our consumers’ passions to create unforgettable experiences in music, gaming and sports. Coca-ColaCreations Coca-Cola Creations is a new global innovation platform that lends the iconic Coca-Cola brand to new expressions, driven by collaboration, creativity and cultural connection. In 2022, we launched five limited-edition drinks: Coca-Cola Starlight, Coca-Cola Byte, the artist Marshmello’s Limited Edition Coca-Cola, Coca-Cola Dreamworld, and Coca-Cola Soul Blast. Coca-Cola Creations draws inspiration from music, gaming and culture, and is complemented with experimental packaging designs, digital experiences and more.
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Coca-Cola Creations draws inspiration from music, gaming and culture, and is complemented with experimental packaging designs, digital experiences and more. “RecycledRecords” Legendary music producers Mark Ronson and Madlib teamed up with Sprite, Fresca and Seagram’s to showcase the parallels between recycling sounds and beverage bottles. “Recycled Records” is an original EP created almost entirely from “recycled” sound samples captured during the PET bottle-to-bottle recycling process. The project is a creative, culturally relevant way to celebrate the brands’ switch from green to clear PET packaging. CokeStudio Coke Studio expanded into a global, digital-first platform. Seven diverse artists from seven countries teamed up on a remake of Queen’s “A Kind of Magic” to kick off the platform. Coke Studio launched in 2008 in Pakistan as a TV series featuring live collaborations between established and emerging musical artists before growing into an international music franchise with editions in India, the Philippines, Africa and the Middle East. CostaCoffeeSmartCafé Launched in the United States in 2022, the Costa Coffee Smart Café delivers a range of more than 200 drink options, from espresso to hot chocolate.
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CostaCoffeeSmartCafé Launched in the United States in 2022, the Costa Coffee Smart Café delivers a range of more than 200 drink options, from espresso to hot chocolate. These innovative touch-screen machines always use fresh milk and freshly ground Signature Blend beans.
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16THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT HOW WE OPERATEAT A GLANCEOVERVIEW INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY A Metaverse Milestone Coca-Cola thanked fans who participated in the brand’s journey into the metaverse with a special digital collectible drop on International Friendship Day 2022. The collectible, featuring a design inspired by the bubbles inside a Coke bottle as well as themes of connection and unity, airdropped to the digital wallets of Coca-Cola collectible owners in July. Recipients could share a second International Friendship Day collectible with a friend to build Coke’s community of fans. SpriteLimelight Sprite Limelight launched as the music and cultural extension of “Heat Happens,” the brand’s global platform unveiled in 2022.
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SpriteLimelight Sprite Limelight launched as the music and cultural extension of “Heat Happens,” the brand’s global platform unveiled in 2022. Grammy-winning producer James Blake crafted a lyrical hook rooted in keeping life’s “heat” at bay, and three distinctive global artists—American rapper Coi Leray, African singer-songwriter and social media sensation Omah Lay, and Chinese pop/rock singer Hua Chenyu—used the hook as inspiration for their own original songs. LilNasX and vitamin water Global superstar Lil Nas X teamed up with vitaminwater’s “Nourish Every You” campaign to showcase six videos featuring his unreleased track, “Give Me One Chance.” Each featured a unique vitaminwater flavor—focus, shine, energy, xxx zero, gutsy and ice—to create a fantasy world inspiring fans to nourish all of their “yous.” “Nourish Every You” was inspired by the insight that vitaminwater fans want to take care of themselves, but are living with fluctuating physical, emotional and spiritual needs.
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POWERADE: ‘PauseisPower’ POWERADE celebrated the power of the pause—prioritizing wellbeing over winning—with a global communications platform featuring USA gymnast Simone Biles and other accomplished athletes and coaches spanning a variety of sports. The campaign kicked off in March 2022 during NCAA March Madness.
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17THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT HOW WE OPERATEAT A GLANCEOVERVIEW INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY FINANCIAL HIGHLIGHTS Note: See pages 72–74 for reconciliations of non-GAAP financial measures to our results as reported under accounting principles generally accepted in the United States (U.S. GAAP). 1 R eported net operating revenues grew 9%, declined 11%, grew 17% and grew 11% for the years ended December 31, 2019, 2020, 2021 and 2022, respectively. 2 R eported operating income grew 10%, declined 11%, grew 15% and grew 6% for the years ended December 31, 2019, 2020, 2021 and 2022, respectively.
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3 R eported diluted earnings per share grew 38%, declined 13%, grew 26% and declined 3% for the years ended December 31, 2019, 2020, 2021 and 2022, respectively. 4 A djusted free cash flow conversion ratio = free cash flow adjusted for pension contributions divided by net income adjusted for noncash items impacting comparability. (in millions except per share data) 2019 2020 2021 2022 Summary of Operations Net operating revenues $37,266 $33,014 $38,655 $ 43,004 Operating income 10,086 8,997 10,308 10,909 Net income attributable to shareowners of The Coca-Cola Company 8,920 7,747 9,771 9,542 Per Share Data Basic earnings per share $2.09 $1.80 $2.26 $2.20 Diluted earnings per share 2.07 1.79 2.25 2.19 Cash dividends 1.60 1.64 1.68 1.76 Balance Sheet Data Total assets $86,381 $87,296 $94,354 $ 92,763 Long-term debt 27,516 40,125 38,116 36,
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68 1.76 Balance Sheet Data Total assets $86,381 $87,296 $94,354 $ 92,763 Long-term debt 27,516 40,125 38,116 36,377 -10 -5 0 5 10 15 20 16% 2022 16% 2021 6% 2019 (9%) 2020 Organic Revenue Growth (Non-GAAP)1 2022 17%17% 2021 9% 2019 (2%) 2020 -5 0 5 10 15 20 Comparable Currency Neutral Diluted Earnings Per Share Growth (Non-GAAP)3 19% 2022 12% 2021 13% 2019 0% 2020 0 5 10 15 20 Comparable Currency Neutral Operating Income Growth (Non-GAAP)2 89% 2022 116% 2021 108% 2020 96% 2019 0 20 40 60 80 100 120 Adjusted Free Cash Flow Conversion Ratio (Non-GAAP)4
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18THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT GOVERNANCE & MANAGEMENT HOW WE OPERATEAT A GLANCEOVERVIEW INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY GOVERNANCE & MANAGEMENT THE COCA-COLA COMPANY including progress toward the company’s sustainability goals. The Committee assesses a range of issues relevant to the company’s business, our shareowners, the broader stakeholder community or the general public. This entails evaluating and reviewing information pertaining to social, political and environmental trends, in addition to oversight of the company’s sustainability goals and human rights practices. The Corporate Governance and Sustainability Committee oversees our plans and strategies on climate-related issues. For a deeper dive into our climate governance, visit the Climate section. The Committee also oversees and reviews, at least annually, the company’s public policy agenda, its position on significant public policy matters, political contributions and lobbying activities.
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The Committee also oversees and reviews, at least annually, the company’s public policy agenda, its position on significant public policy matters, political contributions and lobbying activities. The Committee reviews shareowner proposals on sustainability issues to be included in the company’s proxy statements and makes recommendations to the Board. In addition, the Committee receives updates on priority sustainability issues, including actions and progress toward goals. The Audit Committee oversees certain processes related to external sustainability disclosures and works jointly with the Corporate Governance and Sustainability Committee to oversee sustainability risks facing the company. Finally, the Talent and Compensation Committee oversees the company’s human capital management policies and strategies. This includes talent management, leadership and company culture initiatives, such as those promoting diversity, equity and inclusion (DEI). This Board-level commitment and alignment drives top-down accountability toward our DEI goals and helps support a positive company culture. To reinforce the importance of meeting our sustainability goals, the Talent and Compensation Committee approved plans to link sustainability performance to our annual and long-term incentive programs for executives in 2022.
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To reinforce the importance of meeting our sustainability goals, the Talent and Compensation Committee approved plans to link sustainability performance to our annual and long-term incentive programs for executives in 2022. In the annual incentive program, we have reinforced our commitment to DEI by incorporating quantitative and qualitative components tied to our 2030 aspirations to be 50% led by women globally and, in the United States, to align race and ethnicity representation to U.S. census data. Similarly, in the long-term incentive program, predefined goals related to our World Without Waste packaging strategy and our 2030 Water Security Strategy were incorporated into the 2022–2024 incentive awards. CORPORATE GOVERNANCE The Coca-Cola Company’s innovative and collaborative culture is underpinned by a robust framework of policies and processes to promote ethical behavior, accountability and transparency. Our Board of Directors is responsible for overseeing our governance framework as part of its risk oversight function. Board Committee charters, our Code of Business Conduct, Corporate Governance Guidelines, Certificate of Incorporation and Corporate By-Laws can be viewed on our website.
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Board Committee charters, our Code of Business Conduct, Corporate Governance Guidelines, Certificate of Incorporation and Corporate By-Laws can be viewed on our website. SUSTAINABILITY GOVERNANCE The Board has delegated oversight of sustainability matters to its various committees in order to leverage each committee’s experience and subject-matter strengths in overseeing the varied and technical matters encompassed by sustainability. The Corporate Governance and Sustainability Committee has primary responsibility for overseeing the company’s sustainability strategies and initiatives—and related risks—that concern environmental, social, legislative, regulatory and public policy matters, BoardCommittees • A udit • C orporate Governance and Sustainability • Ex ecutive • Finance • T alent and Compensation DrivingSustainability Performancethr ough Executive Compensation Beginning in 2022, performance as it relates to diversity, packaging and water goals is reflected in our incentive programs for executives. SECTIONSCOPE: This section refers to governance, disclosure and policies of The Coca-Cola Company.
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19THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT HOW WE OPERATEAT A GLANCEOVERVIEW INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY Learn about our transparent approach to stakeholder engagement and scientific research. PUBLIC POLICY & POLITICAL ENGAGEMENT Integrity, transparency and nonpartisanship underpin our approach to engagement in the public policy and political process. In the United States and Canada, we promote public policy solutions about key issues for our business that include environmental sustainability, consumer preference, tax and trade, and workplace and economic inclusion. Our advocacy often involves education, participation and thought leadership within industry, business and policy forums. When significant to our business interests, we share our policy positions through advocacy initiatives. Consistent with U.S. federal law, the company does not use corporate funds to contribute to federal candidates, political parties or political committees, or otherwise employ its resources, including in-kind, even when permitted by law.
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federal law, the company does not use corporate funds to contribute to federal candidates, political parties or political committees, or otherwise employ its resources, including in-kind, even when permitted by law. The company has a long-standing policy against use of corporate funds for independent expenditures or super PACS, including toward electioneering communications. Effective as of January 1, 2021, the company does not use corporate funds to directly support state or local political candidates, even if permitted by law. OUR APPROACH TO DISCLOSURE We have a comprehensive sustainability reporting process that spans many years, and we aim to provide stakeholders with complete, transparent and candid information in all our public communications. This is our fifth annual Business & Sustainability Report, which combines financial and sustainability performance in one publication. We also respond to the CDP climate, water and forests questionnaires and make those disclosures publicly available. We recognize there is a desire for standardization across reporting frameworks, and we’re continually evaluating reporting options and listening to stakeholder feedback. This report is prepared in accordance with the Global Reporting Initiative (GRI) Standards, a globally recognized framework.
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This report is prepared in accordance with the Global Reporting Initiative (GRI) Standards, a globally recognized framework. In addition, we provide indexes for the Sustainability Accounting Standards Board (SASB), the Task Force on Climate-related Financial Disclosures, the United Nations Sustainable Development Goals (SDGs), the United Nations Global Compact (UNGC) and the United Nations Guiding Principles Reporting Framework (UNGPRF). We also submit packaging data to the Ellen MacArthur Foundation/UN Environment Programme’s New Plastics Economy Global Commitment, the WWF ReSource Plastic disclosure platform and the U.S. Plastics Pact. The company follows all national laws regarding political engagement and discloses political contributions according to each country’s legal framework and through the relevant national regulatory authorities. In early 2023, the company enhanced its disclosures to include links to our non-U.S. political contributions. The Corporate Governance and Sustainability Committee of the Board of Directors annually reviews our public policy agenda and advocacy program. These reviews ensure that our activities align with our business interests and serve the needs of our shareowners and broader stakeholder community.
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These reviews ensure that our activities align with our business interests and serve the needs of our shareowners and broader stakeholder community. The North America Operating Unit Vice President of Public Policy, Federal Government Relations & Political Engagement is responsible for management of our public policy agenda and political engagement, in consultation with the North America Operating Unit Senior Vice President & Chief of Public Affairs, Communications and Sustainability, and the Legal Department. Our political participation is conducted in an open and nonpartisan manner and in strict compliance with the Code of Business Conduct, the U.S. Political Engagement Policy, and applicable laws and regulations. The Coca-Cola Company was recognized as a Trendsetter in the 2022 CPA-Zicklin Index of Corporate Political Disclosure and Accountability. The Center for Political Accountability (CPA) aims to encourage responsible corporate political activity, protect shareholders and strengthen the integrity of the political process.
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20THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT HOW WE OPERATEAT A GLANCEOVERVIEW INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY OUR SUSTAINABILITY APPROACH The Coca-Cola Company works closely with approximately 200 bottling partners across more than 200 countries and territories to achieve our sustainability goals. We have established internal processes and an internal control environment that help us identify and manage risks. One hallmark of our approach is regular communication between the Board, our Chairman and CEO, and internal teams such as the Enterprise Risk Management team, the Risk Steering Committee and the Networked Corporate Sustainability team, which includes Technical, Innovation and Supply Chain; Public Affairs, Communications and Sustainability; Global Human Rights; and Procurement. The company’s Compliance, Legal and Finance functions serve in an advisory role.
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The company’s Compliance, Legal and Finance functions serve in an advisory role. Our networked teams also collaborate with operating units, bottling partners, NGOs, governments, investors and people in communities all around the world to identify risks and make progress toward our sustainability goals. For more about our approach to risk management and priority issues, see Priority Topics.
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For more about our approach to risk management and priority issues, see Priority Topics. EXECUTIVE LEADERSHIP TEAM Chairman and Chief Executive Officer Chief Communications, Sustainability and Strategic Partnerships Offi cer Chief Technical and Innovation Officer President and Chief Financial Officer Audit Committee Talent and Compensation Committee Corporate Governance and Sustainability Committee Board of Directors CROSS-FUNCTIONAL STEERING GROUPS Global Environmental Council Sustainable Sourcing Committee Packaging Core Team Climate Core Team Water Core Team Global Health & Safety Council OPERATINGUNITLOCALSUSTAINABILITY TEAMS NETWORKED CORPORATE SUSTAINABILITY TEAM Public Affairs, Communications & Sustainability Technical, Innovation & Supply Chain Global Human Rights Procurement ADVISORY ROLE Compliance Legal Finance Enterprise Risk Management Sustainability Governance at T he Coca-Cola Company STEERING COMMITTEES Sustainability Steering Committee Risk Steering Committee
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21THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT HOW WE OPERATEAT A GLANCEOVERVIEW INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY PRIORITY TOPICS During 2022, we undertook a comprehensive review of the highest priority topics for our company, system and stakeholders. Identifying and prioritizing our material topics, in collaboration with a cross-functional internal team and key external stakeholders, is a foundational step in how we develop our corporate strategy, conduct and evolve our business, and report on progress. Prior to 2022, our last comprehensive review was conducted in 2019, with refreshes being undertaken in 2020 and 2021 to establish closer alignment between priority topics and business- relevant issues and practices. Our 2022 review included a robust analysis and broader engagement guided by ERM, a leading sustainability consultancy. This was followed by interviews with more than 30 internal and external stakeholders and an online survey that had 90 responses from across the globe.
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This was followed by interviews with more than 30 internal and external stakeholders and an online survey that had 90 responses from across the globe. Stakeholders we talked to represent a diversity of views and have deep expertise across a range of issues and sectors. The stakeholders included investors and financial institutions, NGOs, bottling partners, trade and industry associations, business peers, customers and suppliers. Our comprehensive 2022 review process resulted in an updated priority topics matrix, which reflects adjustments to several key issues in response to feedback from both internal and external stakeholders. The updated matrix continues to demonstrate that our priority topics are Packaging & Circularity and Water Stewardship, followed by Health & Nutrition and Climate Change. Responsible Sourcing and Talent Attraction, Retention and DEI increased in importance versus the prior year. We have implemented management initiatives to address these priority topics. We also continue to evolve our strategic approach to effectively manage associated business risks and opportunities in light of the ongoing changes to both our business and the external context in which we operate. This is detailed in the individual sections of the report.
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This is detailed in the individual sections of the report. IMPACT TO THE COCA-COLA COMPANY IMPORTANCE TO EXTERNAL STAKEHOLDERS LABOR & HUMAN RIGHTS RESPONSIBLE MARKETING CORPORATE GOVERNANCE CLIMATE CHANGE HEALTH & NUTRITION WATER STEWARDSHIP TALENT ATTRACTION, RETENTION & DEI PACKAGING & CIRCULARITY BUSINESS CONTINUITY & RESILIENCE PRODUCT QUALITY & SAFETY SUSTAINABLE COMMUNITIES ADVOCACY & REGULATORY ENGAGEMENT BIODIVERSITY & DEFORESTATION STAKEHOLDER, SYSTEM & BUSINESS PARTNER ENGAGEMENT RESPONSIBLE SOURCING The horizonal axis represents impact to the company and the vertical axis represents the importance to stakeholders. The quadrants help identify where the combined views of the priority topics fall. FOR FURTHER DETAILS INCLUDING THE FULL DEFINITIONS OF EACH TOPIC, PLEASE SEE THE DATA APPENDIX
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22THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT HOW WE OPERATEAT A GLANCEOVERVIEW INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY STAKEHOLDER ENGAGEMENT & PARTNERSHIPS As one of the world’s largest and most recognized companies, we have an opportunity to use our size and scale to help address global challenges. While we strive to make progress on our own, we are committed to fostering partnerships that drive collective impact in areas including water stewardship, packaging circularity, climate action and many more. As a global business that operates locally, we can extend our impact and reach because of the strength of the Coca-Cola system, which includes our approximately 200 bottling partners worldwide. We engage with stakeholders, including governments, NGOs, communities, suppliers, investors, business partners, customers and consumers around the world and throughout our network, in many forums and formats. Feedback from our stakeholders allows us to learn and improve, and informs our business and sustainability strategy.
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Feedback from our stakeholders allows us to learn and improve, and informs our business and sustainability strategy. In all our engagements with stakeholders, we are committed to upholding the principles of transparency, consistency, accountability and integrity. PartnershipHighlights • C oca-Cola Philippines and Indorama Ventures partnered to establish PETValue Philippines, a full operation recycling facility that is the first of its kind in the country. The facility is helping to drive collective action toward a circular economy for PET plastic, by providing more than 800 collection points for PET bottles in the country. PETValue’s projected capacity, or the amount of used plastic bottles it can process, is 30,000 metric tons per year, which requires around 2 billion PET bottles as input to be recycled. • In partner ship with WWF-Pakistan, we are working to address water scarcity and quality issues for approximately 360,000 people in Lahore, Pakistan who rely on the Ravi River as a freshwater source.
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• W e partnered with the CEO Water Mandate, denkstatt and others to help build the business case for Nature-Based Solutions (NBS) by developing a standardized methodology to quantify the co-benefits of NBS projects and calculate the social return on investment. • W e joined the Supplier Leadership on Climate Transition initiative along with 18 other companies to mobilize collective climate action by providing suppliers with resources, tools and knowledge to accelerate their decarbonization. Ten suppliers that we sponsored, who completed the program, have set or committed to setting emissions reduction targets through the Science-Based Targets initiative. • W e joined with the Business Coalition for a Global Plastics Treaty and the International Council of Beverages Associations in support of a UN Global Plastics Treaty. The Business Coalition is supporting the treaty negotiations around the vision of a circular economy in which plastic never becomes waste or pollution, and the value of products and materials is retained in the economy. In 2022, as COVID-19 restrictions eased, we were able to attend several global events in person. We used these opportunities to engage with diverse stakeholders, to listen and to explore ways to drive collective action to positively impact people, communities and our environment.
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We used these opportunities to engage with diverse stakeholders, to listen and to explore ways to drive collective action to positively impact people, communities and our environment. GlobalLeadershipEvents WorldEconomicForum Davos, Switzerland WorldW ater W eek Stockholm, Sweden TheConsumer Goods Forum GlobalSummit Dublin, Ireland MAY AUGUSTJUNE BusinessCoalitionfor a Global PlasticsT reaty Launch New York, NY, U.S. SEPTEMBER PARTNERING FOR IMPACT ForbesSustainability Summit New York, NY, U.S. SEPTEMBER UNClimateChangeConference Sharm El Sheikh, Egypt NOVEMBER SECTIONSCOPE: In this section our stakeholder engagement and partnership work refers to actions by the company as well as our owned and independent bottling partners and our independent suppliers and partners.
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23THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT HOW WE OPERATEAT A GLANCEOVERVIEW INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY CONVENING MEANINGFUL CONVERSATIONS KEY REGIONAL EVENTS IN 2022 NIGERIA AfricaSocialImpactSummit We partnered with Sterling One Foundation to hold the inaugural Africa Social Impact Summit under the theme “rethink, rebuild, recover— accelerating growth for the sustainable development goals (SDGs)” in Abuja, Nigeria in July. The summit provided a platform for dialogue on regional inclusive development aimed at stimulating the private sector and impact investors, to shape market-led solutions for the SDGs. Breakthe Ceiling T ouch theSky Coca-Cola is a World Sponsor of House of Rose Professional’s Break the Ceiling Touch the Sky®, a global women's leadership platform.
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In September, the 2022 Middle East edition brought together over 300 women from top companies across the region to Dubai to learn, network, share and apply best practices on leadership, success, diversity and inclusion. UNITED ARAB EMIRATES OPENConversation Coca-Cola Netherlands held its fifth OPEN conversation in October involving our local bottling partner and key stakeholders to discuss topics such as packaging, water, climate, diversity, equity and inclusion and how we can all contribute to a healthier living environment. THE NETHERLANDS The Coca-Cola Company became a Strategic Partner of the EllenMacArthur Foundation with the announcement shared during its annual Summit on July 5, 2022. The Foundation’s Strategic Partners include some of the world’s largest and most influential organizations, with transformative potential to demonstrate what’s possible to accelerate the transition to a circular economy.
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1 The pr eviously reported figure of 18.5 million people provided access to safe drinking water, sanitation and hygiene since 2010, was through working collectively with The Coca-Cola Foundation, bottlers, implementing partners and other co-funders. 2 Substan tially all replenish data is internally validated and verified; the equivalent volume for 100% Replenish rate (182.9 Billion litres BL) is externally assured. Peer- reviewed methodologies were used to calculate volumetric benefits per project and operating unit for all externally assured data; one exception was approved for internally validated and verified data. The replenish benefit is typically estimated as a long-term, average annual volume, but for some project activities it varies annually. Replenish benefits fall under three categories: Watershed Protection and Restoration (233.5 BL), Water for Productive Use (40.9 BL) and Water Access and Sanitation (17.4 BL). Due to joint venture or merger and acquisition activities between 2019–2022, certain brands may not be accounted for in this metric. Unless otherwise stated, in this report finished beverages is based on global sales volume. Approximately 13.5 Billion liters (approx.
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Unless otherwise stated, in this report finished beverages is based on global sales volume. Approximately 13.5 Billion liters (approx. 7%) of the water used in our beverages that we returned to nature and communities is from 7 projects located in Ukraine and Belarus where since May 2019 we have not been able to monitor projects on intervals aligned with internal guidelines due to COVID and the ongoing war. 3 Man y of our water replenishment projects are funded by The Coca-Cola Foundation. SECTION SCOPE: In this section our water leadership work refers to actions by the company, The Coca-Cola Foundation as well as our owned and independent bottling partners and our independent suppliers and partners. Water Leadership Water is a priority for The Coca-Cola Company because it is essential to life, our beverages and the communities we serve. It is also critical to public health, food security, biodiversity and the climate crisis. The world is experiencing increased water insecurity, which is evident through water scarcity, with demands for safe, usable water exceeding supply in certain areas. We have operations nearly everywhere in the world— in more than 200 countries and territories.
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We have operations nearly everywhere in the world— in more than 200 countries and territories. That means we have a responsibility to accelerate our efforts to help address water stress, protect local water resources and help build community climate resilience—communities’ ability to adapt to these changing conditions. That’s why our 2030 Water Security Strategy is focused on accelerating the actions needed to increase water security where we operate, source ingredients and touch people’s lives. 1 24THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY 291B LITERS OF WATER RETURNED TO NATURE AND COMMUNITIES IN 2022 159% OF THE WATER USED IN OUR FINISHED BEVERAGES RETURNED TO NATURE AND COMMUNITIES IN 2022 2, 3 WE HAVE REPLENISHED MORE THAN 100% OF THE WATER USED IN OUR FINISHED BEVERAGES EVERY YEAR SINCE 2015
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25THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY 2030 WATER SECURITY STRATEGY Vision: Our 2030 Water Security Strategy is focused on accelerating the actions needed to increase water security where we operate, source ingredients and touch people’s lives. We do that by contributing toward sustainable, clean water access that improves livelihoods and wellbeing while protecting against water-related disasters. We also work to preserve nature and biodiversity as well to promote advanced water management practices. Our2030strategyisgroundedinthefactthatwaterisasharedresource. Assuch,ourworkisorganizedtoaddresswatersecurityin: Over the last couple of years, we followed a process to segment and prioritize our operating facilities, commercial regions, sourcing regions for global priority ingredients, watersheds, and communities based on those with the highest water-related risks (read more on the following page).
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As a result of this work, we have set three key goals designed to achieve our vision: OUR COMMUNITIES OUR WATERSHEDS OUR OPERATIONS GOAL 1 Achieve 100% regenerative water use across 175 of our facilities identified as facing high levels of water stress by 2030. GOAL 2 Improve the health of 60 watersheds identified as most critical for our operations and agricultural supply chain by 2030. GOAL 3 Return a total of 2 trillion liters of water to nature and communities globally between 2021 and 2030. Allthreegoalscontributetoourcommitmenttomaintainatleast100%global replenishmentofthewaterusedinourfinishedbeverages. To achieve our goals, collective action is critical.
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To achieve our goals, collective action is critical. Wew ork collaborativelywith partners across sectors t o implementactionsinour operations, w atersheds (including agriculturalingredientsourcingregions)andcommunities: Actionswithin Our Operations • Use less water • Reuse and treat wastewater ActionsinOurW atersheds & Our Communities • Support na ture-based solutions • In vest in landscape solutions (gray infrastructure) • Help f armers use less water and implement sustainable agriculture practices • Help pr ovide communities with access to safe water, sanitation and hygiene (WASH) • A dvocate for good water governance and smart policies OpenCallt o A ccelerate A ction onW ater The Coca-Cola Company and our bottling partners Coca-Cola FEMSA, Coca-Cola Europacific Partners and Arca Continental joined the “Open Call to Accelerate Action on Water”, an initiative of the UN Global Compact, the CEO Water Mandate, and others.
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This means we will partner to build water resilience across operations and supply chains, and we will work together to achieve collective positive water impact in at least 100 vulnerable water basins by 2030.
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26THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY In 2022, we completed our analysis of water- related risks in areas where we can make the greatest impact 1. We prioritized our operating facilities, commercial regions, sourcing regions for global priority ingredients, watersheds and communities. Operations We analyzed water sourcing risks across approximately 700 operational locations (mainly concentrate plants and bottling facilities) and mapped the minor river basins and sourcing basins of these facilities. We catalogued these locations based on the detailed mapping and results from an Enterprise Water Risk Assessment from the World Resources Institute’s Aqueduct 3.0 tool and from Facility Water Vulnerability Assessments—our site-level, internal proprietary tool. As a result, each facility has been placed within one of three categories: • LEADERSHIP LOCATIONS: Approximately 25% of our facilities face the highest level of water-related risks and are on a path to 100% regenerative water use by 2030.
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• ADVANCEDEFFICIENCY LOCATIONS: System facility locations in a water-stressed context that will drive advanced water efficiency improvements in operations. • CONTRIBUTINGLOCATIONS: System facility locations in areas with low water-related risks. These will contribute to water security overall by implementing the Coca-Cola system's Water Resource Sustainability Standard, achieving industry benchmark water efficiency and 100% compliance with wastewater discharge standards. Watersheds Similarly, we undertook a comprehensive process to identify priority watersheds across our system. These include our Leadership Locations and their water sources, where we source global priority ingredients, key growth markets and priority communities. Communities We also began mapping priority communities, based on their lack of access to water, sanitation and hygiene (WASH) and resilience to water- related impacts of climate change (e.g., floods and droughts), with a focus on communities close to our facilities, and/or in urban growth centers where we sell our products, and/ or in rural farming communities where we source ingredients.
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By mapping and overlaying our priority facilities, watersheds and communities, we have developed a framework of prioritization and a deeper understanding of risks, which will help us develop holistic, integrated and context-based approaches to help increase water security where it matters the most in our business, operations and supply chains. DefiningRegenerativeW ater Use Regenerative water use means facilities must reduce, reuse, recycle and replenish the water used in operations in the local correlated watersheds for beneficial social, economic and/or environmental uses by other stakeholders and nature. 1 During the course of implementation of our 2030 Water Security Strategy we will review our prioritization periodically, as risks evolve and/or new data emerges. This may lead to changes in the prioritized facilities, watersheds and communities.
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This may lead to changes in the prioritized facilities, watersheds and communities. PRIORITIZING OPERATIONS, COMMUNITIES AND WATERSHEDS Makingthe Greatest Impact Wher e It Matters Most by Doing Wha t Matters Most Prioritizing operations, watersheds and communities in Türkiye In Türkiye, we identified an operating facility located in a water- stressed area as a priority facility (Leadership Location) in the city of Bursa in the north-west of the country. The facility is owned and operated by our bottling partner Coca-Cola İçecek. Further, we identified the Bursa/Balikesir watershed as a priority because it not only serves as a water source for our facility but also because it supports the growing of apples, peaches and nectarines that we source as ingredients in our products. In addition, we identified seven farming villages in the same province as priority communities, based on their location in ingredient sourcing and key market growth regions. The watershed faces high levels of water scarcity and pollution of water sources from local industries, including textiles and agriculture (e.g., use of insecticides).
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The watershed faces high levels of water scarcity and pollution of water sources from local industries, including textiles and agriculture (e.g., use of insecticides). Rural farming communities have relatively low levels of access to clean water. The operating facility is driving water efficiency improvements by conducting a gap assessment against the Coca-Cola system’s Water Resource Sustainability Standard compliance process and working with a third-party consultancy to screen options for improving water efficiency in our operations. We developed a watershed stewardship plan which includes supporting farmers to improve irrigation efficiency and reduce water contamination, reforestation efforts to help filter water pollution and regulate precipitation and evaporation flows, and helping communities to install rainwater harvesting systems. In this way we are working to help improve water security by focusing on actions we can take both within and outside our operations to help improve water efficiency and watershed health as well as support local communities and farmers through interventions that are relevant to the local context. See the Sustainable Agriculture section for more details on how we are supporting farmers to improve water management in growing our ingredients in this region.
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See the Sustainable Agriculture section for more details on how we are supporting farmers to improve water management in growing our ingredients in this region. Bursa SEA OF MARMARA BURSA/BALIKESIR WATERSHED Simav Emet Orhaneli Nilüfer Lake Ulubat Lake Iznik Lake Manyas Koca Bursa SEA OF MARMARA BURSA/BALIKESIR WATERSHED Simav Emet Orhaneli Nilüfer Lake Ulubat Lake Iznik Lake Manyas Koca TÜRKIYE 1 Operating Facility 4 Orchards 7 Farming Villages
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27THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY All our production operations will continue to implement the Coca-Cola system’s Water Resource Sustainability Standard. The purpose of this standard is to identify and reduce water quality- and quantity-related challenges for our operations. To decrease water use in our operations, we use internal tools such as the Water Efficiency Catalogue, which assesses technical standards (e.g., on-line flow monitoring, water collection and reuse capabilities) and team culture (e.g., training and communication on the importance of water efficiency) regarding water efficiency in our production facilities and provides innovative best practices (e.g., water reuse for package rinsing and water-free lubrication of conveyor belts). In the development of new plants, we leverage our Sustainability by Design Tool to ensure that water-efficient processes are implemented and that we achieve best-in-class water efficiency . We have set an ambitious target to reduce our water use ratio by 20% by 2030 from a 2015 baseline for all operations across the system.
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We have set an ambitious target to reduce our water use ratio by 20% by 2030 from a 2015 baseline for all operations across the system. We are focused on water efficiency improvements in Leadership Locations and Advanced Efficiency Locations that operate in water-stressed contexts, which has resulted in a water use ratio of 1.79 liters of water used per liter of beverage in 2022. This is our highest achievement in water efficiency to date and significantly better than the industry average for carbonated soft drinks of 1.91 l/l of beverages. 1 CostofW ater We have partnered with denkstatt to develop a “Cost of Water” tool for our teams. This tool will help us get a better understanding of the cost of water by evaluating the costs associated with potential water risks in addition to the operational costs associated with water use. Better understanding of these costs will help strengthen decision making and the business case for investment in initiatives that respond to local challenges. In 2022, we also worked with Bluerisk and Valuing Impact and a number of peer companies to better understand how projects returning water to communities and nature help create societal value.
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In 2022, we also worked with Bluerisk and Valuing Impact and a number of peer companies to better understand how projects returning water to communities and nature help create societal value. Across the 22 projects analyzed, we learned that these projects not only generated 210 million cubic meters of volumetric water benefits, but also delivered $39 million in societal value, with an average societal return on investment (SROI) of 3.9. We have a goal to achieve 100% regenerative water use in all our 175 Leadership Locations globally by 2030. In 2022, we included progress against water replenishment in Leadership Locations as a metric for the Long-Term Incentive (L TI) plan for our executive leadership team. Over the past year, our Talent and Compensation Committee approved the inclusion of a metric related to water replenishment in Leadership Locations in line with the goals of our 2030 Water Security Strategy.
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Over the past year, our Talent and Compensation Committee approved the inclusion of a metric related to water replenishment in Leadership Locations in line with the goals of our 2030 Water Security Strategy. 1 2021 BIER (Beverage Industry Environmental Roundtable) Benchmarking report REDUCING WATER CHALLENGES IN OUR OPERATIONS IMPROVING WATERSHED HEALTH Water Stewardship in ConcentratePlants Within our 18 concentrate production plants, which produce the concentrates used to make many of our sparkling beverages, the company has committed to driving water efficiency improvements. In 2022, we achieved a 7% average water efficiency improvement across all our concentrate plants compared to a 2015 baseline. These facilities have worked as a network to review and assess the implementation of best practices and governance of water use, known as “Water Efficiency Maturity Assessments.” As an example, in 2022, one of our concentrate plants in Ireland reduced its water consumption by more than 13,000 cubic meters compared to the previous year by implementing circular washing in its clean-in-place process.
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A monitor-to- improve mindset in our local team is also key to achieving and sustaining this level of performance. As a member of the Alliance for Water Stewardship (AWS), we are proud to be a part of a global movement to advance good water stewardship practices. The AWS certification confirms that the highest global standard for responsible water stewardship has been met in support of social, cultural, environmental and economic benefits at both the site and catchment level. We plan to certify all our 18 concentrate production sites against the latest AWS Standard by 2025. Wehavecontinuedt o improve the efficiency of ourw ater use. 10% IMPROVEMENT in water efficiency across all system operations compared to 2015. In 2022, The Coca-Cola Foundation provided support to Ceres for the Valuing Water Finance Initiative to drive investor leadership on valuing water and to broaden investors’ perspective on the role that water plays in many industries’ value chains.
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WatershedStewardshipPlans MEXICO In Chihuahua, Mexico, we partnered with The Nature Conservancy, a global environmental nonprofit organization, to develop a watershed stewardship plan for the Lago Bustillo y de los Mexicanos watershed. It was identified as a priority watershed because it supplies water to a manufacturing facility owned by our bottling partner Corporación del Fuerte, which is a Leadership Location. In addition, the watershed includes orchards from which the system sources apples. The agricultural sector and the city of Cuauhtémoc are major water users. The watershed is forecasted to face increasing water quality and quantity challenges in the coming years due to population growth and rising temperatures. With funding from Fundación Coca-Cola Mexico, our projects in this watershed have helped to improve rural communities’ access to water, mainly through rainwater harvesting systems and check dams. The watershed stewardship plan completed in 2022 helped identify key context-specific interventions to consider for future projects including, reforestation, rainwater harvesting, dams, plant nurseries, conservation of springs and community access to WASH, as well as the need to strengthen local partnerships.
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These plans will also help us to track improvements in watershed health and co- benefits of projects (e.g., enhanced biodiversity and carbon sequestration). One project currently in the pipeline is working with an agri-tech partner, Kilimo, to help local farmers save water by adopting technology-enabled irrigation management tools. READ MORE ABOUT OUR WORK TO IMPROVE WATERSHED HEALTH IN PAKISTAN Developing watershed stewardship plans at the catchment-scale is critical to helping water users in a particular region identify and address the drivers of water risk. Working with partners to implement solutions, stakeholders can take an effective science- based approach to improve water resilience for both people and nature.” ALEJANDRA LÓPEZ RODRÍGUEZ Director, The Nature Conservancy Mexico Water Program Community members transport materials for the construction of water storage tanks
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28THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY Protecting watersheds and recognizing the unique challenges and characteristics of water sources around the world has long been a focus of our work. Watersheds supply water for drinking, agriculture and manufacturing; provide habitat for plants and animals; and offer opportunities for recreation. Based on our 2030 Water Security Strategy, we are placing even greater emphasis on the holistic improvement of watershed health. We set a goal to improve watershed health in 60 watersheds identified as most critical for our operations and agricultural supply chain by 2030. OUR AGRICULTURAL WATER FOOTPRINT Producing the ingredients used in our beverages accounts for an estimated 92% of our total blue water 1 footprint, which is the volume of surface water and groundwater consumed in producing our finished products (evaporated or embedded in the product).
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That’s why, in 2022, we expanded our analysis and prioritization to include watersheds that support our priority ingredient sourcing, in addition to our operating facilities and those necessary for key market growth. IMPROVING WATERSHED HEALTH (continued) 1 Sour ce: Water Footprint Network. 5 1 3 2 4 7 6 8 9 USA: – Riparian habitat restoration – Invasive species removal – Wet meadow restoration – Reforestation – Floodplain reconnection – Beaver dam analogs – Community rain barrel distribution – Native prairie protection – Tallgrass prairie restoration – Stream channel restoration NORTH AMERICA 1 Brazil: Ecological restoration Mexico: – Reforestation – Infiltration trenches for groundwater replenishment Peru: Forest protection LATIN AMERICA 2 Austria: Soda lake protection Bulgaria: Wetland restoration and protection Croatia/Serbia: – Oxbow restoration – Wetland restoration and floodplain reconnection Hungary: – Oxbow restoration – Floodplain restoration Italy: Irrigation efficiency improvement Romania: Floodplain wetland restoration Spain: – Wetland restoration –
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reconnection Hungary: – Oxbow restoration – Floodplain restoration Italy: Irrigation efficiency improvement Romania: Floodplain wetland restoration Spain: – Wetland restoration – Irrigation system improvements EUROPE 3 Egypt: Soil improvement to reduce irrigation demand South Africa: Invasive species removal AFRICA 4 India: Check dams for groundwater recharge India/Nepal: Rainwater harvesting and aquifer recharge INDIA & SOUTHWEST ASIA China: Wetland water level management GREATER CHINA & MONGOLIA Japan: Forest protection JAPAN & SOUTH KOREA Indonesia: Infiltration wells for aquifer recharge Thailand: Check dams and water supply for agriculture Vietnam: Floodwater retention ASEAN & SOUTH PACIFIC 6 Türkiye: Sustainable agricultural practices Pakistan: Community water treatment EURASIA & MIDDLE EAST 5 7 8 9 ExamplesofW atershed Projects in PriorityW atersheds Many projects have multiple locations. The Coca-Cola Foundation and the Coca-Cola system have a long history of watershed projects.
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atershed Projects in PriorityW atersheds Many projects have multiple locations. The Coca-Cola Foundation and the Coca-Cola system have a long history of watershed projects. A selection of these projects is shown below. These projects include support for nature-based solutions such as reforestation, wetland and meadow restoration, as well as irrigation system improvements, invasive species removal and check dam construction. Many of the projects work in agricultural contexts to improve availability of water for irrigation and more efficiently use water in agriculture. Water Quality We’re working with several partners, including the World Resources Institute (WRI) and The Nature Conservancy, to develop a Water Quality Benefit Accounting (WQBA) methodology that seeks to provide guidance on identifying shared water quality challenges, activity selection, and recommended water quality indicators and benefit calculation methods.
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29THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY We adopt a human-rights based approach to water and communities. We recognize the connection between our social license to operate and functional, resilient water infrastructure. Insufficient access to water, sanitation and hygiene (WASH) infrastructure and poor water quality are key challenges faced by communities around the world. These challenges are being exacerbated by population growth, climate change, political conflict and forced migration. For more than a decade, The Coca-Cola Company has established strong leadership in community water programs with the support of The Coca-Cola Foundation and many nonprofits, governments, customers and other partners. We are updating our reporting methodology for our community water programming data to align with our 2030 Water Security Strategy and upcoming external frameworks, and we will apply it to future data reporting when ready. In 2022, our operating units began the identification of priority communities based on communities’ access to WASH and/or their resilience to the impacts of climate change (e.g., floods and droughts).
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In 2022, our operating units began the identification of priority communities based on communities’ access to WASH and/or their resilience to the impacts of climate change (e.g., floods and droughts). We aim to support our priority communities in addressing shared water challenges by identifying and implementing interventions focused on: 1. Impr oving access to safe drinking water, sanitation and hygiene. 2. E nabling adaptation to water-related climate change impacts. 3. E nsuring rapid recovery from crises. TheCo-BenefitsofW ASH A ccess We’re working with WASH4Work, an initiative hosted by the CEO Water Mandate, to develop a standardized methodology of accounting for the co-benefits of WASH projects (e.g., health, income, nutrition, safety and security, and education) and strengthen the business case for investments in WASH programs. INTEGRATING GENDER INTO WASH PROGRAMS Gender has always been a core focus for our WASH programs because we know that women and girls suffer disproportionately from poor access to clean water, sanitation and hygiene.
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INTEGRATING GENDER INTO WASH PROGRAMS Gender has always been a core focus for our WASH programs because we know that women and girls suffer disproportionately from poor access to clean water, sanitation and hygiene. In 2018, The Coca-Cola Foundation partnered with Global Water Challenge (GWC), USAID and Ipsos through the Water and Development Alliance (WADA) on a study across three countries in Africa—Nigeria, Rwanda, and Eswatini—of the impact of improved WASH on women’s empowerment. This “Ripple Effect” study found that improved WASH had positive impacts on a number of important facets of women’s lives including time savings. The research established that of women who utilized time savings for economic activities, 91% saw an increase in income. Providing women with greater economic opportunity helps build resilience in their families and communities. In 2022, we were pleased to build on this work and help develop, along with WaterAid and Diageo, practical guidance to help companies and their implementing partners turn strategic commitments on community WASH and gender equality into integrated projects that result in better, more sustainable outcomes which are critical parts of the pathway to gender equality and women’s empowerment.
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Aliadospor el A gua (Allies forW ater) In Latin America and the Caribbean, 25% of the population lack access to safely managed drinking water services.1 Climate change, urbanization, accelerated water usage, and inadequate infrastructure are among the leading causes. In response to this, Coca-Cola Latin America, in alliance with the Global Environment Technology Foundation (GETF) and local civil society organizations, designed and launched a platform called Aliados por el Agua (Aliados) to help improve access to water, sanitation and hygiene (WASH) for 2 million people across 18 countries by 2030. In 2022, Aliados implemented more than 30 projects across 12 countries, in partnership with 26 civil society organizations, as well as local municipalities, utility providers and communities, and funding from The Coca-Cola Foundation. In addition, Coca-Cola Latin America partnered with Global Water Challenge and its women for water platform to develop theW omen forW ater Framework forA ction—which is based on the Ripple Effect Study—and helps to integrate gender and women’s empowerment into the Aliados por el Agua platform by focusing projects on three key areas: income generation, health and wellbeing, and resilience.
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With our partners and support from The Coca-Cola Foundation, we are piloting the framework across four projects in Mexico, Bolivia and Brazil to empower women through water-related programming. BUILDING COMMUNITIES’ WATER RESILIENCE CollectiveA ction The shared nature of water resources requires collective action to help solve water challenges.
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BUILDING COMMUNITIES’ WATER RESILIENCE CollectiveA ction The shared nature of water resources requires collective action to help solve water challenges. Some of our key partnerships are with: • 2030 Water Resources Group, hosted by the World Bank • Allianc e for Water Stewardship (AWS) • CE O Water Mandate, a partnership between the UN Global Compact and the Pacific Institute • denk statt • Gl obal Water Challenge • Scienc e Based Targets Network (SBTN) • The Na ture Conservancy • The Water Resilience Coalition, an initiative of the CEO Water Mandate • W ASH4Work, an initiative hosted by the CEO Water Mandate • W aterAid • W orld Wildlife Fund (WWF) 1 Sour ce: https://www.unwater.org/sites/default/files/app/ uploads/2021/07/jmp-2021-wash-households-LAUNCH- VERSION.pdf Recognition In 2022 the Company scored an “A–” on Water, which indicates a strong water security strategy and best-in-class governance, including tying executive compensation to our water replenish targets. For details, read our 2022 CDP Water Response.
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For details, read our 2022 CDP Water Response. Our bottling partner Coca-Cola Europacific Partners (CCEP) was recognized with the highest score of A, while Swire Coca-Cola Limited, Coca-Cola HBC and Coca-Cola Bottlers Japan Inc. (CCBJI) received a score of A–. Our smartwater brand, in partnership with Global Water Challenge and its women for water platform, launched smartsolutions: globalw ater challenge, a grant program in 2022 to support non-profits to improve communities’ access to WASH, improve watershed health and empower women through water-based activities. Read more. READ MORE ABOUT OUR APPROACH TO STAKEHOLDER ENGAGEMENT AND PARTNERSHIPS
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30THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY SPOTLIGHT: INVESTING IN NATURE-BASED SOLUTIONS 1 Sour ce: WWF-Philippines | Ipo Watershed Recognizing that nature itself often offers the best mechanisms for restoring watershed health, the company, The Coca-Cola Foundation and our bottling partners invest in nature-based solutions (NBS), such as forest protection and floodplain management, which build on natural processes to manage water systems. Through our work, we have learned that NBS projects often have multiple co-benefits, such as better water quality, carbon sequestration, increased climate resilience, and enhanced richness and variety of life of natural habitats (biodiversity). We worked with denkstatt to develop a methodology to help us quantify and test the co- benefits of NBS projects.
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We worked with denkstatt to develop a methodology to help us quantify and test the co- benefits of NBS projects. In 2022, we partnered with the CEO Water Mandate, denkstatt and others to help build the business case for NBS by developing a standardized methodology to measure benefit accrual and a means to value social return on investment. The methodology has been tested across several of our water replenishment projects in key geographies. This valuation methodology supports the broader Benefit Accounting of Nature-Based Solutions for Watersheds project, including The NBS Benefits Explorer tool, led by the Pacific Institute and CEO Water Mandate, in partnership with The Nature Conservancy and LimnoTech. Our aim is to support public, private and non-profit sectors in developing effective policies and programs to incentivize greater implementation of and investment in NBS because water is at the nexus of many goals, including protecting habitats, increasing biodiversity, sequestering carbon and promoting community resilience in the face of changing weather patterns.
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ReforestationHelpsRestoreW atershed Health inthe Philippines The Ipo Watershed in Bulacan in the Philippines supplies water to Metro Manila, the second most populous region of the country. Forest cover within the watershed has dramatically dropped from 85% to just 40% in recent years1 due to illegal logging and unsustainable forest practices, which has resulted in a reduction in the natural water storage capacity of the basin. Malnutrition is also a pervasive challenge in local communities. Since 2016, The Coca-Cola Foundation and Coca-Cola Foundation Philippines have worked in partnership with WWF-Philippines to protect rainforests of the area, replant trees and provide livelihood opportunities. The project has reforested 165 hectares of degraded land in the watershed and supported local communities to start household gardens to grow food. In 2022 the project was assessed using the NBS valuation methodology. Overall, the project provided a very positive return on social investment and its specific co-benefits included: • WATERQUANTITY: The replenishment of approximately 400 million liters of water per year due to decreased runoff and improved water access for local communities.
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• CARBONSEQUESTRATION: Approximately 2,500 metric tons of CO2e per year from reforestation. • FOODSUPPLY: Household gardens helped to tackle food insecurity and some of the trees planted have edible fruits (e.g., rambutan, coffee). In order to achieve large-scale impact globally, we partner with governments, NGOs, communities and other companies. We share resources to increase all our efforts and to generate a bigger impact. We encourage others to join us.” MADHU RAJESH Senior Director–Water & Agriculture, The Coca-Cola Company
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[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
|
[Guess]: No
[Confidence]: 0.9
|
109 |
nestle.pdf
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31THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT CEO MESSAGE EXECUTIVE SUMMARYCONTENTS AGRICULTUREPORTFOLIO DATA APPENDIXPACKAGING FRAMEWORKSWATER OPERATIONSCLIMATE PEOPLEOUR COMPANY TRADEMARK COCA-COLA SPARKLING FLAVORS WATER, SPORTS, COFFEE AND TEA JUICE, VALUE-ADDED DAIRY AND PLANT-BASED BEVERAGES EMERGING Portfolio: Beverages for All We currently offer ~200 master brands worldwide in five beverage categories: Major Milestone for fairlife In 2022, fairlife became our first-ever $1 billion dairy brand. Over the last decade, fairlife—now available in the United States and Canada—has focused on innovation and providing consumers with high-quality nutrition through a growing portfolio of value-added dairy products, including ultra-filtered, lactose- free milks; protein shakes; and sports recovery drinks. This builds on beverages available in other markets in the juice, value-added dairy and plant-based beverages category, such as AdeS, Chi, Santa Clara, Toni and Nutriboost.
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31
|
[Guess]: No
[Confidence]: 1.0
|
[Guess]: No
[Confidence]: 1.0
|
[Guess]: No
[Confidence]: 1.0
|
[Guess]: No
[Confidence]: 0.95
|
[Guess]: No
[Confidence]: 0.95
|
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