2022 BUSINESS & SUSTAINABILITY REPORT

the World.
Difference.
Refresh
Make a
CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

We build loved brands that bring joy to our consumers’ lives with
beverage choices for all occasions, tastes and lifestyles. Our growth
CONTENTS
strategy is grounded in our core values and commitment to social
and environmental responsibility.

CHAIRMAN & WATER CLIMATE PEOPLE & ABOUT THIS REPORT 69

CEO MESSAGE LEADERSHIP COMMUNITIES
DATA APPENDIX 70
Financial and Portfolio Data 71

3 24 43 51 Packaging
Water
76
77
Greenhouse Gas Emissions
BOARD OF DIRECTORS 5 Human Rights 52 & Waste 78
PORTFOLIO: SUSTAINABLE Safety & Health 55 Workplace, Safety & Giving Back 80
EXECUTIVE SUMMARY 6 BEVERAGES FOR ALL AGRICULTURE Diversity, Equity & Inclusion 56 Human Rights & Agriculture 83
Giving Back to Our Communities 60 Definitions of Priority Topics 84
OUR COMPANY 12

31 47
Economic Empowerment 62 Assurance Statements 86
At a Glance 13
How We Operate 14 OPERATIONS HIGHLIGHTS 63 REPORTING FRAMEWORKS & SDGs 87
Innovation 15 Asia Pacific 64
Financial Highlights 17 Europe, Middle East & Africa 65
Governance & Management 18
PACKAGING: WORLD Latin America 66
Priority Topics 21
WITHOUT WASTE North America 67
Stakeholder Engagement & Global Ventures/Bottling

36
Partnerships 22 Investments Group 68

SCOPE OF THIS REPORT

This 2022 Business & Sustainability Report is The Coca-Cola Company’s fifth report to integrate overall business and sustainability performance, data and context, reflecting our continued journey toward driving
sustainable business practices into our core strategy.

Except as otherwise noted, this report covers the 2022 performance of The Coca-Cola Company and the Coca-Cola system (our company and our bottling partners), as applicable.

As used in this report, the terms “material,” “materiality,” “immaterial,” “substantive,” “significant” and other similar terminology are not used, or intended to be construed, as they have been defined by or
construed in accordance with the securities laws or any other laws of the United States or any other jurisdiction or as they are used in the context of financial statements and financial reporting.

For detailed information on the scope of this report, please see About This Report on page 69.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 2

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

CHAIRMAN & CEO MESSAGE

The Coca-Cola Company’s
purpose is to refresh the world and
make a difference.
We have remained true to that purpose for 137 years, Sprite Limelight: A music and cultural extension of the
• 
and I am as encouraged today about the future of our brand’s global platform “Heat Happens,” Sprite Limelight
business as I have ever been. aims to unite fans from different cultures and lifestyles by
bringing together different artists from around the world.
Our strategy is clear. It’s centered around people—
our consumers and employees—and driving sustainable We’re also experimenting with new drinks. We’ve launched
solutions that build resilience into our business to respond Jack Daniel’s & Coca-Cola as a ready-to-drink cocktail through
to current and future challenges, while creating positive a relationship with Brown-Forman. This is one example of
change for the planet. our ongoing journey to bring Coke to consumers in new and
dynamic ways. We take the new responsibilities that come
with our entry in this space very seriously. As a result, we’ve
GREAT BRANDS, BOLD EXPERIMENTATION
embedded our Global Policy on Alcohol Responsibility into our
As a total beverage company, we are committed to offering business processes to ensure we grow our alcohol brands in a
people more of the drinks they want across a range of responsible and sustainable way.
categories and in a variety of sizes. In 2022, we launched
246 low- or no-sugar beverages and continued to see double-
SUSTAINABILITY IS CORE TO OUR BUSINESS STRATEGY
digit growth for Coca-Cola Zero Sugar, which is now available
in more than 170 markets. This helped to drive our volume of Water: Water is a priority for our company because it is the
low- and no-calorie beverage sales to 29% of total volume. first ingredient in all our beverages and is essential to the
communities we serve. As a local business operating in more
We’re driving the most significant marketing transformation
than 200 countries and territories, we have a responsibility to
in our history, focused on digital-first engagement with
help protect critical resources.
consumers. We’re combining partnerships, technology and our
consumers’ passions to create unforgettable experiences in Our 2030 Water Security Strategy focuses on increasing
music, gaming and sports, including: water security. We work with partners to provide access to a
steady supply of clean water for people and ecosystems in the
• C
 oca-Cola Creations: This global innovation platform lends
areas where we operate and source ingredients. We recently
the iconic Coca-Cola brand to new expressions, driven by
announced a more focused effort to prioritize the most water-
collaboration, creativity and cultural connection. Launched
stressed regions. As we’ve done since 2015, we’ll continue to
in 2022, we introduced five limited-edition drinks that drew
replenish the water we use in our finished beverages to nature
James Quincey inspiration from music, gaming and culture. These were
and communities. In 2022, we replenished 159%.
Chairman and CEO complemented with experimental packaging designs and
various digital experiences.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 3

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

Packaging: We seek to drive a circular economy for our A COMPANY FOR FUTURE GENERATIONS
packaging because this helps to reduce waste and carbon
emissions. We’re working to use more recycled content in We’re committed to creating a culture of inclusion and
Our strategy is clear. our packaging, to expand our use of refillable bottles, and to belonging and to driving meaningful change in our

It’s centered around collect packaging for recycling through our World Without communities. By 2030, we aspire to be 50% led by women
globally. Today, 39% of our senior leaders are women.
people—our consumers Waste initiative. We also partner to design new solutions for
packaging. For example, we licensed our technology for a 100% The Coca-Cola Foundation, the philanthropic arm of
and employees—and plant-based plastic bottle to a company building a commercial- The Coca-Cola Company, contributed $94.8 million to 301
driving sustainable scale facility in Germany. This bio-based plastic packaging organizations around the world in 2022 to help create a better
solutions that build has a lower carbon footprint than other plastics. While we’re shared future for the communities our business serves.
making progress, we know there is more work to be done.
resilience into our In 2022, we collected 61% of the equivalent bottles and cans Our continued success would not be possible without our
business to respond that we introduced into the market and used 15% rPET people. I am grateful for the company and system employees

to current and future in our bottles. who live our purpose every day. Their collective passion
and focus to build loved brands and make a difference in
challenges, while creating To galvanize collective action, we invest in solutions and the world is how our business will continue to thrive for
positive change for partnerships across industry, governments and society. generations to come.
In 2022, we became a Strategic Partner of the Ellen MacArthur
the planet.” Foundation. This group includes companies within key industry
sectors that can help drive the transition to a circular economy.

Climate: Our water, packaging and climate goals are

interconnected. For example, by creating a circular economy
for packaging, we can lower our carbon footprint.
By approaching water stewardship from a basin perspective,
we participate in initiatives that increase communities’ James Quincey
resilience to extreme weather events, alongside our partners. Chairman and Chief Executive Officer
Our approach to climate is rooted in science, and we’ve April 26, 2023
set a science-based target to reduce absolute greenhouse
gas emissions by 25% by 2030, against a 2015 baseline.
As of 2022, we have reduced our emissions by 7% against
this baseline.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 4

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

Our Board of Directors is proud of our company’s ongoing success. As the

BOARD OF DIRECTORS
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

From left to right:

ALEXIS M. HERMAN CHRISTOPHER C. DAVIS DAVID B. WEINBERG A

Chair and Chief Executive Officer,
Chairman, Chairman and Chief Executive
New Ventures LLC
Davis Selected Advisers, L.P. Officer, Judd Enterprises, Inc.

HERB ALLEN JAMES QUINCEY ANA BOTÍN

President,
Chairman and Executive Chair,
Allen & Company LLC
Chief Executive Officer, Banco Santander, S.A.
The Coca-Cola Company
CAROLYN EVERSON HELENE D. GAYLE
Senior Advisor, BARRY DILLER President,
Permira
Chairman and Senior Executive, Spelman College
IAC Inc. and Expedia Group, Inc.
MARC BOLLAND AMITY MILLHISER*
Chairman, MARIA ELENA LAGOMASINO Vice Chair,
Blackstone Europe
Lead Independent Director PricewaterhouseCoopers LLP
Chief Executive Officer (Not pictured)
CAROLINE J. TSAY and Managing Partner,
WE Family Offices
Technology Company Advisor/
Limited Partner of
Venture Capital Funds

Audit Committee
Corporate Governance and Sustainability Committee
Executive Committee
Finance Committee
Talent and Compensation Committee
Chair
Member

Note: Board composition and committee positions reflected as of April 25, 2023.
* Ms. 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.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 5

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

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.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 6

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OUR SUSTAINABILITY GOALS The Coca-Cola Company The Coca-Cola System

WATER LEADERSHIP  PORTFOLIO  PACKAGING  CLIMATE  SUSTAINABLE AGRICULTURE  PEOPLE & COMMUNITIES 

Achieve 100% regenerative water Offering drinks with reduced Make 100% of our packaging Reduce absolute emissions by Sustainably source 100% of Mirror the markets we serve
use across 175 facilities identified added sugar recyclable globally by 2025 25% by 2030 against a 2015 priority agricultural ingredients by 2030
as facing high levels of water baseline over time
stress by 2030 Offering more drinks with Use at least 50% recycled content • Aspire to be 50% led
nutrition and wellness benefits in our packaging by 2030 Ambition to achieve net zero by women globally
Work with partners to help emissions by 2050
improve the health of Providing clear nutrition Collect and recycle a bottle or • Align U.S. race/ethnicity
60 watersheds identified as information on packaging and in can for each one we sell by 2030 representation to U.S. census
OUR KEY GOALS

most critical for the system’s our communications data across all job levels
Reduce our use of virgin plastic
operations and agricultural
Marketing our drinks derived from non-renewable
supply chains by 2030
responsibly sources by a cumulative 3 million
Aim to return a cumulative total metric tons between 2020–20251
of 2 trillion liters of water to
By 2030, we aim to have at least
nature and communities globally,
25% of our beverages worldwide
between 2021–2030
by volume sold in refillable/
returnable glass or plastic bottles
or in fountain dispensers with
reusable packaging

Replenished 159% of the water ~68% of the products in our 90% of our packaging is 7% decline in absolute emissions 64% of priority ingredients 39% of senior leadership
we use in our finished beverages beverage portfolio have less than recyclable since 2015 toward a 25% science- sustainably sourced to Leader positions held by women4
2022 PROGRESS

100 calories per 12-ounce serving based reduction target by 2030 standard in line with our
291 billion liters of 15% of PET used is recycled Principles for Sustainable
water returned to nature and 29% of our volume sold in 2022 PET (rPET) Renewable electricity usage Agriculture
communities in 2022 was low- or no-calorie increased from 12% in 2021 to
61% of our packaging collected 21% in 2022
for recycling2

CDP Water Security Score: A– We support more than 50 calorie Investing in refillable and Target aligned to Science-Based Engagement with suppliers As part of our efforts to create
INDUSTRY LEADERSHIP

and sugar reduction pledges dispensed solutions Targets initiative (SBTi) to implement Principles a diverse, equitable and
Replenished 100% of the water globally, in collaboration with for Sustainable Agriculture inclusive workplace, we are
COMMITTED TO

used in our finished beverages industry peers More than 40 markets currently CDP Climate Change Score: A– framework and drive progress partnering with the Valuable
globally every year since 2015 offer at least one brand in 100% on other key sustainability issues 500’s Generation Valuable
Coca-Cola Zero Sugar has rPET3 packaging, excluding caps such as water initiative, a mentoring program
delivered double-digit volume and labels designed to promote inclusion
growth in five of the last six years in the workplace for people
with disabilities

1 Reduction measured from historical usage modeled with 2018–2020 data. 3 Except 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.
2 The collection 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). 4 Data 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 COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 7

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

WATER LEADERSHIP PORTFOLIO: BEVERAGES FOR ALL

Water is a priority for The Coca-Cola Company because it is As a total beverage company, we are committed to offering

159% 900,000+ TONS

essential to life, our beverages and the communities we serve. people more of the drink choices they want across a range of
We have operations nearly everywhere in the world—in more than categories and in a variety of packages. Evolving consumer tastes
200 countries and territories. That means we have a responsibility and preferences help steer our business strategy and shape the
to help those who face water scarcity and to protect local water lineup of beverages we bring to market. OF ADDED SUGAR REMOVED
resources where we operate, especially in places with the OF THE WATER USED IN OUR FINISHED
biggest challenges. BEVERAGES RETURNED TO NATURE AND
We take a disciplined approach to product innovation and FROM OUR GLOBAL PORTFOLIO CUMULATIVELY
COMMUNITIES IN 20221
portfolio management, ensuring we develop and deliver THROUGH EFFORTS TO REFORMULATE MORE
Our 2030 Water Security Strategy is focused on accelerating preferred, great-tasting beverages for all occasions and lifestyles.
THAN 1,000 BEVERAGES FROM 2017–2022
the actions needed to increase water security where we This includes offering drinks with reduced added sugar and more
operate, source ingredients and touch people’s lives. We do that brands with nutrition and wellness benefits; providing small

291B LITERS
by contributing toward sustainable, clean water access that package options and clear nutrition information on packaging and

19 OF TOP 20 BRANDS
improves livelihoods and wellbeing while protecting against in our communications; and marketing our drinks responsibly.
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. OF WATER RETURNED TO NATURE AND READ MORE PORTFOLIO: BEVERAGES FOR ALL  ARE REDUCED-SUGAR OR ZERO-SUGAR,
COMMUNITIES IN 2022 OR HAVE A REDUCED-SUGAR OR
We have set three key goals designed to achieve our vision:
ZERO-SUGAR OPTION
• Achieve 100% regenerative water use across 175 of our facilities,

10%
identified as facing high levels of water stress by 2030.

29% OF OUR VOLUME SOLD

• Improve the health of 60 watersheds identified as most critical
Portfolio Marketing
for our operations and agricultural supply chain by 2030.

• Return a cumulative total of 2 trillion liters of water to

nature and communities globally over the life of our WATER EFFICIENCY We continue to use our marketing to drive growth
of our low- and no-calorie portfolio. Coca-Cola Zero
IN 2022 WAS LOW- OR NO-CALORIE
strategy, between 2021–2030.
IMPROVEMENT Sugar has experienced double-digit growth in five
of the last six years. In 2022, several leading low-
ACROSS ALL SYSTEM OPERATIONS
~68% OF THE PRODUCTS
and no-calorie brands in North America launched
READ MORE WATER LEADERSHIP  COMPARED TO 2015
consumer campaigns with celebrity partners
and sponsorship assets.
IN OUR BEVERAGE PORTFOLIO
HAVE LESS THAN 100 CALORIES PER
We have exceeded our 12-OUNCE SERVING
100% replenishment goal
every year since 2015.

1 Substantially 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 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.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 8

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

PACKAGING CLIMATE
We recognize our responsibility to help solve complex plastic We are making progress against each of these objectives, Taking well-informed, decisive action to help address climate As of 2022, we reduced our absolute emissions by 7% against
waste challenges facing our planet and society. Our ambitious which are embedded in how we operate as a business, and we change is a priority for our company. Climate change poses a 2015 baseline, making progress toward our science-based
strategy to drive change through a circular economy for our take a transparent approach to reporting our actions, results risks to our business and our stakeholders. By implementing an reduction target of 25% by 2030 against the baseline. Our
packaging is called World Without Waste. This strategy is and learnings. Local teams are executing in ways appropriate interconnected approach across our priority sustainability issues, ambition also includes achieving net zero emissions by 2050.
a global sustainable packaging platform focused on these for their markets, and we are using a networked approach to we are reducing the Coca-Cola system’s greenhouse gas (GHG) Several of our bottling partners and suppliers have set or
fundamental goals: Making 100% of our packaging recyclable deliver impact at scale. emissions and building resilience in our business, value chain committed to setting their own science-based reduction targets
globally by 2025—and using at least 50% recycled material in our and local communities. to drive climate action across our value chain.
packaging by 2030 (Design); collecting and recycling a bottle or
can for each one we sell by 2030 (Collect); and bringing people READ MORE PACKAGING  We are working to reduce our carbon footprint in line with

together to support a healthy, debris-free environment (Partner).

science to help avoid the worst impacts of climate change.
READ MORE CLIMATE 
We do this by analyzing and prioritizing the sources of GHG
emissions across our value chain and by partnering with

DESIGN: GOALS 2022 STATUS stakeholders to drive down emissions.

Make 100% of our packaging recyclable globally by 2025 90% globally1

90%

21%
GOAL 2022 STATUS
Use at least 50% recycled content in our packaging by 2030 25%2 recycled material in our packaging globally; 15%
Reduce absolute 7% decline in absolute
of PET used is recycled PET 25% greenhouse gas (GHG) emissions since 20151

15%
emissions by 25% by
2030, against a 2015
7%
RENEWABLE
ELECTRICITY
baseline

Reduce our use of virgin plastic derived from

non-renewable sources by a cumulative 3 million metric
In 2022, we avoided around half a million metric tons of virgin plastic
usage through our efforts on lightweighting and use of recycled AMBITION USAGE
tons from 2020–20253 content with an incremental avoidance of over 50,000 metric IN OUR SYSTEM—AN INCREASE
tons compared to 2021. However, growth of plastic packaging has
outpaced these efforts, so we did not reduce virgin plastic usage
To achieve net zero FROM 12% IN 2021
emissions by 2050
overall in 2022

378 OF OUR
By 2030, we aim to have at least 25% of our beverages Approximately 14% of total beverage volume was served
worldwide by volume sold in refillable/returnable in reusable packaging in 2022
glass or plastic bottles or in fountain dispensers with
14%
reusable packaging
The Coca-Cola Company applies the recommendations of
the Task Force on Climate-related Financial Disclosures SUPPLIERS
(TCFD) in this report and in a TCFD Index and provides (OUT OF 495 REQUESTED) PROVIDED
COLLECT: GOAL 2022 STATUS PARTNER: GOAL 2022 STATUS comprehensive disclosures to CDP on Climate Change.
CLIMATE DATA TO CDP IN 2022
(A 12% INCREASE FROM 2021)
Collect and recycle a 61%4 We bring people together See our 2022 partnership
bottle or can for each one 61% to support a healthy, highlights here
we sell by 2030 debris-free environment.

1 Only recyclable where infrastructure exists.

2 Includes select primary consumer packaging materials.
3 Reduction measured from historical usage modeled with 2018–2020 data.
1 This figure is calculated using the market-based emissions method and therefore includes purchased renewable electricity as part of the system’s overall emissions reduction.
4 T
 he collection 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.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 9

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

SUSTAINABLE AGRICULTURE HUMAN RIGHTS

Our products and some of our packaging are made from a 2022 Progress on Sustainable Sourcing2 Respecting human rights is one of our core values.
wide variety of agricultural ingredients, which we source from The Coca-Cola Company was among the first companies to

2,770 AUDITS
around the world. This complex global supply chain includes commit to the United Nations Guiding Principles on Business
0 20 40 60 80 100
many kinds of suppliers, from multinational companies to and Human Rights, and we have strived to inspire and drive
smallholder farmers. Our Principles for Sustainable Agriculture responsible business practices ever since.
(PSA) communicate our expectations for environmental, social MANGOES 36% To make our ambition concrete,
CONDUCTED IN 2022
and economic performance to our agricultural suppliers at Real IMPACT includes
the farm level. The PSA, introduced in 2021, take a long-term GRAPES 37% READ MORE HUMAN RIGHTS 
perspective and reflect the most recent science, our total three signature initiatives.
beverage company portfolio, and our increasingly diverse
SUGAR CANE 40%
supply chain. The PSA are designed to encourage continuous
improvement in farming practices and lead to more ethical and
sustainable sourcing. APPLES 55%
We are proud to introduce Real
Our goal is to sustainably source all our ingredients over Impact, a new vision for the
CORN 70% company’s human rights program.
time—such as sugar cane, corn, fruit, coffee, tea and soybeans.

Real
Sustainably sourcing our ingredients increases the resilience Our mission is to take actions that IMPACT
IMPACT
of our supply chain, helps to conserve nature, and empowers TEA 74% lead toward a better tomorrow. We Agriculture
Work
IMPACT
will take the lessons learned from
producers and farm workers. In practice, we encourage Empowering workers
Driving meaningful and enduring
change in the lives of everyone
existing programs and partnerships
and support our ingredient suppliers to drive continuous SUGAR BEETS 80% across our value chain — touched by the commodities
and seek to scale and adapt best from upstream supply at the heart of our products —
improvement in sustainable farming practices, based chain workers and from smallholder farmers and
practices across more geographies our 700,000+ system Toward a their families to the communities
on our PSA. PULP AND PAPER 86% to deliver real impact to more employees to down- Better Tomorrow we serve.
stream informal waste
people across our value chain. collection workers
supporting recycling
We will work to drive progress
ORANGES 89%
READ MORE SUSTAINABLE AGRICULTURE 
around the world.

across our company, our industry

and beyond through rigorous IMPACT
LEMONS 96% analysis, creative partnerships Innovation
and constant innovation to turn
Developing transformative due
COFFEE 99% commitment into action. diligence and remediation programs

64%
through emerging technologies
and creative partnerships with
stakeholders and experts.

SOYBEANS 100%
IN 2022,
OF OUR GLOBAL PRIORITY INGREDIENT VOLUMES
WERE SUSTAINABLY SOURCED TO OUR LEADER Percentage of company operations Percentage of bottling partners Percentage of direct suppliers
that achieved compliance with our that achieved compliance with our that achieved compliance with our
STANDARD1, IN LINE WITH OUR PRINCIPLES FOR Supplier Guiding Principles Supplier Guiding Principles Supplier Guiding Principles
SUSTAINABLE AGRICULTURE.
Real IMPACT: Toward A Better Tomorrow 2

100 95% 99%

93% 93% 100
92% 90% 93% 93% 100
91% 92% 91%
87%
80 80 80

60 60 60

40 40 40

20 20 20

1 Leader standard represents supply volume verified to a company-approved, third-party validation, that is aligned with our PSA. 0 0 0
2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022
2 Data is based on supplier reporting according to our PSA governance requirements.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 10

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES

We help create a better shared future for everyone The Coca-Cola Foundation’s mission is to make a Our Refreshed Giving Approach
our brands and business system touches by working difference in communities where our company As of 2022, our giving is focused on impacting these areas:
We approach our DEI strategy through
to provide access to equal opportunity and fostering operates and where our employees live and work.
the lens of three core ambitions:
belonging both in our workplaces and the communities As the independent philanthropic arm of The
ENVIRONMENTAL
we serve. We partner with global, national and local Coca-Cola Company, The Coca-Cola Foundation supports
organizations—plus our network of bottling partners— ASPIRE TO CREATE a workforce that transformative ideas and institutions that address
to improve people’s lives. While we continued to make mirrors the markets we serve. pressing and complex global challenges. Our goal
meaningful progress in 2022, our work is an ongoing is to leave a measurable and lasting impact in local
journey in an ever-changing landscape. That’s why we ENABLE an inclusive culture where our communities through a focus on the environment
continue to prioritize listening and learning; executing employees thrive. and society. In 2022, The Coca-Cola Foundation
our strategy consistently; and holding ourselves contributed $94.8 million to 301 organizations globally. SOCIAL
accountable for continuous progress.
ADVANCE equity within our business,
communities, and the marketplace.
READ MORE GIVING BACK TO OUR COMMUNITIES 
READ MORE DIVERSITY, EQUITY & INCLUSION 

2022 Gender Representation by Level (global)1

SENIOR MIDDLE
LEADERSHIP MANAGEMENT PROFESSIONALS TOTAL

Female 39.0% 51.3% 36.0% 44.0% The Coca-Cola Foundation: 2022 Contributions

Male 61.0% 48.7% 64.0% 56.0%

2022 Race/Ethnicity Representation by Level (U.S. only)1

SENIOR MIDDLE $6.8M Water & Community
LEADERSHIP MANAGEMENT PROFESSIONALS TOTAL Environment Well-Being
$7.0M
33% 11%
American Indian/Alaskan Native 0.0% 0.3% 0.4% 0.3%
$31.8M
Disaster Relief & Women’s
Asian 10.0% 10.4% 5.4% 8.1% $10.1M Humanitarian Aid Empowerment

Black/African American 8.6% 16.1% 30.3% 22.0%

$94.8M 15% 7%

Hispanic/Latino 9.9% 8.7% 21.2% 14.6% 2022 Contributions Education & Matching
Youth Development Gifts
$12.0M
Native Hawaiian/Other Pacific Islander 0.1% 0.1% 0.5% 0.3% 14% 7%

Not specified 9.1% 5.2% 2.4% 4.3%

$14.1M Recycling
$13.0M 13%
Two or more races 0.9% 2.2% 3.0% 2.5%

White 61.4% 57.1% 36.7% 48.1%

1  Data 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. 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.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 11

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OVERVIEW AT A GLANCE HOW WE OPERATE 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.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 12

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OVERVIEW AT A GLANCE HOW WE OPERATE INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS

AT A GLANCE
COMPANY FACTS OUR SUSTAINABILITY BUSINESS PRIORITIES 

137 YEARS ATLANTA, 200+ ~200

of refreshing the
world and making GEORGIA Countries and
territories where
Master brands
Water Reducing Packaging Climate Sustainable People &
a difference Global our products Leadership Added Sugar Agriculture Communities
headquarters are sold

THE COCA-COLA SYSTEM 2022 PERFORMANCE  2022 GLOBAL UNIT CASE VOLUME MIX BY OPERATING SEGMENT

$43.0B
2022 Net Operating
Revenues

~200 ~950 700K+ ~30M 11%

Bottling partners Production System Retail customer

17%
worldwide facilities employees outlets 2022 Net Operating
Revenue Growth

North
America 28%
Europe, Middle
East & Africa
24%
RETAIL VALUE   UNIT CASE VOLUME 27% Asia
Pacific
Latin
America
Total Company Unit Cases

Trademark Coca-Cola
(in billions)
4%
Sparkling Flavors
30.3 31.3 32.7 Global

Water, Sports,
30 28.2 28.6 29.2 29.3 29.2 29.6 29.0 Ventures

Coffee & Tea

Juice, Value-Added Dairy 20
& Plant-Based Beverages
Emerging & Other 10

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 13

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OVERVIEW AT A GLANCE HOW WE OPERATE INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS

The Coca-Cola Company markets,

HOW WE OPERATE
manufactures and sells:

• Beverage concentrates and syrups

The Coca-Cola System1
•  Finished 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

THE COMPANY
Company typically generates net operating
revenues by selling concentrates and syrups
to authorized bottling partners.

Our bottling partners combine the concentrates

INNOVATION  / CREATION  / MARKETING
and syrups with still or sparkling water
Concentrates Finished
and sweeteners (depending on the product),
and Syrups Products
to prepare, package, distribute and sell
finished beverages.

Our finished product operations consist

primarily of company-owned bottling and
BOTTLERS
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.
DISTRIBUTION

CUSTOMERS & CONSUMERS

~200 ~950
BOTTLING PRODUCTION
PARTNERS WORLDWIDE FACILITIES WORLDWIDE
2.2B SERVINGS PER DAY
1 The Coca-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.

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OVERVIEW AT A GLANCE HOW WE OPERATE INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS

BOLD BEVERAGES AND

INNOVATION
NEW EXPERIENCES
We’re taking global innovation
Costa Coffee Smart Café
to the next level. In 2022, we
combined partnerships, technology Launched in the United States in

and our consumers’ passions to 2022, the Costa Coffee Smart Café
delivers a range of more than 200
create unforgettable experiences in drink options, from espresso to
music, gaming and sports. hot chocolate. These innovative
touch-screen machines always
use fresh milk and freshly ground
Signature Blend beans.

Coke Studio

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.

“Recycled Records”
Legendary music producers Mark Ronson and
Madlib teamed up with Sprite, Fresca and
Coca-Cola Creations Seagram’s to showcase the parallels between
Coca-Cola Creations is a new global innovation platform recycling sounds and beverage bottles. “Recycled
that lends the iconic Coca-Cola brand to new expressions, Records” is an original EP created almost entirely
driven by collaboration, creativity and cultural connection. from “recycled” sound samples captured during
In 2022, we launched five limited-edition drinks: the PET bottle-to-bottle recycling process. The
Coca-Cola Starlight, Coca-Cola Byte, the artist project is a creative, culturally relevant way
Marshmello’s Limited Edition Coca-Cola, Coca-Cola to celebrate the brands’ switch from green to
Dreamworld, and Coca-Cola Soul Blast. Coca-Cola clear PET packaging.
Creations draws inspiration from music, gaming and
culture, and is complemented with experimental
packaging designs, digital experiences and more.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 15

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OVERVIEW AT A GLANCE HOW WE OPERATE INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS

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 Sprite Limelight
the digital wallets of Coca-Cola collectible owners in Sprite Limelight launched as the
July. Recipients could share a second International music and cultural extension of “Heat
Friendship Day collectible with a friend to build Happens,” the brand’s global platform
Coke’s community of fans. 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.

POWERADE:
Lil Nas X and vitaminwater ‘Pause is Power’
Global superstar Lil Nas X teamed up POWERADE celebrated the
with vitaminwater’s “Nourish Every power of the pause—prioritizing
You” campaign to showcase six videos wellbeing over winning—with a
featuring his unreleased track, “Give Me global communications platform
One Chance.” Each featured a unique featuring USA gymnast Simone
vitaminwater flavor—focus, shine, energy, Biles and other accomplished
xxx zero, gutsy and ice—to create a fantasy athletes and coaches spanning a
world inspiring fans to nourish all of their variety of sports. The campaign
“yous.” “Nourish Every You” was inspired kicked off in March 2022
by the insight that vitaminwater fans during NCAA March Madness.
want to take care of themselves, but are
living with fluctuating physical, emotional
and spiritual needs.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW AT A GLANCE HOW WE OPERATE INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS

FINANCIAL HIGHLIGHTS

Organic Revenue Growth Comparable Currency Neutral Operating

(Non-GAAP)1 Income Growth (Non-GAAP)2

(in millions except per share data) 2019 2020 2021 2022 20 20 19%
16% 16%
15
15
Summary of Operations 13%
10
12%
6%
Net operating revenues $37,266 $33,014 $38,655 $ 43,004 5 10

2020
0
Operating income 10,086 8,997 10,308 10,909 2019 2021 2022
5
-5
Net income attributable to shareowners 0%
8,920 7,747 9,771 9,542 -10 0
of The Coca-Cola Company (9%) 2019 2020 2021 2022

Per Share Data Comparable Currency Neutral Diluted Adjusted Free Cash Flow Conversion Ratio
Earnings Per Share Growth (Non-GAAP)3 (Non-GAAP)4
Basic earnings per share $2.09 $1.80 $2.26 $2.20

Diluted earnings per share 2.07 1.79 2.25 2.19

20 120 116%
17% 17% 108%
Cash dividends 1.60 1.64 1.68 1.76 100 96%
15
89%
80
10 9%
Balance Sheet Data 60
5
40
Total assets $86,381 $87,296 $94,354 $ 92,763
2020
0
2019 2021 2022 20
Long-term debt 27,516 40,125 38,116 36,377
-5 (2%) 0
2019 2020 2021 2022

1  Reported net operating revenues grew 9%, declined 11%, grew 17% 3 Reported diluted earnings per share grew 38%, declined 13%, grew
and grew 11% for the years ended December 31, 2019, 2020, 2021 26% and declined 3% for the years ended December 31, 2019, 2020,
and 2022, respectively. 2021 and 2022, respectively.
2  Reported operating income grew 10%, declined 11%, grew 15% and 4 Adjusted free cash flow conversion ratio = free cash flow adjusted
Note: See pages 72–74 for reconciliations of non-GAAP financial measures to our results as reported under accounting principles generally accepted
grew 6% for the years ended December 31, 2019, 2020, 2021 and for pension contributions divided by net income adjusted for
in the United States (U.S. GAAP).
2022, respectively. noncash items impacting comparability.

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CORPORATE GOVERNANCE
GOVERNANCE & MANAGEMENT
& MANAGEMENT
COMPANY
including progress toward the company’s
sustainability goals. The Committee assesses
The Coca-Cola Company’s innovative and a range of issues relevant to the company’s
collaborative culture is underpinned by a robust business, our shareowners, the broader
framework of policies and processes to promote stakeholder community or the general public.
ethical behavior, accountability and transparency. This entails evaluating and reviewing information
Our Board of Directors is responsible for pertaining to social, political and environmental
overseeing our governance framework as part trends, in addition to oversight of the company’s
of its risk oversight function. Board Committee sustainability goals and human rights practices.
charters, our Code of Business Conduct,
THE COCA-COLA

Corporate Governance Guidelines, Certificate The Corporate Governance and Sustainability

of Incorporation and Corporate By-Laws can be Committee oversees our plans and strategies
viewed on our website. 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
GOVERNANCE

Board Committees agenda, its position on significant public policy

• Audit matters, political contributions and lobbying
• Corporate Governance and Sustainability activities. The Committee reviews shareowner
• Executive proposals on sustainability issues to be included
• Finance in the company’s proxy statements and makes
• Talent and Compensation recommendations to the Board. In addition,
the Committee receives updates on priority
sustainability issues, including actions and
progress toward goals.
SUSTAINABILITY GOVERNANCE The Audit Committee oversees certain processes
The Board has delegated oversight of related to external sustainability disclosures and
sustainability matters to its various committees works jointly with the Corporate Governance and
in order to leverage each committee’s experience Sustainability Committee to oversee sustainability
and subject-matter strengths in overseeing risks facing the company. Finally, the Talent
the varied and technical matters encompassed and Compensation Committee oversees the
by sustainability. The Corporate Governance company’s human capital management policies
and Sustainability Committee has primary and strategies. This includes talent management, To reinforce the importance of meeting our sustainability goals,
responsibility for overseeing the company’s leadership and company culture initiatives, the Talent and Compensation Committee approved plans to link
Driving Sustainability
sustainability strategies and initiatives—and such as those promoting diversity, equity and sustainability performance to our annual and long-term incentive
Performance through Executive
related risks—that concern environmental, social, inclusion (DEI). This Board-level commitment programs for executives in 2022. In the annual incentive program,
Compensation
legislative, regulatory and public policy matters, and alignment drives top-down accountability we have reinforced our commitment to DEI by incorporating
toward our DEI goals and helps support a Beginning in 2022, performance quantitative and qualitative components tied to our 2030
positive company culture. as it relates to diversity, packaging aspirations to be 50% led by women globally and, in the United
and water goals is reflected in our States, to align race and ethnicity representation to U.S. census
incentive programs for executives. data. Similarly, in the long-term incentive program, predefined
goals related to our World Without Waste packaging strategy
SECTION SCOPE: This section refers to and our 2030 Water Security Strategy were incorporated into the
governance, disclosure and policies of 2022–2024 incentive awards.
The Coca-Cola Company.

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OVERVIEW AT A GLANCE HOW WE OPERATE INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS

The company follows all national laws regarding political

engagement and discloses political contributions according
OUR APPROACH TO DISCLOSURE PUBLIC POLICY & POLITICAL ENGAGEMENT to each country’s legal framework and through the relevant Learn about our
We have a comprehensive sustainability Integrity, transparency and nonpartisanship national regulatory authorities. In early 2023, the company transparent approach to
reporting process that spans many years, and underpin our approach to engagement in the enhanced its disclosures to include links to our non-U.S. stakeholder engagement
we aim to provide stakeholders with complete, public policy and political process. In the United political contributions. and scientific research.
transparent and candid information in all our States and Canada, we promote public policy The Corporate Governance and Sustainability Committee
public communications. This is our fifth annual solutions about key issues for our business that of the Board of Directors annually reviews our public policy
Business & Sustainability Report, which combines include environmental sustainability, consumer agenda and advocacy program. These reviews ensure that
financial and sustainability performance in one preference, tax and trade, and workplace and our activities align with our business interests and serve
publication. We also respond to the CDP climate, economic inclusion. Our advocacy often involves the needs of our shareowners and broader stakeholder
water and forests questionnaires and make those education, participation and thought leadership community. The North America Operating Unit Vice
disclosures publicly available. within industry, business and policy forums. When President of Public Policy, Federal Government Relations &
significant to our business interests, we share our Political Engagement is responsible for management of
We recognize there is a desire for standardization
policy positions through advocacy initiatives. our public policy agenda and political engagement, in
across reporting frameworks, and we’re
continually evaluating reporting options and Consistent with U.S. federal law, the company consultation with the North America Operating Unit Senior
listening to stakeholder feedback. This report does not use corporate funds to contribute to Vice President & Chief of Public Affairs, Communications
is prepared in accordance with the Global federal candidates, political parties or political and Sustainability, and the Legal Department. Our political
Reporting Initiative (GRI) Standards, a globally committees, or otherwise employ its resources, participation is conducted in an open and nonpartisan
recognized framework. In addition, we provide including in-kind, even when permitted by manner and in strict compliance with the Code of Business
indexes for the Sustainability Accounting law. The company has a long-standing policy Conduct, the U.S. Political Engagement Policy, and
Standards Board (SASB), the Task Force on against use of corporate funds for independent applicable laws and regulations.
Climate-related Financial Disclosures, the United expenditures or super PACS, including toward
Nations Sustainable Development Goals (SDGs), electioneering communications. Effective as
the United Nations Global Compact (UNGC) and of January 1, 2021, the company does not use
the United Nations Guiding Principles Reporting corporate funds to directly support state or local
Framework (UNGPRF). We also submit packaging political candidates, even if permitted by law.
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 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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OVERVIEW AT A GLANCE HOW WE OPERATE INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS

Sustainability Governance at The Coca-Cola Company

OUR SUSTAINABILITY APPROACH
The Coca-Cola Company works closely with
approximately 200 bottling partners across
more than 200 countries and territories to
Board of Directors
achieve our sustainability goals. We have
established internal processes and an internal
control environment that help us identify and Corporate
Talent and
Audit Governance and
manage risks. One hallmark of our approach is Compensation
Committee Sustainability
Committee
regular communication between the Board, our Committee

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
EXECUTIVE LEADERSHIP TEAM
Technical, Innovation and Supply Chain; Public
Affairs, Communications and Sustainability; Chairman and Chief Executive Officer
Global Human Rights; and Procurement. The
company’s Compliance, Legal and Finance Chief
Chief President and
Communications,
functions serve in an advisory role. Our networked Sustainability
Technical Chief Financial
Enterprise and Innovation Officer
teams also collaborate with operating units, Risk and Strategic
Officer
Partnerships Officer
bottling partners, NGOs, governments, investors Management

and people in communities all around the world

to identify risks and make progress toward
our sustainability goals. For more about our ADVISORY ROLE
approach to risk management and priority NETWORKED CORPORATE SUSTAINABILITY TEAM
issues, see Priority Topics. Compliance

Public Affairs,
Technical, Innovation Global
Communications & Procurement Legal
& Supply Chain Human Rights
Sustainability
STEERING COMMITTEES
Finance
Risk Steering
Committee

CROSS-FUNCTIONAL STEERING GROUPS

Sustainability
Steering
Committee
Global Sustainable
Packaging Water Climate Global Health &
Environmental Sourcing
Core Team Core Team Core Team Safety Council
Council Committee

OPERATING UNIT LOCAL SUSTAINABILITY TEAMS

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OVERVIEW AT A GLANCE HOW WE OPERATE INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS

During 2022, we undertook a comprehensive The updated matrix continues to demonstrate

PRIORITY TOPICS
review of the highest priority topics for our that our priority topics are Packaging & Circularity
company, system and stakeholders. and Water Stewardship, followed by Health
& Nutrition and Climate Change. Responsible
Identifying and prioritizing our material topics, in PACKAGING & CIRCULARITY
Sourcing and Talent Attraction, Retention and DEI
collaboration with a cross-functional internal team
increased in importance versus the prior year.
and key external stakeholders, is a foundational
step in how we develop our corporate We have implemented management initiatives
WATER STEWARDSHIP
strategy, conduct and evolve our business, to address these priority topics. We also
and report on progress. continue to evolve our strategic approach to
effectively manage associated business risks and

IMPORTANCE TO EXTERNAL STAKEHOLDERS

Prior to 2022, our last comprehensive review
opportunities in light of the ongoing changes to
was conducted in 2019, with refreshes being HEALTH & NUTRITION
both our business and the external context in
undertaken in 2020 and 2021 to establish closer
which we operate. This is detailed in the individual
alignment between priority topics and business-
sections of the report. RESPONSIBLE SOURCING
relevant issues and practices.

Our 2022 review included a robust analysis and CLIMATE CHANGE

SUSTAINABLE COMMUNITIES
broader engagement guided by ERM, a leading
sustainability consultancy. This was followed The horizonal axis represents impact ADVOCACY & REGULATORY ENGAGEMENT
RESPONSIBLE MARKETING
by interviews with more than 30 internal and to the company and the vertical axis TALENT ATTRACTION, RETENTION & DEI
external stakeholders and an online survey that represents the importance to stakeholders. LABOR & HUMAN RIGHTS
had 90 responses from across the globe. The quadrants help identify where the
combined views of the priority topics fall.
BIODIVERSITY & DEFORESTATION PRODUCT QUALITY & SAFETY
Stakeholders we talked to represent a diversity BUSINESS CONTINUITY & RESILIENCE
of views and have deep expertise across a range
of issues and sectors. The stakeholders included CORPORATE GOVERNANCE
STAKEHOLDER, SYSTEM & BUSINESS PARTNER ENGAGEMENT
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 IMPACT TO THE COCA-COLA COMPANY
external stakeholders.

FOR FURTHER DETAILS INCLUDING THE FULL DEFINITIONS OF EACH TOPIC, PLEASE SEE THE DATA APPENDIX 

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Partnership Highlights Global Leadership Events

PARTNERING FOR IMPACT
STAKEHOLDER ENGAGEMENT & PARTNERSHIPS
• Coca-Cola Philippines and Indorama Ventures
partnered to establish PETValue Philippines,
a full operation recycling facility that is the
In 2022, as COVID-19 restrictions eased, we were able to attend several
As one of the world’s largest global events in person. We used these opportunities to engage with diverse
first of its kind in the country. The facility is
and most recognized companies, helping to drive collective action toward a stakeholders, to listen and to explore ways to drive collective action to
we have an opportunity to circular economy for PET plastic, by providing positively impact people, communities and our environment.
use our size and scale to help more than 800 collection points for PET
address global challenges. bottles in the country. PETValue’s projected
capacity, or the amount of used plastic bottles
While we strive to make progress on our own, it can process, is 30,000 metric tons per year,
we are committed to fostering partnerships which requires around 2 billion PET bottles as
that drive collective impact in areas including input to be recycled.
water stewardship, packaging circularity, climate
• In partnership with WWF-Pakistan, we are
action and many more. As a global business
working to address water scarcity and quality
that operates locally, we can extend our impact
issues for approximately 360,000 people in
and reach because of the strength of the
Lahore, Pakistan who rely on the Ravi River as
Coca-Cola system, which includes our
a freshwater source.
approximately 200 bottling partners worldwide.
•  We partnered with the CEO Water Mandate,
We engage with stakeholders, including
denkstatt and others to help build the MAY JUNE AUGUST
governments, NGOs, communities, suppliers,
business case for Nature-Based Solutions
investors, business partners, customers and
(NBS) by developing a standardized World Economic Forum The Consumer Goods Forum World Water Week
consumers around the world and throughout
methodology to quantify the co-benefits Davos, Switzerland Global Summit Stockholm, Sweden
our network, in many forums and formats.
of NBS projects and calculate the social Dublin, Ireland
Feedback from our stakeholders allows us to
return on investment.
learn and improve, and informs our business
and sustainability strategy. •  We joined the Supplier Leadership on
Climate Transition initiative along with
18 other companies to mobilize collective
In all our engagements with stakeholders, climate action by providing suppliers with
we are committed to upholding the resources, tools and knowledge to accelerate
principles of transparency, consistency, their decarbonization. Ten suppliers that we
accountability and integrity. sponsored, who completed the program,
have set or committed to setting emissions
reduction targets through the Science-Based
Targets initiative.
SEPTEMBER SEPTEMBER NOVEMBER
•  We joined with the Business Coalition for a
Global Plastics Treaty and the International
SECTION SCOPE: In this section our Business Coalition for a Global Forbes Sustainability Summit UN Climate Change Conference
Council of Beverages Associations in support Plastics Treaty Launch New York, NY, U.S. Sharm El Sheikh, Egypt
stakeholder engagement and partnership of a UN Global Plastics Treaty. The Business New York, NY, U.S.
work refers to actions by the company Coalition is supporting the treaty negotiations
as well as our owned and independent around the vision of a circular economy
bottling partners and our independent in which plastic never becomes waste or
suppliers and partners. pollution, and the value of products and
materials is retained in the economy.

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OVERVIEW AT A GLANCE HOW WE OPERATE INNOVATION FINANCIAL HIGHLIGHTS GOVERNANCE & MANAGEMENT PRIORITY TOPICS STAKEHOLDER ENGAGEMENT & PARTNERSHIPS

CONVENING MEANINGFUL CONVERSATIONS

KEY REGIONAL EVENTS IN 2022

OPEN Conversation

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

UNITED ARAB EMIRATES

Break the Ceiling Touch The Coca-Cola Company
the Sky became a Strategic Partner
of the Ellen MacArthur
Coca-Cola is a World Sponsor of House
of Rose Professional’s Break the Ceiling
Foundation with the
Touch the Sky®, a global women's announcement shared
NIGERIA leadership platform. In September, during its annual Summit
the 2022 Middle East edition brought on July 5, 2022. The
Africa Social Impact Summit
together over 300 women from top Foundation’s Strategic
companies across the region to Dubai
Partners include some of
to learn, network, share and apply
We partnered with Sterling One Foundation to hold the inaugural Africa best practices on leadership, success,
the world’s largest and most
Social Impact Summit under the theme “rethink, rebuild, recover— diversity and inclusion. influential organizations, with
accelerating growth for the sustainable development goals (SDGs)” in transformative potential to
Abuja, Nigeria in July. The summit provided a platform for dialogue on
demonstrate what’s possible
regional inclusive development aimed at stimulating the private sector and
impact investors, to shape market-led solutions for the SDGs.
to accelerate the transition
to a circular economy.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 23

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

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,
159%
food security, biodiversity and the climate crisis. The
OF THE WATER USED IN OUR FINISHED
world is experiencing increased water insecurity, which BEVERAGES RETURNED TO NATURE AND
is evident through water scarcity, with demands for COMMUNITIES IN 20222, 3
safe, usable water exceeding supply in certain areas.
WE HAVE REPLENISHED MORE THAN
We have operations nearly everywhere in the world— 100% OF THE WATER USED IN OUR
in more than 200 countries and territories. That FINISHED BEVERAGES EVERY YEAR
means we have a responsibility to accelerate our SINCE 2015
efforts to help address water stress, protect local
water resources and help build community climate

291B LITERS
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
OF WATER RETURNED TO NATURE
operate, source ingredients and touch people’s lives.1
AND COMMUNITIES IN 2022

1 The previously 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 Substantially 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 SECTION SCOPE: In this section our
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 water leadership work refers to actions
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 by the company, The Coca-Cola
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 Foundation as well as our owned and
intervals aligned with internal guidelines due to COVID and the ongoing war. independent bottling partners and our
3 Many of our water replenishment projects are funded by The Coca-Cola Foundation.
independent suppliers and partners.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 24

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

2030 WATER SECURITY STRATEGY

Vision: Our 2030 Water
Security Strategy is focused on
accelerating the actions needed Our 2030 strategy is grounded in the fact that water is a shared resource.
to increase water security where As such, our work is organized to address water security in:
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.
OUR OUR OUR
OPERATIONS WATERSHEDS COMMUNITIES
Open Call to Accelerate Action
on Water Over the last couple of years, we followed a process to segment and prioritize our To achieve our goals, collective
operating facilities, commercial regions, sourcing regions for global priority ingredients, action is critical.
The Coca-Cola Company and our bottling
watersheds, and communities based on those with the highest water-related risks
partners Coca-Cola FEMSA, Coca-Cola
(read more on the following page). As a result of this work, we have set three key goals We work collaboratively with partners across sectors to
Europacific Partners and Arca Continental
designed to achieve our vision: implement actions in our operations, watersheds (including
joined the “Open Call to Accelerate Action
on Water”, an initiative of the UN Global agricultural ingredient sourcing regions) and communities:
Compact, the CEO Water Mandate, and
others. This means we will partner to build GOAL 1 GOAL 2 GOAL 3
water resilience across operations and Actions within Our Operations
supply chains, and we will work together Achieve 100% regenerative  Improve the health of Return a total of 2 trillion • Use less water
to achieve collective positive water impact water use across 175 of our 60 watersheds identified liters of water to nature • Reuse and treat wastewater
in at least 100 vulnerable water basins facilities identified as facing as most critical for our and communities globally
by 2030. high levels of water stress operations and agricultural between 2021 and 2030.
Actions in Our Watersheds & Our Communities
by 2030. supply chain by 2030. 
• Support nature-based solutions
• Invest in landscape solutions
(gray infrastructure)
• Help farmers use less water and implement
All three goals contribute to our commitment to maintain at least 100% global sustainable agriculture practices
• Help provide communities with access to safe
replenishment of the water used in our finished beverages.
water, sanitation and hygiene (WASH)
• Advocate for good water governance and
smart policies

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

PRIORITIZING OPERATIONS, COMMUNITIES AND WATERSHEDS

In 2022, we completed our analysis of water- Watersheds
related risks in areas where we can make Similarly, we undertook a comprehensive process Making the Greatest Impact Where It Matters Most by Doing What Matters Most
the greatest impact1. We prioritized our to identify priority watersheds across our system.
operating facilities, commercial regions, These include our Leadership Locations and
sourcing regions for global priority ingredients, their water sources, where we source global
watersheds and communities. priority ingredients, key growth markets and Prioritizing operations, watersheds and SEA OF MARMARA
priority communities.
communities in Türkiye Lake Iznik
Operations
We analyzed water sourcing risks across Communities In Türkiye, we identified an operating facility located in a water-
approximately 700 operational locations (mainly We also began mapping priority communities, stressed area as a priority facility (Leadership Location) in the city
Nilüfer

concentrate plants and bottling facilities) and based on their lack of access to water, sanitation of Bursa in the north-west of the country. The facility is owned and Lake Manyas
Lake Ulubat

mapped the minor river basins and sourcing and hygiene (WASH) and resilience to water- Bursa
operated by our bottling partner Coca-Cola İçecek. Further, we
basins of these facilities. We catalogued these related impacts of climate change (e.g., floods identified the Bursa/Balikesir watershed as a priority because it
locations based on the detailed mapping and droughts), with a focus on communities not only serves as a water source for our facility but also because
and results from an Enterprise Water Risk close to our facilities, and/or in urban growth it supports the growing of apples, peaches and nectarines
Simav Orhaneli

Assessment from the World Resources Institute’s

Koca
centers where we sell our products, and/ that we source as ingredients in our products. In addition, we
Aqueduct 3.0 tool and from Facility Water or in rural farming communities where identified seven farming villages in the same province as priority
Vulnerability Assessments—our site-level, we source ingredients. communities, based on their location in ingredient sourcing and key
Emet

internal proprietary tool. market growth regions.

By mapping and overlaying our priority facilities,
As a result, each facility has been placed within watersheds and communities, we have developed The watershed faces high levels of water scarcity and pollution
BURSA/BALIKESIR
WATERSHED
one of three categories: a framework of prioritization and a deeper of water sources from local industries, including textiles and
understanding of risks, which will help us agriculture (e.g., use of insecticides). Rural farming communities
• LEADERSHIP LOCATIONS: Approximately TÜRKIYE
develop holistic, integrated and context-based have relatively low levels of access to clean water.
25% of our facilities face the highest level of
approaches to help increase water security
water-related risks and are on a path to 100% The operating facility is driving water efficiency improvements
where it matters the most in our business,
regenerative water use by 2030. by conducting a gap assessment against the Coca-Cola system’s
operations and supply chains.
• ADVANCED EFFICIENCY LOCATIONS: System Water Resource Sustainability Standard compliance process
facility locations in a water-stressed context and working with a third-party consultancy to screen options
SEA OF MARMARA
that will drive advanced water efficiency for improving water efficiency in our operations. We developed a
improvements in operations. Defining Regenerative Water Use watershed stewardship plan which includes supporting farmers
to improve irrigation efficiency and reduce water contamination, Lake Iznik
• CONTRIBUTING LOCATIONS: System facility Regenerative water use means facilities
reforestation efforts to help filter water pollution and regulate
locations in areas with low water-related risks. must reduce, reuse, recycle and replenish
precipitation and evaporation flows, and helping communities to
These will contribute to water security overall the water used in operations in the local
install rainwater harvesting systems.
by implementing the Coca-Cola system's correlated watersheds for beneficial social,
1 Operating Facility
Water Resource Sustainability Standard, economic and/or environmental uses by In this way we are working to help improve water security by
Nilüfer 4 Orchards
achieving industry benchmark water efficiency other stakeholders and nature. focusing on actions we can take both within and outside our
7 Farming Villages
and 100% compliance with wastewater operations to help improve water efficiency and watershed
discharge standards. Lake
health as well as support local communities Manyas
and farmers through
Lake Ulubat
Bursa
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.
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.

Simav Orhaneli

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT Koca 26

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

REDUCING WATER CHALLENGES IN OUR OPERATIONS IMPROVING WATERSHED HEALTH

All our production operations operational costs associated with water use.

will continue to implement Better understanding of these costs will help Watershed Stewardship Plans
strengthen decision making and the business Water Stewardship in
the Coca-Cola system’s Water case for investment in initiatives that respond Concentrate Plants
Resource Sustainability Standard. to local challenges.
Within our 18 concentrate production
The purpose of this standard is to identify and In 2022, we also worked with Bluerisk and plants, which produce the concentrates MEXICO
reduce water quality- and quantity-related Valuing Impact and a number of peer companies used to make many of our sparkling In Chihuahua, Mexico, we partnered with The Nature Conservancy, a global environmental
challenges for our operations. to better understand how projects returning beverages, the company has committed nonprofit organization, to develop a watershed stewardship plan for the Lago Bustillo y de los
To decrease water use in our operations, we water to communities and nature help create to driving water efficiency improvements. Mexicanos watershed. It was identified as a priority watershed because it supplies water to
use internal tools such as the Water Efficiency societal value. Across the 22 projects analyzed, In 2022, we achieved a 7% average water a manufacturing facility owned by our bottling partner Corporación del Fuerte, which is
Catalogue, which assesses technical standards we learned that these projects not only generated efficiency improvement across all our a Leadership Location. In addition, the watershed includes orchards from which the system
(e.g., on-line flow monitoring, water collection 210 million cubic meters of volumetric water concentrate plants compared to a 2015 sources apples. The agricultural sector and the city of Cuauhtémoc are major water users.
and reuse capabilities) and team culture (e.g., benefits, but also delivered $39 million in baseline. These facilities have worked The watershed is forecasted to face increasing water quality and quantity challenges in the
training and communication on the importance of societal value, with an average societal return on as a network to review and assess the coming years due to population growth and rising temperatures. With funding from Fundación
water efficiency) regarding water efficiency in our investment (SROI) of 3.9. implementation of best practices and Coca-Cola Mexico, our projects in this watershed have helped to improve rural communities’
production facilities and provides innovative best governance of water use, known as access to water, mainly through rainwater harvesting systems and check dams. The watershed
We have a goal to achieve 100% regenerative
practices (e.g., water reuse for package rinsing “Water Efficiency Maturity Assessments.” stewardship plan completed in 2022 helped identify key context-specific interventions to
water use in all our 175 Leadership Locations
and water-free lubrication of conveyor belts). globally by 2030. In 2022, we included progress consider for future projects including, reforestation, rainwater harvesting, dams, plant nurseries,
As an example, in 2022, one of our
against water replenishment in Leadership concentrate plants in Ireland reduced its conservation of springs and community access to WASH, as well as the need to strengthen local
In the development of new plants, we leverage
Locations as a metric for the Long-Term Incentive water consumption by more than 13,000 partnerships. These plans will also help us to track improvements in watershed health and co-
our Sustainability by Design Tool to ensure that
(LTI) plan for our executive leadership team. Over cubic meters compared to the previous benefits of projects (e.g., enhanced biodiversity and carbon sequestration). One project currently
water-efficient processes are implemented and
the past year, our Talent and Compensation year by implementing circular washing in in the pipeline is working with an agri-tech partner, Kilimo, to help local farmers save water by
that we achieve best-in-class water efficiency.
Committee approved the inclusion of a metric its clean-in-place process. A monitor-to- adopting technology-enabled irrigation management tools.
We have set an ambitious target to reduce our related to water replenishment in Leadership improve mindset in our local team
water use ratio by 20% by 2030 from a 2015 Locations in line with the goals of our 2030 is also key to achieving and sustaining
baseline for all operations across the system. Water Security Strategy. this level of performance.  
We are focused on water efficiency improvements Developing watershed stewardship plans
in Leadership Locations and Advanced Efficiency As a member of the Alliance for Water
at the catchment-scale is critical to helping
Locations that operate in water-stressed contexts, We have continued to improve the Stewardship (AWS), we are proud to be
water users in a particular region identify and
which has resulted in a water use ratio of 1.79 efficiency of our water use. a part of a global movement to advance
address the drivers of water risk. Working

10% IMPROVEMENT
liters of water used per liter of beverage in good water stewardship practices. The
with partners to implement solutions,
2022. This is our highest achievement in water in water efficiency AWS certification confirms that the
stakeholders can take an effective science-
efficiency to date and significantly better than the across all system operations compared highest global standard for responsible
based approach to improve water resilience
industry average for carbonated soft drinks of to 2015. water stewardship has been met in
for both people and nature.”
1.91 l/l of beverages.1 support of social, cultural, environmental
and economic benefits at both the site
ALEJANDRA LÓPEZ RODRÍGUEZ
and catchment level. We plan to certify
Cost of Water In 2022, The Coca-Cola Foundation Director, The Nature Conservancy
all our 18 concentrate production sites Mexico Water Program
We have partnered with denkstatt to develop provided support to Ceres for the Community members transport materials for
against the latest AWS Standard by 2025.
a “Cost of Water” tool for our teams. This tool Valuing Water Finance Initiative to drive the construction of water storage tanks
will help us get a better understanding of the investor leadership on valuing water
cost of water by evaluating the costs associated
with potential water risks in addition to the
and to broaden investors’ perspective READ MORE ABOUT OUR WORK TO IMPROVE
on the role that water plays in many
industries’ value chains.
WATERSHED HEALTH IN PAKISTAN 
1 2021 BIER (Beverage Industry Environmental Roundtable)
Benchmarking report

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

IMPROVING WATERSHED HEALTH (continued)

Protecting watersheds and recognizing the
unique challenges and characteristics of water Examples of Watershed Projects in Priority Watersheds
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 The Coca-Cola Foundation and the Coca-Cola system have 1 NORTH AMERICA 2 LATIN AMERICA 5 EURASIA & MIDDLE EAST
animals; and offer opportunities for recreation. a long history of watershed projects. A selection of these USA: Brazil: Ecological restoration Türkiye: Sustainable
Based on our 2030 Water Security Strategy, we projects is shown below. – Riparian habitat restoration
Mexico:
agricultural practices
– Invasive species removal
are placing even greater emphasis on the holistic – Wet meadow restoration – Reforestation Pakistan: Community water
These projects include support for nature-based solutions such as reforestation, wetland and meadow – Infiltration trenches for
improvement of watershed health. We set a goal – Reforestation
groundwater replenishment
treatment
restoration, as well as irrigation system improvements, invasive species removal and check dam – Floodplain reconnection
to improve watershed health in 60 watersheds – Beaver dam analogs
construction. Many of the projects work in agricultural contexts to improve availability of water for – Community rain barrel distribution Peru: Forest protection
identified as most critical for our operations and – Native prairie protection
irrigation and more efficiently use water in agriculture.
agricultural supply chain by 2030. – Tallgrass prairie restoration 6 INDIA & SOUTHWEST ASIA
– Stream channel restoration

3 EUROPE India: Check dams for groundwater

OUR AGRICULTURAL WATER FOOTPRINT

Many projects have multiple locations. recharge
Austria: Soda lake protection India/Nepal: Rainwater harvesting
and aquifer recharge
Producing the ingredients used in our beverages Bulgaria: Wetland restoration
and protection
accounts for an estimated 92% of our total blue
Croatia/Serbia:
water1 footprint, which is the volume of surface – Oxbow restoration
water and groundwater consumed in producing – Wetland restoration and 7 GREATER CHINA & MONGOLIA
floodplain reconnection
our finished products (evaporated or embedded China: Wetland water level
Hungary:
in the product). That’s why, in 2022, we expanded management
– Oxbow restoration
– Floodplain restoration 
our analysis and prioritization to include
watersheds that support our priority ingredient Italy: Irrigation efficiency
improvement
sourcing, in addition to our operating facilities and 8 JAPAN & SOUTH KOREA
Romania: Floodplain wetland
those necessary for key market growth. 3 restoration Japan: Forest protection
1 7 Spain:
– Wetland restoration
5 8 – Irrigation system improvements

Water Quality
9 ASEAN & SOUTH PACIFIC
We’re working with several partners, 6 Indonesia: Infiltration wells for
including the World Resources Institute 4 4 AFRICA aquifer recharge
2
(WRI) and The Nature Conservancy, to Thailand: Check dams and water
Egypt: Soil improvement to reduce
supply for agriculture
develop a Water Quality Benefit Accounting irrigation demand
Vietnam: Floodwater retention
(WQBA) methodology that seeks to provide 9 South Africa: Invasive species
removal
guidance on identifying shared water
quality challenges, activity selection, and
recommended water quality indicators and
benefit calculation methods.

1 Source: Water Footprint Network.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

BUILDING COMMUNITIES’ WATER RESILIENCE

We adopt a human-rights INTEGRATING GENDER INTO WASH PROGRAMS
based approach to water and Gender has always been a core focus for our Aliados por el Agua (Allies for Water)
communities. WASH programs because we know that women
and girls suffer disproportionately from poor In Latin America and the Caribbean, 25% of the population lack access to safely managed drinking
We recognize the connection between our access to clean water, sanitation and hygiene. water services.1 Climate change, urbanization, accelerated water usage, and inadequate infrastructure
social license to operate and functional, resilient are among the leading causes. In response to this, Coca-Cola Latin America, in alliance with the
water infrastructure. Insufficient access to water, In 2018, The Coca-Cola Foundation partnered
Global Environment Technology Foundation (GETF) and local civil society organizations, designed and
sanitation and hygiene (WASH) infrastructure with Global Water Challenge (GWC), USAID and
launched a platform called Aliados por el Agua (Aliados) to help improve access to water, sanitation
and poor water quality are key challenges Ipsos through the Water and Development
and hygiene (WASH) for 2 million people across 18 countries by 2030.
faced by communities around the world. These Alliance (WADA) on a study across three countries
challenges are being exacerbated by population in Africa—Nigeria, Rwanda, and Eswatini—of In 2022, Aliados implemented more than 30 projects across 12 countries, in partnership with
growth, climate change, political conflict the impact of improved WASH on women’s 26 civil society organizations, as well as local municipalities, utility providers and communities, and
and forced migration. empowerment. This “Ripple Effect” study found funding from The Coca-Cola Foundation.
that improved WASH had positive impacts on
For more than a decade, The Coca-Cola Company In addition, Coca-Cola Latin America partnered with Global Water Challenge and its women for
a number of important facets of women’s lives
has established strong leadership in community water platform to develop the Women for Water Framework for Action—which is based on the
including time savings. The research established
water programs with the support of The Coca-Cola Ripple Effect Study—and helps to integrate gender and women’s empowerment into the Aliados
that of women who utilized time savings for
Foundation and many nonprofits, governments, por el Agua platform by focusing projects on three key areas: income generation, health and
economic activities, 91% saw an increase in
customers and other partners. wellbeing, and resilience.
income. Providing women with greater economic
We are updating our reporting methodology opportunity helps build resilience in their With our partners and support from The Coca-Cola Foundation, we are piloting the framework across
for our community water programming data to families and communities. four projects in Mexico, Bolivia and Brazil to empower women through water-related programming.
align with our 2030 Water Security Strategy and In 2022, we were pleased to build on this work
upcoming external frameworks, and we will apply and help develop, along with WaterAid and
it to future data reporting when ready. Diageo, practical guidance to help companies
In 2022, our operating units began the and their implementing partners turn strategic
identification of priority communities based commitments on community WASH and gender Recognition
equality into integrated projects that result in
Collective Action
on communities’ access to WASH and/or their In 2022 the Company
resilience to the impacts of climate change (e.g., better, more sustainable outcomes which are
scored an “A–” on Water, The shared nature of water resources requires collective action to help solve water challenges.
floods and droughts). We aim to support our critical parts of the pathway to gender equality
which indicates a strong Some of our key partnerships are with:
priority communities in addressing shared water and women’s empowerment.
water security strategy and best-in-class
challenges by identifying and implementing • 2030 Water Resources Group, hosted by the World Bank
governance, including tying executive
interventions focused on: • Alliance for Water Stewardship (AWS)
compensation to our water replenish
• CEO Water Mandate, a partnership between the UN Global Compact and the Pacific Institute
1. Improving access to safe drinking water, targets. For details, read our 2022 CDP
• denkstatt
sanitation and hygiene. Water Response. Our bottling partner
• Global Water Challenge
2. Enabling adaptation to water-related Our smartwater brand, in Coca-Cola Europacific Partners (CCEP) was
• Science Based Targets Network (SBTN)
climate change impacts. partnership with Global recognized with the highest score of A,
• The Nature Conservancy
3. Ensuring rapid recovery from crises. Water Challenge and while Swire Coca-Cola Limited, Coca-Cola
• The Water Resilience Coalition, an initiative of the CEO Water Mandate
its women for water HBC and Coca-Cola Bottlers Japan Inc.
• WASH4Work, an initiative hosted by the CEO Water Mandate
platform, launched smart solutions: (CCBJI) received a score of A–.
The Co-Benefits of WASH Access • WaterAid
global water challenge, a grant
We’re working with WASH4Work, an initiative • World Wildlife Fund (WWF)
program in 2022 to support non-profits
hosted by the CEO Water Mandate, to develop
to improve communities’ access to
a standardized methodology of accounting for
WASH, improve watershed health and
the co-benefits of WASH projects (e.g., health,
empower women through water-based
READ MORE ABOUT OUR APPROACH TO STAKEHOLDER ENGAGEMENT AND PARTNERSHIPS 
income, nutrition, safety and security, and
activities. Read more. 1 Source: https://www.unwater.org/sites/default/files/app/
education) and strengthen the business case for uploads/2021/07/jmp-2021-wash-households-LAUNCH-
VERSION.pdf
investments in WASH programs.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

SPOTLIGHT: INVESTING IN NATURE-BASED SOLUTIONS

Recognizing that nature
itself often offers the best Reforestation Helps Restore Watershed Health
mechanisms for restoring
in the Philippines
watershed health, the company,
The Coca-Cola Foundation and The Ipo Watershed in Bulacan in the Philippines supplies water to
our bottling partners invest in Metro Manila, the second most populous region of the country. Forest
nature-based solutions (NBS), cover within the watershed has dramatically dropped from 85% to
such as forest protection and just 40% in recent years1 due to illegal logging and unsustainable
forest practices, which has resulted in a reduction in the natural
floodplain management, which
water storage capacity of the basin. Malnutrition is also a pervasive
build on natural processes to challenge in local communities. Since 2016, The Coca-Cola Foundation
manage water systems. and Coca-Cola Foundation Philippines have worked in partnership
with WWF-Philippines to protect rainforests of the area, replant trees
Through our work, we have learned that NBS and provide livelihood opportunities. The project has reforested 165
projects often have multiple co-benefits, such hectares of degraded land in the watershed and supported local
as better water quality, carbon sequestration, communities to start household gardens to grow food.
increased climate resilience, and enhanced
richness and variety of life of natural In 2022 the project was assessed using the NBS valuation
habitats (biodiversity). methodology. Overall, the project provided a very positive return on
social investment and its specific co-benefits included:
We worked with denkstatt to develop a
methodology to help us quantify and test the co- • W
 ATER QUANTITY: The replenishment of approximately 400 million
benefits of NBS projects. In 2022, we partnered liters of water per year due to decreased runoff and improved water
with the CEO Water Mandate, denkstatt and access for local communities.
others to help build the business case for NBS • C
 ARBON SEQUESTRATION: Approximately 2,500 metric tons
by developing a standardized methodology to of CO2e per year from reforestation.
measure benefit accrual and a means to value
social return on investment. The methodology • F
 OOD SUPPLY: Household gardens helped to tackle food
has been tested across several of our water insecurity and some of the trees planted have edible fruits
replenishment projects in key geographies. (e.g., rambutan, coffee).

This valuation methodology supports the broader

Benefit Accounting of Nature-Based Solutions for
 
In order to achieve large-scale impact
Watersheds project, including The NBS Benefits
globally, we partner with governments,
Explorer tool, led by the Pacific Institute and
NGOs, communities and other companies.
CEO Water Mandate, in partnership with The
We share resources to increase all our
Nature Conservancy and LimnoTech. Our aim is
efforts and to generate a bigger impact.
to support public, private and non-profit sectors
We encourage others to join us.”
in developing effective policies and programs
to incentivize greater implementation of and
investment in NBS because water is at the nexus MADHU RAJESH
Senior Director–Water & Agriculture,
of many goals, including protecting habitats, The Coca-Cola Company
increasing biodiversity, sequestering carbon and
promoting community resilience in the face of
changing weather patterns.
1 Source: WWF-Philippines | Ipo Watershed

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

Portfolio:
As a total beverage company, we are committed Major Milestone for fairlife
to offering people more of the drink choices they
want across a range of categories and in a variety In 2022, fairlife became our first-ever
of packages. Ever-evolving consumer tastes and $1 billion dairy brand. Over the last

Beverages
preferences help steer our business strategy and decade, fairlife—now available in the
shape the lineup of beverages we bring to market. United States and Canada—has focused
on innovation and providing consumers
We take a disciplined approach to product
with high-quality nutrition through a
innovation and portfolio management, ensuring
growing portfolio of value-added dairy
we develop and deliver preferred, great-tasting
products, including ultra-filtered, lactose-
beverages for all occasions and lifestyles. This

for All
free milks; protein shakes; and sports
includes offering drinks with reduced added sugar
recovery drinks. This builds on beverages
and more brands with nutrition and wellness
available in other markets in the juice,
benefits; providing small package options
value-added dairy and plant-based
and clear nutrition information on packaging
beverages category, such as AdeS, Chi,
and in our communications; and marketing
Santa Clara, Toni and Nutriboost.
our drinks responsibly.

SECTION SCOPE: In this section our

Portfolio work refers to actions by the

We currently offer ~200 master brands company as well as our owned and
independent bottling partners and our
worldwide in five beverage categories: independent suppliers and partners.

TRADEMARK COCA-COLA SPARKLING FLAVORS WATER, SPORTS, COFFEE AND TEA JUICE, VALUE-ADDED DAIRY AND PLANT-BASED BEVERAGES EMERGING

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LESS SUGAR, MORE CHOICES

We support the recommendations We support more than 50 calorie and sugar
reduction pledges globally, in collaboration with
of leading health authorities that
industry peers. In 2022, we joined an updated
individuals should consume less industry-wide pledge in Australia to reduce the
than 10% of their total calories
from added sugar. That’s why,
sugar content in our portfolio by 25% by 2025.
In Kazakhstan, we are among nine members 900,000+ 19 OF TOP 20
from 2017–2022, we removed of the national beverage association to sign an tons of added sugar
removed from our global
brands are reduced-sugar
or zero-sugar, or have a
more than 900,000 tons of industry pledge to reduce average added sugar portfolio cumulatively reduced-sugar or zero-sugar
in our drinks by 10% by the end of 2026. And through efforts to option
added sugar from our global reformulate more than
we support guidelines released by the Health
portfolio through more than 1,000 Ministry of Türkiye and Federation of Food and
1,000 beverages from
2017–2022
beverage reformulations. Drink Industry Associations of Türkiye to reduce
sugar in nonalcoholic beverages and certain food

~1,400 ~68%
categories by 10% by 2025.

In Europe, we are leading the soft drinks industry

EUROPE in voluntarily committing to sugar reduction. tons of added sugar of the products in our
By 2025, we aim for 50% of the Together with peers through the industry removed on an annualized beverage portfolio have
drinks we sell in Europe to be association UNESDA Soft Drinks Europe, we have
basis through recipe
changes in 2022
less than 100 calories per
12-ounce serving
low- and no-calorie drinks (we’re reduced average added sugars in soft drinks by
currently at 45%) in support of the 28.6% across the European Union and United
EU Commission’s Farm-to-Fork Kingdom since 2000. In June 2021, as part of

12 29%
strategy to accelerate the transition the EU Code of Conduct for Responsible Food
to sustainable food systems. Business and Marketing Practices, we joined a
UNESDA Soft Drinks Europe pledge to reduce
recipe changes to reduce of our volume sold in 2022
the sugar in our drinks by an additional 10% by added sugar in 2022 was low- or no-calorie
2025, which will represent a 33% average sugar
reduction when completed by 2025 compared to
UNITED STATES 2000. The European soft drinks sector is the only
We’re offering more low- and no-

246
sector to have made an additional sugar reduction
calorie options in more places. For commitment under the EU Code of Conduct.
example, 99.7% of U.S. outlets carry
low- or no-sugar products
our low- and zero-sugar SKUs—and, launched in 2022
on average, 24 zero-sugar sparkling
soft drink SKUs are found per store.1

1 Source: Nielsen IQ, U.S. All Measured Channels, 2022 full year

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Portfolio Marketing

SWEETENER INNOVATION
We continue to use our marketing to drive Coca-Cola Zero Sugar took center court during vitaminwater tapped global superstar One of the ways we achieve great taste without
growth of our low- and no-calorie portfolio. the 2022 Men’s and Women’s NCAA College Lil Nas X for the “Nourish Every You” sugar is by using low- and no-calorie sweeteners.
Coca-Cola Zero Sugar has delivered double- Basketball Final Four tournaments in the campaign encouraging self-expression and We only use sugar alternatives that have been
digit volume growth in five of the last six years. United States with March Madness-themed self-care. Read more. thoroughly tested through scientific studies and
“Best Coke Ever?” ads showcasing the brand’s confirmed as safe by globally recognized food
In 2022, several leading low- and no-calorie Simply and actor/comedian Eugene Cordero
reformulated taste. Read more.
brands in North America launched consumer invited consumers to “Say Yes to Simple” in a safety authorities, including the U.S. Food and
Drug Administration (FDA), the European Food
FLAVOR BREAKTHROUGHS
campaigns with celebrity partners and smartwater and global ambassador Zendaya, new campaign showcasing the brand’s fast-
sponsorship assets: an acclaimed actor and performer, celebrated growing lineup of juices, ades, plant-based milk Safety Authority (EFSA) and Food Standards Several of our core brands took creative
those who define “smart” on their own alternatives, smoothies and more. Read more. Australia and New Zealand (FSANZ). When used approaches to promoting zero-calorie choices
Sprite Zero Sugar teamed up with Marvel as part of a healthy diet and lifestyle, we believe to younger consumers in 2022 through flavor
terms. Together, smartwater and Zendaya
Studios’ Black Panther: Wakanda Forever Gold Peak ready-to-drink tea collaborated with the science shows that sugar alternatives can innovations, packaging designs and digital
are also helping address the water crisis in
for the “Infinite Potential. Zero Limits” Grammy- and Oscar-winning artist Questlove help meet public health recommendations to experiences. The global Coca‑Cola Creations
communities across the world by partnering
campaign. Read more. on the “Tea is for Trying” campaign. Read more. reduce added sugar. Additionally, food additives platform introduced a series of limited-edition
with the Global Water Challenge’s women for
water platform, which focuses on mobilizing such as non-sugar sweeteners help make food offerings inspired by consumer passion points
clean water access for every woman and her systems more sustainable by both reducing sugar of music, gaming and sports—starting with the
community. Read more. and lowering our carbon emissions. outer space-inspired Coca-Cola Starlight, which
offered fans a taste of outer space. In the United
Our recent efforts have focused on collaborating
States, a limited-edition lineup of mysteriously
with an ecosystem of suppliers and research
flavored Fanta beverages was anchored by
organizations to develop, continuously improve
a zero-sugar option.
and commercially scale stevia and other naturally
derived sugar alternatives. A global list of more
than 70 published journal articles dating back to
2008, reflecting research we have directly funded
or authored, can be found on our website.

Since 2008, we have invested

more than $100 million in sweetener
innovation and sugar reduction
research.

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NUTRITION AND WELLNESS BENEFITS

Minute Maid sparkling
We’re bringing teas, juices,
juice gives consumers in
waters, and dairy and plant-based China a zero-sugar option
beverages to more people in more made with real fruit juice
places. Some of these beverages and refreshing bubbles,
are enhanced by fortifying them along with B3 vitamins
with vitamins and minerals. and zinc to supplement
nutritional needs.
Cappy Immunity Support
is a wellness beverage in
Europe powered by fruit
multi-blends (orange,
carrot and peach mix)
along with vitamins
C and B12, and zinc.

Fuze Tea launched in

Pakistan in two flavors—
lemon and peach. The
innovative brand is a
fusion of reinvigorating
tea extract from 100%
sustainably sourced tea
leaves and fruit flavors.

Chun Yue launched as

first-ever functional soda
water in China, with added
vitamins and minerals.
Two zero-sugar, zero-
Minute Maid Honey
calorie options offer a
Infused ready-to-drink fairlife Core Power Elite
slightly sweet, fruity taste.
fruit drinks in India contain contains 42g of high-
They are also fortified
added dietary fiber to quality protein to help
with niacin or zinc.
support healthy digestion. build muscle and replenish,
The new preservative-free repair and rebuild. It is
line is available in three Nutriboost flavored milks available in North America
delicious flavors: apple, have calcium, vitamin in three flavors: chocolate,
mixed fruit and guava. D and no added sugar. strawberry and vanilla.

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Responsible Growth Into Alcohol

SMALLER PACKAGING RESPONSIBLE MARKETING Our commitment to offering more consumer to minors below the legal purchasing age.
People can enjoy our drinks in sizes that help We respect the role of parents and caregivers choice includes our expansion into the fast- We run regular trainings for our people
control portions and added sugar intake. These as the primary decision-makers for what their growing alcohol ready-to-drink (ARTD) market. and our partners, and always apply the
include 7.5-oz. mini cans and 8-oz. glass bottles in children drink, and we do not market any of our In 2022, we launched Jack Daniel’s & appropriate safeguards across all channels
many markets. We continue to expand availability products directly to children under 13, regardless Coca-Cola in Mexico, with more markets to of communications and sales.
of these packages and introduce newer offerings, of nutritional profile. Effective January 1, 2022, we follow in 2023 through our relationship with
In 2022, we joined the International Alliance
including 150-ml mini cans and 250-ml slim cans, raised the age threshold from under 12 to under Brown-Forman. Jack Daniel’s & Coca-Cola
for Responsible Drinking (IARD), a consortium
so people can enjoy the same great tastes in sizes 13 and reduced the audience threshold from joins our growing portfolio of ARTD offerings
of leading beer, wine and spirits producers
that are right for them. 35% to 30%. This means we will not place our including Lemon-Dou, Topo Chico Hard Seltzer
committed to reducing harmful drinking
marketing or advertising in any media, platform and Schweppes Pre-Mixed Cocktails. In the
In 2022, we kicked off a pilot of a Coca-Cola and promoting moderation through robust
or event where more than 30% of the audience United States, we authorize third parties to
Freestyle compact fountain dispenser at on-the- responsibility standards. In Brazil, we are
is under 13. Our policy goes beyond media and produce and sell Topo Chico Hard Seltzer,
go and at-work locations in France, Belgium, Great working with three NGO partners on the
includes packaging, in-store and point of sale. Simply Spiked Lemonade and Fresca Mixed.
Britain and the Netherlands. In addition to giving Pega Leve (“Take it Easy”) program, which
Our approach is consistent with the International We take the new responsibilities that come promotes moderation by communicating
consumers an expanded array of personalized,
Chamber of Commerce Marketing & Advertising with our entry in this space very seriously. the risks of drinking and driving and
on-demand beverage choices—including low- and
Code and its Framework for Responsible Food Recognizing the risks associated with alcohol excessive consumption, with a focus on
no-calorie options—the innovation helps reduce
and Beverage Marketing Communication. consumption, we created guardrails outlined 18- to 29-year-olds.
our carbon and packaging footprints.
We hold everyone involved in our marketing in our Global Policy on Alcohol Responsibility
The Coca-Cola Company is also a member
and communications accountable to our to ensure we grow our alcohol brands in a
of Drinkwise in Australia and Drinkaware
Global Responsible Marketing Policy, from responsible and sustainable way. The policy
in the United Kingdom and the Republic
employees and bottling partners to agency and articulates our commitment to:
Today, about 44% of our sparkling MORE INFORMATION FOR of Ireland, which are independent not-for-
media partners. We are a founding member of
soft drink brands come in packages 1. Ensure the responsible marketing profit organizations that work with partners
of 8.5 ounces or less.
MORE INFORMED DECISIONS the International Food & Beverage Alliance (IFBA), of our alcohol brands; and members to reduce alcohol-related
a group of leading companies that self-regulate 2. Support local responsible consumption harm in those countries.
We are committed to providing transparent
In North America, 10-pack mini cans globally on responsible marketing to children. partnerships and communications programs
nutrition information about all of our products,
Additionally, we collaborate with industry peers at
grew 39% in 2022. in line with local regulations, so consumers can to help reduce the harmful use of alcohol;
regional and local levels to scale collective action 3. Provide tools and information to enable
make informed decisions. We were the first
in responsible marketing pledge programs. people to make informed choices; and
beverage company to place calorie information on
the front of nearly all our packaging worldwide. 4. Enable our employees and partners to be
Today, we provide nutrition information on ambassadors for responsible consumption.
product labels, with the exception of certain
Our responsible alcohol marketing policy
returnable bottles, fountain beverages
determines how we innovate and bring
and waters (unsweetened, unflavored). For
to market ARTD brands. This policy has
these beverage and packaging types, we
been reviewed by the World Federation of
offer nutrition information through websites
Advertisers and endorsed by the International
and consumer hotlines.
Alliance for Responsible Drinking. At the heart
of our approach is ensuring that our alcohol
brands are only directed at adults over the
legal purchasing age who choose to drink,
and encouraging only drinking in moderation.
This means our brands will never be directed

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Packaging
WORKING TOWARD A WORLD WITHOUT WASTE
We recognize our responsibility to help solve complex
plastic waste challenges facing our planet and society. ONE OF OUR PACKAGING
That’s why, in 2018, we launched an ambitious strategy DESIGN GOALS IS TO REDUCE OUR USE
called World Without Waste to drive systemic change OF VIRGIN PLASTIC DERIVED
through a circular economy for our packaging. FROM NON-RENEWABLE SOURCES
World Without Waste is a global sustainable BY A CUMULATIVE
packaging platform focused on measurable and
interconnected goals, each of which are supported
by additional targets: 3M METRIC TONS
•  Making 100% of our packaging recyclable globally BETWEEN 2020 AND 2025
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 IN 2022, WE ANNOUNCED A NEW
we sell by 2030 (COLLECT); GLOBAL REUSABLE PACKAGING GOAL.
•  Bringing people together to support a healthy, BY 2030, WE AIM TO HAVE AT LEAST

25%
debris-free environment (PARTNER).

OF OUR BEVERAGES
SOLD BY VOLUME
WORLDWIDE IN REFILLABLE/
SECTION SCOPE: In this section,
our packaging strategy refers to RETURNABLE GLASS OR PLASTIC
actions by the company as well as BOTTLES OR IN FOUNTAIN DISPENSERS
our owned and independent bottling
partners and our independent
WITH REUSABLE PACKAGING
suppliers and partners.

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We are making progress against

each of our objectives, which are
WORLD WITHOUT WASTE: DESIGN
embedded in how we operate as
a business, and we are taking a • In France, a 250-ml returnable glass bottle
transparent approach to reporting
DESIGN: GOALS 2022 STATUS (RGB) launched in hotels, restaurants and cafes

our actions, results and learnings. for Fuze Tea, Tropico, Sprite, Fanta and Minute Our Packaging
Make 100% of our packaging 90% globally1
recyclable globally by 2025
90% Maid. Additionally, Coca-Cola and Coca-Cola Portfolio
Zero Sugar are now offered in RGBs nationwide,
Local teams are executing in ways appropriate
eliminating more than 15 million single-use We deliver our beverages in a variety
for their markets, and we are using a networked Use at least 50% recycled 25%2 recycled material in our packaging globally and
glass bottles in 2022. of packaging formats—from glass and
approach to deliver impact at scale. Our work has content in our packaging 15% of PET used is recycled PET (rPET) 25%
also shown us where the major challenges are, • In the United States, a 500-ml returnable PET bottles, to aluminum cans, to
by 2030
and some of our markets will have challenges glass bottle pilot program in approximately refillable packaging. Just as we offer
meeting goals as quickly as others. 15% 100 retail and foodservice outlets in El Paso, drink choices for a range of occasions,
Texas, generated a 75% return rate, and we our packaging portfolio gives consumers
Because packaging accounts for approximately
are exploring expansion capabilities in 2023. multiple ways to enjoy our brands
30% of our carbon footprint, nearly all of our
Reduce our use of virgin plastic In 2022, we avoided around half a million metric tons of virgin We also are working with Reuse Seattle to conveniently and safely.
World Without Waste efforts align with our
derived from non-renewable plastic usage through our efforts on lightweighting and use of reduce single-use plastic waste by encouraging
2030 science-based climate target and net zero Since glass, aluminum and PET plastic are
sources by a cumulative 3 million recycled content, with an incremental avoidance of over 50,000 customers to transition to reusable cups for our
ambition. When we lightweight our packaging, all recyclable materials, they all can play
metric tons from 2020–20253 metric tons since last year. However, growth of plastic packaging dispensed products, as part of a broader multi-
incorporate more recycled and bio-based a role in a circular economy. Refillable
has outpaced efforts on lightweighting and use of recycled content, stakeholder effort on foodservice packaging
material, invest in local recycling programs and packages, both glass and plastic, can
so that we have not reduced our use of virgin plastic overall across the metro region.
increase our use of reusable packaging, we have the lowest carbon footprints of our
can reduce both waste and our greenhouse • In South Africa, we extended the rollout of packaging options. PET packages with
By 2030, we aim to have at least Approximately 14% of total beverage volume was served recycled content can have a lower carbon
gas (GHG) emissions. refillable 2-liter and 1.5-liter PET plastic bottles.
25% of our beverages worldwide in reusable packaging in 2022 footprint than aluminum and glass, which
by volume sold in refillable/ • In Sri Lanka, we responded to the ongoing require more energy to produce, recycle
returnable glass or plastic
14%
economic crisis by introducing the Large and transport.
bottles or in fountain dispensers Returnable Glass Bottle (LRGB), nicknamed
with reusable packaging the “Big Buddy Pack,” to provide an affordable
and returnable, mealtime-focused option for
1 Only recyclable where infrastructure exists. Read more in the Data Appendix. families. Coca-Cola, Fanta and Sprite are offered
2 Includes select primary consumer packaging materials.
in the 750-ml bottles, which feature paper • In Scotland, Costa Limited (“Costa”) carried out
3 Reduction measured from historical usage modeled with 2018–2020 data.
labels and aluminum caps. a 14-store pilot of an on-the-go reusable cup
Our Design goals establish a foundation for worldwide sold in refillable/returnable glass or scheme, which invited consumers to rent a cup
• In Sweden, we are collaborating with Reitan
enabling a circular economy for our packaging plastic bottles or in fountain dispensers with by scanning a QR code before enjoying their
Convenience on a reusable packaging pilot in
materials. Creating a circular economy requires reusable packaging by 2030. drink and then returning the cup for it to be
Stockholm. Shoppers who visit the sustainability-
designing out waste by using, collecting and washed and reused. The effort supports Costa’s
focused PDX store can choose from more than
We continue to test and scale returnable global goal for 25% of its drinks to be served in
reusing recycled materials, which have inherent 60 fountain beverages, many of which are
glass bottle (RGB) and reusable PET pilot reusable or refillable packaging by 2030.
value. It also means embracing refillable and not available in bottles or cans. Shoppers are
programs, including:
fountain/dispensed packaging solutions. encouraged to bring their own refillable vessels We tailor our refillable packaging approach by
• In Latin America, the “Let’s Be Different” or purchase a reusable stainless steel tumbler. market, based on local conditions. In 2023, we
campaign kicked off on World Environment Day launched an end-to-end refillables operations
REFILLABLE PACKAGING 2022, inviting consumers to trade any recyclable
• In Hong Kong, China, we have installed almost
guide to help local teams implement more
100 Bonaqua Water Stations along hiking trails
Reusable packaging can reduce single-use PET bottle for a refillable bottle of Coca-Cola effective strategies and plans.
and in shopping malls and transportation hubs.
packaging waste. Expanding refillable packaging Zero Sugar. In Brazil, returnable, refillable PET
Consumers pay a small fee to fill their own
options helps ensure high levels of collection bottles of Coca-Cola, Fanta and Sprite can be
bottles with hot or cold Bonaqua water.
of beverage containers. In 2022, we were returned, cleaned and refilled up to 25 times.
proud to announce an industry-leading goal The package gives shoppers an affordable option
to have at least 25% of our beverage volume and drives repurchase rates.

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Building a Global rPET Supply Chain

VIRGIN PET REDUCTION beverages now include Bahrain, Bangladesh,

Indonesia, Kuwait, Nigeria, Oman, Qatar, Saudi
In 2021, we set a goal to reduce our use of virgin Arabia, South Korea, Thailand and Yemen. Through joint ventures and long-term supplier agreements, our system is
plastic derived from nonrenewable sources by making strategic investments to boost recycling capacity, unlock new supplies
Coca-Cola Beverages Philippines Inc. and
avoiding a cumulative 3 million metric tons by
Indorama Ventures—the world’s largest recycled
of recycled plastic and scale new technologies.
2025 compared to 2020. We are pursuing this
goal, which represents about 20% of our virgin PET flake producer—began operations at the new
plastic use, through more than 150 lightweighting PETValue recycling facility. The country’s first
projects and advancements on use of recycled bottle-to-bottle production site will process  
Active   Planned

and renewable materials. 2 billion clear PET plastic bottles into new bottles
for Coca-Cola brands. Indorama Ventures will open
In 2022, we avoided around half a million metric a similar facility in Indonesia in 2023.
tons of virgin plastic usage through these
efforts with an incremental avoidance of over Around the world, many of our biggest brands are
50,000 metric tons since last year. However, taking major steps to support a circular economy
growth of plastic packaging has outpaced for plastic packaging. More than 40 markets
currently offer at least one brand in 100% rPET AUSTRIA
efforts on lightweighting and use of recycled PET2PET, a JV
content, so that we have not reduced our use of packaging. A few highlights from 2022 include: between Coca-Cola
Hellenic and several
virgin plastic overall. • In the United States and Canada, we recently Austrian partners
began offering the majority of DASANI bottles— JAPAN
JAPAN FIGP, a JV
from 20-oz. and 1.5-liter singles to 10-oz. and
MOVING TOWARD 100% rPET 1
12-oz. multipacks—in 100% rPET plastic. The shift FRANCE
between Ishizuka Glass
Co., Ltd and Far Eastern
HONG KONG, CHINA New Century
supports the DASANI brand's pledge to remove INFINEO, a JV
Demand for recycled PET plastic for food-grade New Life Plastics,
between Coca-Cola a JV between ALBA,
applications currently exceeds supply, so we need the equivalent of 2 billion virgin plastic bottles Europacific Partners Baguio and Swire
to help build a sustainable pipeline of high-quality from production by 2027 compared to 2021 and PlastikPak Coca-Cola
material. We work with communities to boost PET levels. The announcement followed the launch THE PHILIPPINES
recycling and collection; collaborate with recycling of 100% rPET bottles in New York, California PETValue, a JV

and Texas, which also included Coca-Cola 20-

MEXICO between Coca-Cola
partners; and secure rPET to help ensure material Beverages
for our bottles is used again and again. oz. bottles. Bold, on-pack labels drive consumer PetStar, a JV between Philippines and
Coca-Cola Mexico and Indorama Ventures
awareness with “100% Recycled Bottle” and
In recent years, system partners and suppliers ARCA Continental
“Recycle Me Again” calls to action. INDONESIA
have announced significant investments, both IMER, a JV between Amandina, a JV
individually and through joint ventures, to boost • Eight markets in Europe (Austria, Belgium, Coca-Cola Mexico, between Coca-Cola
Coca-Cola FEMSA and Europacific Partners
the global rPET infrastructure. Many investments Iceland, Luxembourg, Netherlands, Norway,
Alpla and Dynapack Asia
are coming online in the next two years and will Sweden, Switzerland) offer their entire
Planeta, a JV between
change the rPET landscape, particularly in Asia. locally produced portfolios in 100% rPET.
Coca-Cola FEMSA and
Alpla
We continue to work with industry peers to • In Qatar, Coca-Cola, Sprite, Fanta and Arwa water SOUTH AFRICA AUSTRALIA
PETCO, a collaboration A JV between Coca-Cola
advocate for government regulations permitting were sold in 100% rPET bottles in FIFA World
between Coca-Cola Europacific Partners,
the use of rPET in food and beverage packaging. Cup 2022 stadiums and fan zones. This marked Africa, Coca-Cola Cleanaway Waste
Notable countries with food-grade recycled both the FIFA World Cup debut of the sustainable Beverages Africa and Management Ltd, Asahi
several CPGs to finance Beverages and Pact
plastics acceptance standards for use in packaging format and the Middle East’s first
PET collection Group
100% rPET rollout. Dedicated recycling bins and
on-site communication ensured proper collection
1 Except where otherwise indicated, where reference is made in of all bottles to be recycled and converted locally
this report to 100% Recycled PET, 100% rPET, or 100% Recycled
Plastic Beverage Packaging, we are referring to the material
back into new ones, closing the loop and leaving
from which the plastic bottle is made, not the cap and label. behind a green legacy.

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Sustainable Innovation
• In Vietnam, we launched 100% rPET Coca-Cola
bottles, which is projected to avoid 2,000 metric
tons of virgin plastic usage annually.

• In Japan, we achieved our World Without

Waste goal of 50% recycled material use in
Q1 2022. Four brands are now offered in 100% We continue to deliver breakthrough technologies
recycled PET and supported by an educational to lightweight our plastic packaging:
marketing campaign.

SPRITE TRANSITIONS FROM GREEN

TO CLEAR PET
We continued to transition Sprite plastic bottles
from green to clear PET to help increase the
efficiency of recycling systems. The move, which
the brand has completed or is in process in over
100 countries, improves the efficiency of recycling
systems and boosts availability of food-grade
rPET. As one example, Coca-Cola North America’s
entire green plastic portfolio—including packaging
for Sprite, Fresca, Seagram’s and Mello Yello—
made the transition to clear PET in 2022.

 
As The Coca-Cola Company’s second-largest
brand, Sprite is proud to demonstrate its
commitment to circularity through our packaging
by ensuring every bottle we make can be
recycled and made into a new one. We can Label-less bottles are now available across We licensed our technology for a 100% plant- Bottles with tethered caps, which enable The KeelClip®1 packaging solution made from
only achieve our World Without Waste goals by a range of brands in Japan, South Korea and based plastic bottle to a company building a bottles and caps to be collected together for recyclable cardboard replaces plastic rings for
creating closed-loop packaging streams, and that China. Laser engraving technology used directly commercial-scale facility in Germany, which is recycling, are being piloted for our entire portfolio multi-packs. Following a successful rollout across
starts with clear PET.” on the bottle helps improve recyclability and scheduled to deliver material in 2023. Bio-based in Germany, Bulgaria and Italy. Additionally, Europe, the first-of-its-kind solution is being
reduce carbon emissions. plastic packaging has a lower carbon footprint a new lightweighted bottle neck finish in piloted in select U.S. markets.
SHRENIK DASANI than petroleum-based plastic packaging. Europe will save an estimated 9,100 tons of
Global Senior Director, plastic per year by 2024.
Sprite Trademark

1 KeelClip is a trademark of Graphic Packaging International, LLC

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WORLD WITHOUT WASTE: COLLECT

Our Packaging Types

61%
of the equivalent bottles 26% 61% 3% 17% 2% 35% 47% 58% 0.5% 6% 10% 93%
and cans we introduced
into the market in 2022
were collected and refilled
or collected for recycling.1 ALUMINUM & STEEL CARTONS/JUICE BOXES NON-REFILLABLE GLASS PET PLASTIC POUCHES REFILLABLE GLASS & PET PLASTIC
Material Mix  Collection Rates by Packaging Type1

We work with partners across business, in many regions the recycling rate for PET bottles In emerging markets, we advocate for
GOAL 2022 STATUS government and civil society to create or lags that of some other materials. While we government regulations permitting the use
support closed-loop systems that ensure our continue to focus on national collection rates, in of rPET in food and beverage packaging, and
Collect and recycle 61%1 packages are collected and recycled or reused. 2022, with input from key external stakeholders, we seek ways to empower the informal waste
a bottle or can for Delivering a circular economy will require we updated our collection tracking guidance to collection sector in the circular economy. In
61%
each one we sell significant and urgent improvement in waste account for material collected through system- developed markets, we are working with industry
by 2030 management and recycling systems around the led efforts. Company and bottler teams in peers to build collection infrastructures—
world. Preserving the inherent economic value markets with limited recycling infrastructures including our more than 40 years of experience
1 T
 he collection rate represents a weighted average of of our packaging—and ensuring circularity— (including parts of Latin America, Africa and Asia) operating 40+ local Deposit Return Systems
national collection rates, collected for recycling rates or requires robust collection and recycling systems are financing system-led collection initiatives to (DRS). Countries with a well-designed DRS
refillable rates by packaging type to TCCS’s sales in units
to express the percent of equivalent bottles and cans across packaging types. supplement national systems and are launching scheme, like Germany, can achieve high levels of
introduced into the market that were collected and refilled
or collected for recycling for the year. our own tracking systems. In 2023, we will start collection (approximately 95% collection for PET
Collection challenges vary, as every country has
incorporating Coca-Cola system-led collection bottles in Germany).
unique governments, regulatory environments
data into our aggregate numbers.
and consumer behaviors. Though some countries
have high recycling rates across packaging types,

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2022 Worldwide Collection Rates1

We advocate for well-designed Extended Additional 2022 highlights:
Producer Responsibility (EPR) schemes, in
• In the Philippines, we partnered with the
which companies that produce packaging fund
Technical Education and Skills Development
collection, sorting and recycling with the goal
Authority to pilot a certified skills training
of increasing recycling rates. Recognizing that
program for workers in the informal waste
industry cannot achieve a circular economy on
collection sector. These workers have access
its own, we are part of a Consumer Goods Forum
to training, tools and equipment for efficient
(CGF) coalition of 40 companies supporting the
waste collection and connections to materials
development of EPR programs in collaboration
recovery facilities (MRF) that buy the waste that
with governments. The coalition has published
is collected. We also are creating more than
guiding principles and key design parameters for
ICELAND

90% 2,000 collection hubs in sari-sari (convenience)

ESTONIA
optimal EPR programs.
88% stores and other retail outlets where community
CANADA
In the United States, we’re making progress members can drop off used, clear PET bottles
POLAND
one community at a time, through our industry in return for incentives. Participating retailers
75% BELGIUM
47%
95% initiative Every Bottle Back. As of November 2022, earn income from selling collected PET bottles
HUNGARY
CROATIA the initiative has launched over 25 projects which to waste management companies and recyclers.
SPAIN 26% JAPAN
83% are projected to collect and capture nearly 700 Similar programs are in place in Malaysia,
ITALY SOUTH
TÜRKIYE
71%
KOREA
98%
UNITED STATES 65% GREECE
million pounds of PET over ten years. Myanmar and Thailand.
66% UZBEKISTAN
79%
28% 56%
83%
ISRAEL
NEPAL We also work with peers and partners to • In Brazil, SustentaPET collection centers take in
EGYPT PAKISTAN
DOMINICAN
JAMAICA REPUBLIC
68% 80%
BANGLADESH
advocate for legislation that enables a circular more than 700,000 PET bottles a day to produce
BELIZE 45% 75% 30% LAOS
25% economy, like a recent EPR law passed in recycled resin that ultimately becomes new
50% 49% BARBADOS
INDIA
35%
HONDURAS
80% Colorado and minimum recycled content laws packaging. In its first three years, the program
60% VIETNAM
29% THE PHILIPPINES passed in California, Washington and New Jersey. has recycled more than 83,000 metric tons of
GHANA 45%
MALAYSIA 48% However, collection rates in the United States trail PET—and will expand to additional states in 2023.
ECUADOR 50%
those of many other countries, and we know there
KENYA
56% INDONESIA
79% 45% • In Egypt, we partner with BariQ, the largest
62% is much more work to do.
bottle-to-bottle recycling plant in the Middle
TANZANIA
PERU
29%
Ensuring respect for the human rights of East, to recycle 14,000 metric tons of plastic
BRAZIL
54%
56% vulnerable workers in the informal waste waste annually to food-grade product compatible
MAURITIUS

AUSTRALIA
sector is an important pillar of our Collection with the European Food Safety Authority (EFSA),
40%
efforts. Over the last two years, we have Food and Drug Administration (FDA) and Egyptian
SOUTH
57%
URUGUAY AFRICA partnered with industry peers and Tearfund, Organization for Standardization (EOS).
26% 62% an NGO advocating for improved livelihoods
ARGENTINA • In India, we’re teaming with bicycle grocery
NEW ZEALAND for informal waste sector workers, on the Fair
30% delivery service Zepto for the “PET Return and
66% Circularity Initiative to develop human rights
Recycle” initiative. Using the Zepto mobile app,
principles and guidelines for engaging with the
consumers can return up to four empty PET
informal waste collection industry. For more
bottles (across any brand) to be collected by
information, see the Human Rights section.
Zepto riders during home delivery trips. Following
a successful pilot in Mumbai, the program will
expand to additional cities.

1 These collection rates represent non-refillable PET packaging only.

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WORLD WITHOUT WASTE: PARTNER WHAT’S NEXT

Tackling the global plastic waste crisis requires We have been working with the Foundation from the last cycle (2021–2022) with ReciVeci In Morocco, we are collaborating with WWF on We now have five years of experience
cross-sector collaboration and alignment on on plastics across a range of projects and (Ecuador) and RecyclePoints (Nigeria) resulted in the Plastic Smart Cities project, which brings implementing the World Without Waste program.
common principles and targets. We work with initiatives, including as a signatory to their ongoing partnerships that are helping to further together cities and tourism destinations to fight With targets for both 2025 and 2030, in 2023
a range of stakeholders at a global, regional Global Commitment in collaboration with the our World Without Waste plans. plastic pollution. The partnership in Tangier aims we are taking stock of our current status across
and local level. This includes partnering with UN Environment Programme. In the past couple to reduce leakage of plastic waste into nature by markets to ensure our local teams have the plans
In the Philippines, we are partnering with Save
governments and community organizations to of years, we increased our ambition and set 30%. In 2021 and 2022, the partners and the local and investments in place to continue to make
Philippine Seas on a campaign to find and scale
strengthen recycling infrastructures and boost virgin plastics reduction and reusable packaging waste management department have collected progress. Our experience in a handful of markets
community-based plastic waste solutions.
collection rates; collaborating with customers, targets. more than 3,900 metric tons of plastic waste. that are already achieving high performance
In 2022, five startups—Barrio Studios, Sagip
peers and industry associations to shape public against specific goals, or the full suite of targets,
In September 2022, we also joined the Business Kalikasan, KAKASIE Eco-Park, #RefillNotLandfill We look forward to partnering with more like-
policy that supports a circular economy; and indicates that these goals can be met. However,
Coalition for a Global Plastics Treaty convened by and Alon and Araw—received grants from minded organizations and communities to make
teaming up with suppliers, startups and R&D we are not currently on track to meet the World
the Ellen MacArthur Foundation and WWF, and we The Coca-Cola Foundation to advance their the vision of a World Without Waste a reality.
partners to fuel sustainable packaging innovation. Without Waste targets for 2030. Package design
have an active role as a Co-Chair of the Coalition’s collection, recycling and education projects.
and the use of recycled materials are areas
In 2022, we enhanced our partnership with the Policy Working Group. Over 80 organizations,
that are ultimately in our control, but costs,
Ellen MacArthur Foundation by becoming a including businesses from across the plastics
quality, technology and consumer preferences
Strategic Partner alongside some of the world’s value chain, financial institutions and NGOs, are
are dynamic factors that affect our ability and
largest and most influential organizations, supporting the development of an ambitious,
timelines for implementation. The key challenge
with transformative potential to demonstrate effective and legally binding UN treaty to end
for us is collection for recycling of beverage
what’s possible in the transition to a circular plastic pollution—which will set common goals,
packaging, which is the key step to ensure a
economy. As a Strategic Partner we support rules and obligations for member states, and in Collaborating for Impact
functioning circular economy.
the Foundation’s mission to develop and turn, for businesses. Through a shared vision we
In 2022, we continued to strengthen existing partnerships and establish new ones to align
promote a circular economy beyond our work on believe that a legally binding treaty must set the We will continue to invest in innovation for
strategically with our World Without Waste priorities and collectively drive progress toward a
plastics and deepen our engagement globally, right enabling conditions to successfully scale the small percentage of our packaging that
circular economy. Here are a few examples:
regionally and locally. a circular economy for plastic and end plastic currently has recycling challenges, including juice
pollution, and in doing so, will level the playing pouches, opaque packaging currently used for
field across countries and industries. This will help DESIGN PARTNERS COLLECT PARTNERS dairy beverages, and cartons. And, we will invest
ensure all plastics users participate in the funding in new recycling technologies for PET plastic
  of collection systems and will set consistent and other packaging materials.
A&W AB InBev 100+ Accelerator
We have no time to waste. The need for global targets for areas such as recyclability, recycled
coordination to tackle the plastic pollution crisis ANZPAC Plastics Pact BanQu We see a significant opportunity to work more
content and collection.
has never been more urgent. A Business Coalition proactively with global and regional customers,
We continue to play an active role in the AB Burger King® and Loop™ Benioff Ocean Institute many of which have announced their own
for a Global Plastics Treaty will push strongly
for a framework that leaves the business-as- InBev 100+ Accelerator program, a global open sustainable packaging goals that can only be
Coca-Cola Europacific Partners & Pact Group, Circular Solutions Advisors
usual approach at the door and ushers us into innovation program committed to crowdsourcing achieved in collaboration with key suppliers.
Cleanaway and Asahi Beverages
a new era where ending plastic pollution is and piloting sustainability-focused startups Circulate Capital Looking ahead, we will build on our longstanding
finally within reach.” and solutions. The program’s 2022 cohort is Changchun Meihe Science & Technology relationships to make collective progress.
 lobal Plastic Action Partnership & World
G
supporting 46 startups with funding, training,
Tesco and Loop™ Economic Forum GPAP
ERIN SIMON mentoring and other hands-on support to execute
Vice President and Head of pilot projects in a partner company’s supply chain. UPM Indorama Ventures
Plastic Waste and Business, WWF Within the Coca-Cola system, we are pursuing
Virent PETCO
six pilot projects, building on the five pilots from
last year. We have focused our investments Project RECAPP
in concepts that support a circular economy,
water and climate. And while we are early in the Solar Coca-Cola
process, we are seeing promise. Pilot projects The Ocean Cleanup™

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Climate 7% DECLINE IN
IN ABSOLUTE EMISSIONS
Taking well-informed, decisive action to help address
climate change is a priority for our company.
SINCE 2015 TOWARD A 25%
Climate change poses risks to our business and SCIENCE-BASED REDUCTION TARGET
our stakeholders. By implementing an interconnected BY 2030
approach across our priority sustainability issues,
we are reducing the Coca-Cola system’s greenhouse

21% SYSTEM-WIDE
gas (GHG) emissions and building resilience in our
business, value chain and local communities.

RENEWABLE ELECTRICITY
USAGE IN 2022

378 OF OUR SUPPLIERS

(OUT OF 495 REQUESTED) PROVIDED
CLIMATE DATA TO CDP IN 2022
(A 12% INCREASE FROM 2021)

SECTION SCOPE: In this section

our climate emissions reduction 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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2030 SCIENCE-BASED TARGET

We are working to reduce our
carbon footprint in line with Our Carbon Footprint and the Actions We Are Taking
science to 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 those emissions.

As of 2022, we reduced our emissions across

PACKAGING 30–35% INGREDIENTS 10–15% MANUFACTURING & DISTRIBUTION 5–10% REFRIGERATION 30–35%
Scopes 1, 2 and 3 by 7%,1 making progress toward A circular economy helps reduce GHG We work with our agricultural OTHER FACILITIES 10–15% We’re working to increase fuel We are continuing to replace older
our science-based reduction target of 25% by emissions. We are incorporating more suppliers to increase energy efficiency efficiency and the use of hybrid and equipment with hydrofluorocarbon
We provide system guidance to
2030 against a 2015 baseline1. Our ambition is recycled material, lightweighting and realize carbon sequestration electric vehicles across the system. (HFC)-free and more energy-efficient
improve energy efficiency and
to achieve net zero emissions by 2050. Several our packaging, investing in recycling benefits from Nature-Based Solutions Coca-Cola Europacific Partners coolers. In 2022, 88% of all new
increase the generation and purchase
of our bottling partners have announced infrastructure and using more (NBS). We also work with leading (CCEP) increased their use of hybrid coolers placed were HFC-free.
of renewable energy. In 2022, there
their own science-based targets and net zero reusable packaging. In 2023, we are sustainable sourcing schemes to and electric cars and vans in Europe This is an increase from 61% of
has been new renewable energy
pledges to drive climate action across the building our capabilities in life cycle quantify the impact of sustainable from 12% in 2021 to 20% in 2022 and coolers placed in 2016.
generation at system bottling
global Coca-Cola system. assessment (LCA) to further drive sourcing on emissions reduction. See introduced 30 electric trucks to make
plants in Europe, Latin America,
synergies between our work on Sustainable Agriculture for more. last mile deliveries to customers in
In 2022, our scope 1 emissions were 4.4 million the Philippines, India and the
packaging and climate. Belgium, covering approximately 40%
metric tons, scope 2 emissions were 3.5 million Middle East.
of the country’s local delivery routes.
metric tons2 and scope 3 emissions were 57.0
million metric tons.

CLIMATE CHANGE GOVERNANCE

The Coca-Cola System’s Emission Percentages by Scope in 2022
Networks Support The Corporate Governance and Sustainability
Our Net Zero Journey Committee of our Board of Directors oversees
climate-related issues. The Committee assists
We are part of a number of business
SCOPE 1 SCOPE 2 SCOPE 3 our Board in overseeing the company’s
DIRECT EMISSIONS INDIRECT EMISSIONS UPSTREAM AND DOWNSTREAM SOURCES
networks that are supporting our journey
environmental, social, legislative, regulatory and
to net zero. As a member of the WWF
public policy matters, including progress against

7% 5% 88%
Climate Business Network, we share best
our science-based emissions reduction target. The
practices to drive collective ambition
committee reports regularly to the full Board on
and scale action together. Participation
these and other matters.
in the Clean Energy Buyers Association
(CEBA) allows us to help deploy market To learn more about our governance structure,
and policy solutions toward a carbon-free see the Governance section. For more on climate-
Purchased goods Downstream transportation
energy system. Membership in Ceres’ Fossil fuels Electricity related governance, see our CDP 2022 Climate
and services and distribution
Company Network has helped to identify Change response, Section C1.
opportunities to drive further progress
toward net zero emissions. Business travel
Fleet vehicles Heat and steam Processing of sold products 1 This figure was calculated using the market-based emissions
method and therefore includes purchased renewable
electricity as part of the system’s overall emissions reduction.
For exclusions, please see the criteria statement in the
Independent Accountant’s Review Report.
2 This figure was calculated using the market-based emissions
method and therefore includes purchased renewable electricity.

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Taking Action Across Our Value Chain

Coca-Cola Europacific Partners
Signs Landmark Renewable
Electricity Agreement
The involvement of our bottling partners and
BOTTLING PARTNERS SET SCIENCE-BASED  
suppliers is essential to achieving our science-
based target to reduce absolute scope 1, 2 and
EMISSIONS TARGETS Thanks to The Coca-Cola Company, in April Coca-Cola Europacific Partners (CCEP) in
2022 we had the great opportunity to join the Australia signed an eight-year agreement
3 GHG emissions by 25% by 2030. The following Given the size of our network of bottling with Alinta Energy, which includes
Supplier LoCT initiative. This program helped us
are examples of how we are working on climate partners, they are critically important in making large-scale generation certificates and
to improve the way we calculate our Scope 1 & 2
initiatives with partners across our value chain. progress toward our climate ambitions. Our 13,000 MWh per year of renewable
emissions and to calculate our Scope 3 emissions
bottling partners have a major influence on for the first time. Last November, we committed electricity supplied from the Yandin
emissions reductions based on what they buy,
INCREASING RENEWABLE ENERGY (ELECTRICITY) make and deliver for our shared customers
to setting a science-based emissions target.” Wind Farm. The long-term agreement
started in January 2023 and will help
IN MANUFACTURING and consumers. NICOLAS LOOTENS CCEP move closer to its goal of using
One critical strategy for reducing emissions in  roup Sustainability Manager,
G 100% renewable electricity across all of
In September 2022, Arca Continental committed
Vetropak its markets by 2030.
our system is the increased use of renewable
MANAGING CLIMATE RISK energy in our manufacturing processes.
to setting a science-based target. This adds to
the growing list of our bottlers with approved
Our Risk Steering Committee oversees regular Renewable electricity usage, which was third- emissions reductions goals through the Science-
system-wide risk assessments. We integrate party assured for the first time in 2021, increased Based Targets initiative (SBTi). This list includes In total, more than 160 of our suppliers have
climate risk planning into this cross-functional from 12% in 2021 to 21% in 2022. Coca-Cola Hellenic Bottling Company (CCHBC), set or committed to setting SBTi-approved
and cross-company Enterprise Risk Management Coca-Cola Europacific Partners (CCEP), AB Inbev,
To build knowledge across our system and emissions targets.
(ERM) process. We regularly evaluate commodity- Swire Coca-Cola Limited and Coca-Cola FEMSA.
increase the generation, procurement and
specific risks and resilience associated with
accurate reporting of renewable energy, we We will be working to grow this list in 2023. Reducing Emissions from Coolers
climate impacts on water and our supply chain.
published a Renewable Energy Implementation
Guidebook in March 2022. This guidebook Coolers have long been a key opportunity
Risks that could materially affect our business,
financial condition and results of operations provides a step-by-step process for associates ENGAGING WITH SUPPLIERS TO TAKE ACTION because approximately one-third of our

are disclosed in the company's Annual Report across the system to implement on-site solar ON CLIMATE emissions comes from cold-drink equipment and
photovoltaic and solar hot water and steam dispensing. In early 2023, building on analysis
on Form 10-K for the year ended December 31,
We continue to find new ways to collaborate we conducted in 2022, we published internal
2022. This includes risks related to the effects of systems, on-site and off-site renewable energy
and support our suppliers to collectively guidance for coolers used across our value chain.
climate change and legal or regulatory initiatives power purchase agreements (PPAs), coupled
reduce emissions. The guidance sets specific energy usage limits,
to address climate change. Our management with energy attribute certificates to align with
GHG Protocol Scope 2 quality criteria. which will require increasing energy efficiency
team works to mitigate these risks through, In 2022, we joined the Supplier Leadership on
between now and 2030 and help drive the
among other things, business continuity planning, Climate Transition (Supplier LoCT) initiative, led
In addition to the guidebook, we launched a replacement of older, less efficient coolers.
setting targets that drive efficiency and making by Guidehouse along with 18 other companies
future-facing initiative called the Renewable
investments to improve our performance and to mobilize collective climate action by providing We are also installing more “intelligent
Energy Project Pipeline in 2022, where we work
increase resilience. Ultimately, the Corporate suppliers with resources, tools and knowledge connected” coolers that can transmit data
closely with bottling partners to increase the
Governance and Sustainability Committee of our to accelerate their decarbonization. As of the such as product throughput, maintenance
number of renewable energy projects throughout
Board of Directors oversees climate-related risks. end of 2022, there were 94 suppliers to the status, temperature and energy use, which
our system. Approximately 20 bottling partners
Coca-Cola system participating in the initiative. has operational benefits in addition to
and 13 concentrate plants have developed
The company is directly sponsoring 56 of these helping reduce emissions.
2023–2025 renewable energy plans. As the
suppliers. The program is showing signs of
number and scope of these projects expands, we In 2022, 88% of all new coolers placed were
success—10 suppliers that we sponsored, who
will look for opportunities to collaborate HFC-free. This is an increase from 61% of coolers
successfully completed the program, have since
and share best practices. placed in 2016.
set or committed to setting their own SBTi-
approved emissions targets.

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WHAT’S NEXT?
IMPROVING DATA SCOPE AND ACCURACY
Gathering complete and accurate data is critical Accounting for Land Use Emissions
to identifying a path to achieving our science-
based target. We are continuously improving the In line with the launch of the SBTi’s Forest, Land and Agriculture (FLAG) requirements, we are
scope and detail of our data collection to ensure working to update our current science-based target in line with this methodology and a more
all significant sources of emissions across our ambitious trajectory. This new target would consider emissions from land use change in our
value chain are included in our inventory. We are supply chain as part of our overall GHG footprint and would consider carbon sequestration
updating our 2015 baseline data due to recent from land-based projects we implement in our supply chain. While we already work closely
acquisitions. Improving our data helps us prioritize with suppliers to engage on water and sustainable agriculture, accounting for land use
projects and programs with the greatest impact, emissions would require an even closer partnership with our agricultural suppliers. As we
including more detail on renewable energy usage incorporate more work across the agricultural supply chain, this would also help us meet
and more data from suppliers. evolving climate risk and data disclosure requirements.

Coca-Cola Ballina Plant Validate Renewable Energy Claims

Recognized by World One area of focus has been to validate the
Economic Forum accuracy and completeness of our renewable understand our supply chain, drive change and
energy claims. We have done this through more accurately track emissions reductions of
The World Economic Forum’s Global assuring our claims to the GHG Protocol. This specific suppliers and commodities in key areas.
Lighthouse Network recognized The work began in 2021 and continued through 2022.
Even deeper in our supply chain, work is
Coca-Cola Company’s concentrate
underway to map and understand how land,
manufacturing facility in Ballina,
Suppliers Disclose Data and Targets water use and farming practices in our major
Ireland, as a manufacturer showing
Because approximately 85% of our total carbon agricultural sourcing regions both generate
leadership in applying Fourth Industrial
emissions come from goods and services we emissions and have the potential to reduce
Revolution technologies at scale to
buy, it is essential to engage with suppliers to emissions. Costa began its own work in 2022,
drive step-change financial, operational
accurately capture our full scope 3 emissions and launching a Climate Smart coffee project in
and sustainability improvements by
ensure our suppliers join our decarbonization partnership with the Rainforest Alliance. Phase
transforming factories, value chains
journey. Each year, we encourage key suppliers 1 of the project has been to conduct a GHG
and business models. Investments
to complete CDP’s Supply Chain Climate Change feasibility study to better understand the carbon
in the facility’s IT infrastructure,
questionnaire, which provides useful data on footprint of coffee farms from Costa’s key
advanced technologies and employee
GHG emissions in our supply chain and sourcing origins, including Colombia and Brazil.
training has led to a 6.8% increase in
information on supplier targets and initiatives to This study is being used to inform the design of
production in three years (2019–2022)
reduce emissions. In 2022, 378 suppliers provided scalable climate mitigation interventions.
and a 29% energy reduction, which
brought emissions back to 2011 climate data to CDP out of 495 requested,
levels. The Ballina team’s learnings are a 12% increase from 2021.
being shared globally.
Additionally, we are working to improve data
accuracy in partnership with several major
suppliers across ingredients and packaging,
starting with sugar and aluminum, in order to
develop supplier-specific emissions factors for the
commodities we procure. This allows us to better

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Sustainable
Agriculture
Our products and some of our packaging are made
from a wide variety of agricultural ingredients which
we source from around the world. Our goal is to IN 2022,
sustainably source all our ingredients over time.
We publicly report on our 12 global priority
ingredients—such as sugar, corn, fruit, coffee, tea
and soybeans. Sustainably sourcing our ingredients
64%
increases the resilience of our supply chain, helps to OF OUR GLOBAL
conserve nature and empowers producers and farm
workers. In practice, we encourage and support our PRIORITY INGREDIENT
ingredient suppliers to drive continuous improvement
in sustainable farming practices, based on our
VOLUMES
Principles for Sustainable Agriculture (PSA). WERE SUSTAINABLY SOURCED
TO OUR LEADER STANDARD1, IN
LINE WITH OUR PRINCIPLES FOR
SUSTAINABLE AGRICULTURE

SECTION SCOPE: In this section our

Sustainable Agriculture work refers
to actions by the company as well as
our owned and independent bottling
partners and our independent
suppliers and partners.

1 Leader standard represents supply volume verified to a company-approved, third-party validation,

that is aligned with our PSA.

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PRINCIPLES FOR SUSTAINABLE AGRICULTURE IMPROVING WATER MANAGEMENT TO GROW OUR INGREDIENTS
Thriving farmers and farming 2022 Progress on Sustainable Sourcing2 Irrigated agriculture remains the
communities are critically Based on the PSA framework, largest user of water globally,
important for our supply chain. suppliers are designated as: accounting for 70% of water use
Our ability to deliver quality worldwide,3 and has significant
0 20 40 60 80 100

•  LEADER: Supply volume is verified to

products depends on having a company approved standards, with third- impacts on watershed health.
MANGOES 36%
sustainable and secure supply of party assurance aligned with the PSA.1
agricultural ingredients. • MOVER: Supply volume is sourced from
GRAPES 37%
Agriculture is also one of the sectors most
farms using other agricultural farming impacted by water stress and drought.

Our complex supply chain spans the globe standards, effectively identifying and Water use within our agriculture supply chain
and includes many kinds of suppliers, from addressing key sustainability issues and SUGAR CANE 40%
accounts for the vast majority of the surface water
multinational companies to smallholder farmers. advancing sustainable practices. and groundwater consumed in the production of
Our Principles for Sustainable Agriculture (PSA) •  IMPROVER: Supply volume is sourced APPLES 55% our beverages. Therefore, we are working with  
communicate our expectations for environmental, from smallholder/small-scale producers our suppliers to help promote the long-term This partnership has guided us with a focus on
social and economic performance to our participating in a support program the right solutions for young farmers in highly
CORN 70% sustainability of water resources through the
agricultural suppliers at the farm level. to continuously improve their priority implementation of advanced water management water-stressed regions of Türkiye.”
sustainability practices. practices at the farm level.
The PSA, introduced in 2021 to replace our TEA 74%
TANZER BILGEN
Sustainable Agriculture Guiding Principles (SAGP), In addition, we are including our priority sourcing Doktar Co-Founder
take a long-term perspective and reflect the most SUGAR BEETS 80% regions as part of our water replenishment and CEO
recent science, our total beverage portfolio, and programs. For example, in 2022, in partnership
Our long-term ambition is two-fold:
our increasingly diverse supply chain. The PSA are with Doktar, an agri-tech company, and with
PULP AND PAPER 86% tomato growing as farmers shift from a flood-
designed to encourage continuous improvement •  All of our agricultural-based suppliers will funding from The Coca-Cola Foundation, we
in farming practices and lead to more ethical and demonstrate continuous improvement and will based irrigation system. We estimate the project
launched a project in the regions of Bursa and
sustainable sourcing. be categorized by The Coca-Cola Company as ORANGES 89% will replenish approximately 500 million liters of
Tekirdağ in Türkiye, which are priority sourcing
either a Leader, Mover or Improver. water per year. The improvements in water-use
regions for apples. The project aims to improve
The PSA framework for evaluating the compliance efficiency are expected to help reduce costs and
LEMONS 96% irrigation efficiency and agricultural practices on
and performance of our supply farm base •  All of our global priority ingredient suppliers and
increase profitability for the farmers.
their farm supply base will work toward achieving approximately 500 acres of land growing apples,
recognizes the on-the-ground realities in
sustainable farming practices across a diversity of “Leader” status over time. COFFEE 99% peaches, nectarines and tomatoes, which are Over the past year, we have worked closely with
major water users. Sensors will be installed to our suppliers to map our sourcing regions for our
supply chains, farm structures and risk contexts.
SOYBEANS 100% monitor climate and soil moisture conditions and global priority ingredients. While we recognize
Based on the PSA framework, suppliers are
satellite data (Sentinel-2 and PlanetScope) will that traceability is not always perfect, and our
designated as either a Leader, Mover or Improver.
be used to calculate levels of evapotranspiration. supplier base is dynamic, we have begun to
We are currently analyzing against the PSA In 2022, 64% of our global priority ingredient All of this data will be combined to provide understand sourcing regions for our global
framework the volume of the 12 global priority volumes were sustainably sourced to our personalized irrigation programs for participating priority ingredients that are exposed to high or
ingredients we procure. This mapping, which Leader standard, in line with our PSA. We farmers and help to avoid excessive watering. extremely high water stress. We are focusing
we aim to complete by the end of 2025, will help currently only report our Leader-level volumes Drip irrigation infrastructure will be built on on engagement with suppliers in these priority
determine how we engage with suppliers to publicly. We do not currently report Mover or selected sites, which helps to reduce water sourcing watersheds.
drive continuous improvement. Improver volumes publicly. use, and artificial reservoirs will be constructed
In 2022 and early 2023, we approached more
to capture and hold rainwater to be used for
than 45 suppliers that source ingredients
irrigation purposes.
from regions facing high or extremely high
It is estimated that drip irrigation will lead to a water stress, to gather data on their water
1 These approved standards, which can be found on our website, currently include Bonsucro for sugar; the Sustainable Agriculture Initiative
Platform—Farm Sustainability Assessment (FSA) for crops including sugar cane, sugar beets and fruit; the Round Table for Responsible Soy 20% increase in water efficiency for apple, peach management practices. In 2023, we plan to
for soybean; the Rainforest Alliance for coffee and tea; the Forest Stewardship Council for pulp and paper; and Field to Market for U.S. corn,
among other crops. and nectarine production and a 50% increase for analyze this information to develop a baseline
2 Data is based on supplier reporting according to our PSA governance requirements. that will feed a supplier engagement strategy and
collective action plan.
3 Source: Food and Agriculture Organization of the United Nations:
Water for Sustainable Food and Agriculture, a report produced
for the G20 Presidency of Germany

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

SUPPORTING SMALLHOLDER FARMERS SUPPORTING SUSTAINABLE AGRICULTURAL PRACTICES

Smallholder farmers play an Regenerative agriculture is often
essential role in our supply chain. referred to as a system of farming
that focuses on positive outcomes
Their livelihoods can be particularly vulnerable that ensure the long-term viability
because they lack the resources and scale of
of land to sustain production
commercial farmers. We partner with a range of
nonprofits, communities, industry organizations
by working “with nature”
and other companies to support smallholder rather than against it.
farmers in becoming more efficient and
productive while improving water and climate A number of our completed and ongoing projects
footprints, managing soil health, maintaining promote sustainable agriculture practices (e.g.,
use of cover crops) and contribute to positive
crop protection, and respecting the human rights Strengthening Sustainable
of their workforce and labor contractors. The outcomes, including reduced soil erosion and the
Production of Oranges in Brazil buildup of organic matter.
“Improver” category of our PSA segmentation
includes smallholders who may never be We will use key learnings from these projects
We are working with partners to support
able to gain formal certification but who can, to inform the design of future projects
smallholder farmers in Brazil’s citrus
with appropriate support, contribute to more and incorporate regenerative agriculture
sector, which is the largest in the world.
sustainable and regenerative agriculture while principles and practices.
Many smallholder farmers in Brazil
increasing their own incomes and resilience.
have struggled, particularly during As a founding member of the SAI Platform’s
the COVID-19 pandemic. As part of an Regenerative Agriculture Framework, we are
industry initiative named Fruto Resiliente, supporting the development of an industry
which began in 2019, we are partnering solution for measuring outcomes of regenerative
For details on how we address human rights
with Eckes-Granini, Cutrale, one of our agriculture practices at the farm level. We are
risks in our agricultural supply chain, see the
citrus juice suppliers, Solidaridad and also actively involved with SAI Platform’s work
Human Rights section.
innocent drinks, with co-funding from The on the Farm Sustainability Assessment (FSA), a Applying Compost Drives Positive Outcomes
For details on how we address deforestation Coca-Cola Foundation, to support nearly global verification framework and benchmark for Egyptian Vegetable Farmers
risks in our agricultural supply chain, see our 500 smallholder farmers. The project reference designed to accelerate sustainable
CDP Forests disclosure. aims to improve sustainable agriculture agriculture. The latest version, FSA 3.0, includes a Agriculture in Egypt faces many challenges, including water scarcity, water pollution, desertification
practices in the production of oranges self-assessment questionnaire and a continuous and land degradation. Through a grant from The Coca-Cola Foundation to Global Water
by providing training to smallholders, improvement module that offers guidance Challenge (GWC), United Nations Development Programme (UNDP) and the Egypt Network for
including female farmers, in topics such for developing, implementing and monitoring Sustainable Development (ENID) implemented a project in the Qena governorate in Upper Egypt
as water, soil management and labor performance improvement plans. to demonstrate the value of using a greenhouse cultivation model to produce vegetables (e.g.,
standards. Technical materials and
eggplants and tomatoes), and the recycling and use of crop residues (materials left over after
resources (including booklets, podcasts,
a crop harvest, e.g., stalks and stems) as compost on local farms. Local farmers and laborers
and videos) are shared for free online, and
received equipment and training in these improved farming techniques.
smallholders benefit from field visits to a
demonstration farm operated by Sylvio The application of compost increased the soil moisture holding capacity on farmland and
Moreira Citrus Research Center (CCSM) reduced the need for synthetic fertilizer. It is estimated that composting reduced the use of water
of the Agronomic Institute (IAC). With for irrigation by as much as 23%. This decreased farming costs and generated an additional
project support, this state experimental revenue stream for farmers. The recycling of crop residues provided income and short-term job
farm reached the FSA/SAI gold level1. opportunities for local residents along with longer-term employment prospects for approximately
In 2022, the project directly assisted 500 individuals, including almost 100 women, who received training in the production and
approximately 200 orange farms. application of compost. The project also reduced the need for burning, which is the traditional way
1 Source: https://revistacultivar.com.br/noticias/centro-de-
of disposing of agricultural waste.
citricultura-do-iac-obtem-certificacao-internacional-de-
sustentabilidade

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

Improving Water Use in Agriculture

The Coca-Cola system and The Coca-Cola Foundation have a long history of supporting projects that help improve efficiency of water use
in irrigation, promote advanced water management, and drive improvement in sustainable farming practices. Below is a snapshot of
some of our projects.

1 NORTH AMERICA 2 LATIN AMERICA 3 EUROPE 4 AFRICA 5 EURASIA & MIDDLE EAST 6 INDIA & SOUTHWEST ASIA
USA/Arizona, Colorado, Nebraska, Brazil/Sao Paolo: Improved Spain/Sevilla: Irrigation efficiency Egypt/Qena: Irrigation efficiency Türkiye/Konya: Conservation Bangladesh: Irrigation efficiency
Florida, Georgia: Farm irrigation agricultural practices (oranges) (oranges) (banana) agriculture (wheat, barley, rye, (rice, mango)
efficiency (alfalfa, corn, peanuts, oats, corn)
cotton, pecans) Honduras/San Pedro Sula: UK/East Anglia: Water quality Egypt/Qena: Hydroponics India/Uttar Pradesh, Karnataka
Agroforestry and forest protection improvement (sugar beet) (vegetables, quinoa) Türkiye/Sanliurfa, Bursa: Improved Maharashtra: Yield improvement
USA/Montana: Water distribution (fruits) irrigation (cotton, apple, pear, and water use efficiency
system improvement (alfalfa, barley, Spain/Huelva, Valencia: Irrigation Kenya/Turkana: Improved irrigation peach, nectarine) (sugar cane)
beet) Panama/Colon: Agroforestry and efficiency (strawberries, oranges) (many crops)
forest protection (coffee, plantain) Kyrgyzstan/Naryn: Improved India/12 states: Yield improvement
USA/Indiana, Michigan, Iowa: Water Italy/Sicily: Irrigation efficiency Morocco/Tata, Demnate, Nicer, and water use efficiency
irrigation (wheat, barley, potatoes)
retention and quality improvement Paraguay/Canindeyú: Sustainable (citrus fruits) Assa, Ourika Valley: Irrigation (many fruits)
(corn, soybean) agricultural practices (black oats, efficiency (date palm, fruits, nuts, Uzbekistan/Navoy: Water-saving
perennial crops) medicinal and aromatic plants) technologies (cotton, wheat)
USA/California: Groundwater
recharge basins (fruits, nuts) South Africa/Eastern Cape:
Sustainable agriculture (rosemary,
Gaza: Greywater reuse for 7 GREATER CHINA & MONGOLIA
irrigation (fruits, alfalfa)
USA/Illinois, Iowa, Minnesota: lavandin, livestock)
Treatment wetland (corn, soybean) Kazakhstan/Kyzylorda, South China/Sichuan, Guangxi, Tarim
Kazakhstan: Water-saving Basin: Irrigation efficiency (tea, pear,
sugarcane, cotton, wheat)
technology (many crops)
China/Jilin: Irrigation efficiency
Kazakhstan/Kyzylorda, Karoy,
Eskeldi, Jambyl: Improved
(corn)
Demonstrating Sustainable
irrigation (many crops)

Pakistan: Wastewater treatment

Sugarcane Production
and reuse for irrigation (sugarcane, 8 JAPAN & SOUTH KOREA
wheat, cotton)
In partnership with Biofábrica Siglo XXI,
Japan/Kumamoto, Kanagawa:
Pakistan/Western Himalaya: Water retention and recharge (rice) an agro-biotechnological company, and
Conservation agriculture and
forest conservation (vegetables) Unión Nacional de Cañeros, A.C.–CNPR,
3 Pakistan/Gilgit-Baltistan: one of the most important canegrower
1 7 Improved irrigation (many crops) 9 ASEAN & SOUTH PACIFIC organizations in Mexico, we developed
Pakistan/Lahore: Floating Australia/Queensland: Water quality a project in 2021–2022 in Huasteca
5 wetlands (sugarcane, wheat, improvement (sugarcane)
Potosina and the state of Morelos in
barley)
8 Vietnam/Mekong: Improved
Mexico to demonstrate the positive
flood-based agriculture (rice,
4 6 lotus, fish) outcomes of regenerative agriculture
Indonesia/Central Java, East Nusa practices in the production of sugarcane.
Tenggara: Improved irrigation
(fruits, grains) Farming practices promoted include
the use of biofertilizers—made from
2 9
microorganisms—and compost. The
24-month project is expected to show
that such a production model can
Many projects have multiple locations, and many projects have the same description. increase productivity, reduce the need
 any of these projects support agricultural ingredients that are not tied directly to our
M for chemical fertilizer, improve soil health
supply chain.
and increase carbon sequestration and
 
Many of these projects have been funded by The Coca-Cola Foundation.
retention. In 2022, the project was one of
the winners of the Bonsucro Impact Fund.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW HUMAN RIGHTS SAFETY & HEALTH DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES ECONOMIC EMPOWERMENT

People &
Communities
OUR PEOPLE POWER OUR PURPOSE
Our focus on people starts with our employees.
They steward our beloved beverage brands, fuel our
innovation agenda, drive our sustainability priorities
and programs, and create a multiplier effect in local
communities through partnerships with governments,
nonprofits, industry peers and other stakeholders.
We remain committed to caring for the people across
our value chain who contribute to our success—
by respecting human rights across our operations
and supply chain, empowering access to equal
opportunities, supporting more sustainable agriculture
practices, and giving back to communities through our
philanthropic initiatives. And we use our global scale as
~700K
EMPLOYED BY THE COCA-COLA
a force for progress and for good.
COMPANY AND OUR APPROXIMATELY
200 BOTTLING PARTNERS

~82.5K
EMPLOYED BY THE COCA-COLA
COMPANY1
1 As of December 31, 2022.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW HUMAN RIGHTS SAFETY & HEALTH DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES ECONOMIC EMPOWERMENT

Respecting human rights is OUR COMMITMENT TO HUMAN RIGHTS

one of our core values. To make our ambition concrete,
Our New Framework to Transform Tomorrow
As a part of our Real Impact framework, we are
HUMAN RIGHTS
Real IMPACT includes
renewing and refining our Human Rights Policy.
The Coca-Cola Company was among the first
The new Policy will draw on our stakeholder
companies to commit to the United Nations
The future of human rights at The Coca-Cola Company is empowerment. engagement and risk assessment to better
Guiding Principles on Business and Human
Rights in 2011, and we have strived to inspire and three signature initiatives.
Real Impact is our new framework for tomorrow. It is about respecting rights while working to drive progress. We will seek
align with the UN Guiding Principles on Business
and Human Rights and the OECD Guidelines for
drive responsible business practices ever since, to bring enduring changes to the lives of those we touch around the world. To make our ambition concrete, Real Impact is Multinational Enterprises.
embedding respect for human rights across our grounded in three signature initiatives.
business and value chain. The rights underpinning our commitment
are drawn from the International Bill of Human
Rights, the ILO Core Conventions, and other
REAL IMPACT: SETTING THE STAGE FOR THE FUTURE instruments foundational to the dignity of
The foundation of our human rights program is vulnerable stakeholders. While we are committed
our commitment to continuous improvement. to respecting all human rights, we have identified
That’s why, in 2022, we engaged a human 10 of our most salient issues:

Real
rights advisory firm to conduct a holistic and IMPACT 1. Safe and healthy workplace
IMPACT
Agriculture
rigorous review of our human rights program 2. Diversity and inclusion
Work
IMPACT
to ensure that we remain at the vanguard of 3. Freedom of association
responsible business. Driving meaningful and enduring 4. Prohibition on slavery and forced labor
Empowering workers change in the lives of everyone
The process included extensive engagement with across our value chain —
5. Prohibition of child labor
touched by the commodities
internal and external stakeholders to understand from upstream supply at the heart of our products — 6. Work hours, wages, and benefits
their primary human rights concerns and their
chain workers and from smallholder farmers and 7. Land rights
our 700,000+ system Toward a their families to the communities 8. Water and environmental stewardship
expectations of an industry-leading program. employees to down- Better Tomorrow we serve.
9. Privacy
We also conducted a global risk assessment to stream informal waste
identify salient human rights risks1 across our collection workers 10. Consumer wellbeing
supporting recycling
global value chain and evaluate the strength of Our Human Rights Policy is embedded in
around the world.
our governance to meet future challenges. The expectations of our employees through the
aim of this extensive analysis was to establish company’s Code of Business Conduct, and
a framework to drive meaningful human rights IMPACT its precepts are extended through our
progress across our operations and value chain.
Innovation supply chain through the Supplier Guiding
Principles (SGP) and our Principles for
The result of our year-long assessment is Real
Developing transformative due Sustainable Agriculture (PSA).
Impact, a new vision for the company’s human diligence and remediation programs
rights program. Our mission is to take actions through emerging technologies In line with the UN Guiding Principles, we carry
that lead to a better tomorrow. We will take the and creative partnerships with
out human rights due diligence across our value
stakeholders and experts.
lessons learned from existing programs and chain. We regularly assess our key human rights
partnerships and seek to scale and adapt best risks to ensure that we are taking sufficient steps
practices across more geographies to deliver real to identify and address them and, if needed, to
impact to more people across our value chain. We For more information about our vision for the future, click on the icon. support remediation of impacts.
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.
Real IMPACT: Toward A Better Tomorrow 2
SECTION SCOPE: In this section, our Human Rights Policy and Supplier Guiding Principle audits refer to actions by the company as
1 Salient human rights risks are human rights at risk of the most well as our owned and independent bottling partners and our Tier 1 independent suppliers and partners.
severe negative impact through a company’s activities and
business relationships.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 52

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW HUMAN RIGHTS SAFETY & HEALTH DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES ECONOMIC EMPOWERMENT

Human Rights Due Diligence Approaches Across Our Value Chain

EMBEDDING HUMAN RIGHTS ACROSS OUR NETWORK COLLABORATING TO COMBAT FORCED LABOR
Our industry-leading global audit program is Forced labor is a human rights issue that plagues
a key component of our long-term, ongoing global supply chains and is a risk in virtually every
commitment to supporting human rights. We use company’s value chain. No company can solve
the same rigorous SGP protocols to audit our this systemic failure alone—collaboration is the
own operations as we do our bottling partners cornerstone of progress. We have joined with
Our Value Examples of Human Rights Due
and Tier 1 suppliers (packaging and ingredients). other companies as part of The Consumer Goods
Chain Diligence Approaches
In 2022, we conducted 2,770 audits and found Forum to support its Human Rights Coalition
that 99% of our own operations, 93% of system (HRC). Serving as Co-Chair of the HRC,
bottlers and 91% of our Tier 1 suppliers complied The Coca-Cola Company has helped
with our SGP protocols. These audit results HRC drive action to:
PRINCIPLES FOR SUSTAINABLE
are reviewed by the Corporate Governance FARMS GROWING AGRICULTURE (PSA) VALIDATION
• Help make Human Rights Due Diligence (HRDD)
and Sustainability Committee of our Board of
the norm in our industry by implementing forced
INGREDIENTS Third-party validation programs
Directors on an annual basis. approved under our PSA
labor-focused HRDD systems;
While this process helps us hold our company and • Implement HRDD systems in certain targeted
partners accountable, we also focus on building high-risk supply chains, starting with palm oil in
capacity to support respect for human rights the People Positive Palm Project; and SELF-ASSESSMENT ECOVADIS PLATFORM
across our value chain. This includes providing •  Support the development of responsible INDIRECT SUPPLIERS Validated self-assessments to monitor environmental
training and resources such as checklists, toolkits recruitment markets through capacity building and social performance—over 2,000 system suppliers
(e.g., information technology)
and guidelines. In 2022, we conducted bottler and government advocacy. on the platform
and supplier human rights-focused training
We also collaborate with leading responsible
across seven of our operating units, attended by
businesses as part of the Leadership Group for
over 1,000 participants.
Responsible Recruitment. This business group
works closely with international organizations,
TIER 1 SUPPLIERS
trade unions, and key NGOs such as the Institute

2,770 AUDITS
(Packaging & Ingredients)
for Human Rights and Business and Verité to
eliminate all worker fees in recruitment, both in SUPPLIER GUIDING PRINCIPLES (SGP) AUDITS
conducted in 2022
law and in practice, by 2026.
Audits against our SGP protocols at facilities—
~2,700 audits annually

MANUFACTURING
(Company-owned facilities &
See our Human Rights 2022 bottling partners)
Overview for comprehensive
disclosures of our human rights
policies, governance, due diligence,
as well as access to remedy and
END-OF-USE SGP AUDITS FOR WASTE MANAGEMENT
grievance mechanisms.
PACKAGING COLLECTION
Customized audit module to understand and improve
the economic conditions and practices for people
working across the waste collection sector

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW HUMAN RIGHTS SAFETY & HEALTH DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES ECONOMIC EMPOWERMENT

LIVING WAGE enactment of significant labor reforms and FIFA’s

HUMAN RIGHTS CONFERENCE
announcement of a Legacy Fund to establish
As part of our commitment to respect human a labor excellence hub in partnership with the In October, The Coca-Cola Company was delighted
rights, we are actively engaging on the topic International Labor Organization. to host the 14th Annual Engaging Business Forum
of a living wage. Over the past year, we have at our headquarters in Atlanta. Sponsored by
partnered with Business for Social Responsibility the International Organization of Employers, the
(BSR) to conduct a rigorous living wage gap INFORMAL WASTE COLLECTION WORKERS United States Council for International Business
analysis across our global offices and company- & HUMAN RIGHTS and the U.S. Chamber of Commerce, the Forum
owned manufacturing sites. While further has become one of the preeminent business
The Coca-Cola Company has been a leader in
analysis is needed, we are proud to meet or and human rights conferences, where business
driving ambitious sustainable packaging through
exceed the BSR living wage benchmark in the leaders and experts from civil society, trade
our World Without Waste program. We have
vast majority of our own operations. Where unions and governments hold candid discussions
collaborated with peers across our industry,
gaps exist, we will be developing a roadmap to on business experience in respecting human
government, and civil society to tackle the issue
progress toward a living wage. We have also rights across their operations and supply chains.
of ocean-bound plastics.
been working with peers through AIM-Progress, a The theme of this latest Forum was The Future of
forum of fast-moving consumer goods companies Informal waste workers—or grassroots recyclers— Responsible Business Conduct, with stakeholder
enabling and promoting responsible sourcing collect and sort up to 60% of plastic waste that panels discussing subjects such as the increasing
practices, to advance industry understanding is recycled around the world.1 They are integral to regulation of human rights, grievance mechanisms
and progress toward living wages in global the functioning of an efficient, circular economy and effective remedy collaborations, and the
supply chains. Visit AIM-Progress for additional for packaging. They are also extremely vulnerable growth of investor benchmarks.
information about our work. to human rights abuse. The severity and
complexity of human rights impacts on grassroots
recyclers makes multi-stakeholder collaboration
SPORTS & HUMAN RIGHTS essential. In 2022, we partnered with other
The Coca-Cola Company is a long-time sponsor leading consumer goods companies and NGOs
of global sporting events, including the Olympic to launch the Fair Circularity Principles, which
Using Technology-Led Solutions for Improving Sustainable and Responsible Labor Practices
Games and the FIFA World Cup. As a sponsor, apply the expectations and responsibilities in the
the company has worked consistently with UN Guiding Principles to grassroots recycling. Deeper Supply Chain Due Diligence in Our Sugar Supply Chain in Pakistan
sport governing bodies, NGOs, governments, For more information, see the Packaging section.
The Coca-Cola Company has developed a digital platform Our company has been working with Bonsucro, a leading international NGO, as
and unions to embed respect for human rights
that identifies recruitment-related human rights risks within well as other local and international experts to address human rights risks in the
into the life cycle of these events. This work
supply chains together with our partners Diginex, an impact sugarcane supply chain in Pakistan. Our partners include GoodWeave International,
includes our leadership in the Centre for Sport  
technology company, and Reckitt, another consumer goods a non-profit with expertise in stopping child, forced and bonded labor in global
& Human Rights, an organization that promotes We were pleased to convene the Fair
company. The platform aims to improve respect for human supply chains, and AgNovate, a respected local organization and licensed Bonsucro
human rights in the world of sport. We have seen Circularity Initiative, which was launched by
rights in the hiring process through due diligence and trainer. This two-and-a-half-year project, which runs to the end of 2024, aims to
progress in this space, including the International The Coca-Cola Company and three of their peers
ethical recruitment. improve the adoption of sustainable and responsible labor practices in sugar
Olympic Committee issuing its first Strategic in late 2022. When companies adopt and advance
production and develop remediation plans to address child labor and forced labor
Framework on Human Rights, and FIFA adopting the new Fair Circularity Principles in their value The platform evolved to include a multilingual worker-
prevalent in the industry. In November 2022, AgNovate delivered the first training
its own human rights policy and establishing chains, engaging meaningfully with waste pickers, voice tool, diginexAPPRISE, which allows companies to
session of the project to 31 participants, including managers of sugar mills. The
a dedicated human rights program. Leading it will lead to human rights being respected, conduct digital worker interviews in supply chains at
training was based on GoodWeave’s best practices on ending child and worker
up to the 2022 FIFA World Cup in Qatar, the including better incomes and working conditions, scale, increasing transparency and preventing unethical
exploitation. Gap assessments were then conducted of the six partner sugar mills
company and other sponsors engaged with and inclusion in decision-making processes recruitment practices. The use of smartphone technology
and selected smallholder farmers on their compliance with the requirements of
FIFA, the Government of Qatar, and NGOs to that affect their lives.” allows a greater number of workers to be reached and
the Bonsucro Production Standard, which includes ensuring workers do not suffer
help improve labor rights in the country, with helps ensure that foreign migrant workers with low literacy
from forced labor and there is no child labor. The project will support the mills to
important developments including Qatar’s NIGEL HARRIS levels are included in the interview process.
develop their own action plans toward continuous improvement and compliance
Chief Executive,
Tearfund with version 5.1 of the Bonsucro Production Standard.

1 Source: https://www.pewtrusts.org/en/research-and-analysis/
articles/2020/07/23/breaking-the-plastic-wave-top-findings

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW HUMAN RIGHTS SAFETY & HEALTH DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES ECONOMIC EMPOWERMENT

Zero Is Possible—Our Safety Framework

We make and deliver our Human and Organizational
SAFETY & HEALTH
products and provide services Performance
with a goal of zero work-related
We have strengthened our health and
injuries for our employees,
Continuous Set safety safety strategy with multi-year purposeful
contractors and communities. improvement expectations actions across our end-to-end supply
Providing our employees with a chain. We have committed to integrating
safe workplace environment is the Human and Organizational
among the company’s greatest ACT Performance (HOP) philosophy into our
Review and
PLAN Support strong
responsibilities and is part of refine results safety culture OVERARCHING GOALS operational learning processes; building
an environment of active employee
our commitment to employees, Keep safety at engagement; accelerating learning and
customers and consumers. the center improvement processes; building better
Our employees are our most 4-TIER ACTION controls based on work in practice; and
valuable partners, sources of best PLAN Reinforce through supporting the right culture.
Audit, set actions
practices and the implementors of and report CHECK
Define
metrics leadership Several of our bottling partners across
our strategy to embed safe habits DO regions have deployed HOP operational
and strengthen our safety culture. learning into their organizations.
To date, over 100 operations across our
Execute Engage system have begun integrating HOP
plan stakeholders principles with significant improvements,
The Coca-Cola Company’s global and this journey will continue in 2023
Lost-Time Incident Rate (LTIR) was Our “Zero Is Possible” vision aims to identify risks and control Organizational Performance (HOP) philosophy that focuses and onwards.
0.25 in 2022.1 preventable serious incidents in our system facilities, fleet on critical and interconnected aspects including people,
and distribution operations. We are focused on creating culture, equipment, work systems and processes.
safe and healthy workplaces and supporting a culture
•  SERIOUS INCIDENT PREVENTION: We expanded our self-
of continuous learning and improvement. Management
assessments and governance audits beyond production
 
commitment and strong employee engagement are Safe, high-quality drinks people can trust, and a
operations to include fleet and distribution operations
foundational to establishing this culture. safe, secure workplace are an essential part of
(route-to-market). We continue our focus on identifying,
who we are at The Coca-Cola Company. Although
We have implemented comprehensive, preventative implementing and strengthening controls to prevent serious
we have seen significant improvements in our
programs to further identify and mitigate the potential for injuries. We also continue to build unique solutions (i.e.,
safety performance, we know there is more
serious incidents to occur in our facilities. We are integrating toolkits, guidance) to enhance the capacity and capability of
to be done. By building capabilities across our
operational learning while also demonstrating progress our system in identifying and mitigating risks.
system, identifying where we need to improve,
and embedding safety as a key organizational value.
•  TECHNOLOGY AND INNOVATION: We continued investing leveraging industry best practices and engaging
In 2022, we focused on three key pillars of our in new technologies and shared learnings across the with our employees, we are working toward our
safety program: organization. We completed more than 20 technology pilots vision of “Zero Is Possible” as it relates to serious
globally, which are now being implemented by many of injuries in the workplace.”
•  CULTURE: We revamped our Safety Training Academy in
SECTION SCOPE: In this section our safety our bottling partners. These include AI technology camera
2022, providing enhanced resources, tools and training
and health strategy refers to actions by
which include operational safety and road safety programs.
systems to detect unsafe conditions and driver simulators to ZOLTAN SYPOSS
the company as well as our owned and train and prepare drivers, among others. Chief Quality, Safety &
As part of our approach to safety culture across the
independent bottling partners. The data Environmental Officer
Coca-Cola system, we incorporated a new Human and
reported for LTIR only includes company-
owned facilities.
1 This is company-owned data. For exclusions,
please view the criteria statement in the Independent
Accountants’ Review Report.

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OVERVIEW HUMAN RIGHTS SAFETY & HEALTH DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES ECONOMIC EMPOWERMENT

In 2022, we continued to embed our DEI priorities across our business.

As a purpose-driven company, We approach our DEI
DIVERSITY, EQUITY & INCLUSION
we help create a better shared strategy through the lens of
future for everyone our brands three core ambitions:
and business system touches EQUAL PAY FOR EQUAL WORK
by working to provide access to Pay equity is defined as compensating employees fairly and
equal opportunity and fostering ASPIRE TO
equitably, without regard to gender (globally), or race and
belonging both in our workplaces
and the communities we serve.
CREATE ethnicity (in the United States). On an annual basis, we conduct
audits to ensure our employees are paid equitably. Additionally,
a workforce that mirrors
we are diligent and stay aware of the changing regulatory
the markets we serve.
Together with global, national and local landscape. In 2022, we published our first-ever pay gap report •  JAPAN: We earned a “Rainbow”, the highest
organizations—plus our network of bottling for Coca-Cola Ireland. rating in the 2022 PRIDE Index, for our
partners—we remain focused on investing to
ENABLE We are working to embed our philosophy into our business LGBTQI+-friendly workplace initiatives.
improve people’s lives, from our employees
practices and processes, and to extend our analyses beyond base •   SOUTH AFRICA: We participated in
to those our business system touches to the
an inclusive culture where pay to broader aspects of our total rewards policies. Read more
communities we call home. While we continued Johannesburg Pride by partnering with
our employees thrive. about our pay equity philosophy.
to make meaningful progress in 2022, our Pride of Africa, an umbrella brand born out
work is an ongoing journey in an ever-changing of need for LGBTQI+ representation in Africa.
landscape. That’s why we continue to prioritize BUILDING AN INCLUSIVE CULTURE
ADVANCE
• ITALY: As a continuation of a longstanding
listening and learning; executing our strategy partnership, we were the primary sponsor
consistently; and holding ourselves accountable In 2022, we added specific inclusion-related questions to our
equity within our business, of the XXXVII edition of the Special
for continuous progress. annual Culture & Engagement Survey. Responses serve as a
communities, and the Olympics National Summer Games in
baseline for an Inclusion Index reflecting employee sentiment
marketplace. Turin, where athletes with intellectual
about belonging, fairness, respect and psychological safety,
disabilities competed in 20 sports. More
as well as conditions and behaviors that create an inclusive
than 90 Coca-Cola system volunteers
environment at our company.
  supported the event, which also included
Diversity, equity and inclusion is in our DNA. Our employee-led Inclusion Networks serve as valuable resources a communications campaign celebrating
It’s woven into all aspects of how we do business Inclusion Networks to both employees and our company by providing opportunities participating athletes.
and function as a team—from talent acquisition, to connect with colleagues who share similar interests and
•  As part of our efforts to create a diverse,
to supply chain, to the processes that shape backgrounds. They also create diverse sounding boards for
equitable and inclusive workplace, we
our strategy and operations. It fosters greater business strategies and initiatives, capturing input on potential
are partnering with the Valuable 500’s
creativity, innovation and connection to the actions through the lens of diversity, equity and inclusion.
EUROPE Generation Valuable initiative. This program,
wider community. This journey requires ongoing JAPAN &
UNITED STATES These regionally structured, globally connected employee groups which kicks off in 2023, is designed
determination, and we are committed to EURASIA & SOUTH KOREA
INDIA & help build affinity and allyship that enhance our ability to recruit,
MIDDLE EAST
SOUTHWEST ASIA to accelerate opportunities for people
developing lasting change through sustainable
LATIN AMERICA AFRICA retain, engage and develop diverse talent. Inclusion Networks with disabilities to become the talented
and measurable actions.” ASEAN &
SOUTH PACIFIC enable associates to participate in professional and personal voices of tomorrow’s C-Suite.
growth opportunities through training and education, community
TAMEKA HARPER projects, networking events, cultural heritage month celebrations
Global Chief Diversity, Equity &
and management opportunities.
Inclusion Officer

SECTION SCOPE: In this section, our DEI actions refer to actions by the company, but exclude our independent bottling partners and independent suppliers and partners.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW HUMAN RIGHTS SAFETY & HEALTH DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES ECONOMIC EMPOWERMENT

MIRRORING THE MARKETS WE SERVE

CHALLENGING OURSELVES TO
By 2030, we aspire to be 50% led by women globally and, in the United States, EMPOWER COMMUNITIES
to align race and ethnicity representation to U.S. census data. While these metrics
In 2022, our global The Coca-Cola North America operating unit
are important indicators of our progress, we are taking an iterative and holistic recently launched Asian Pacific, Black and
female representation
approach focused on continuous learning. Here’s a 2022 update on our progress Hispanic Equity Accountability Councils (EACs) to
increased 1.1% overall,
against these aspirations: guide community engagement and investment,
with increases across with an emphasis on economic equity. The
all levels. In the United EACs are designed to drive quality of life
2022 Gender Representation by Level (global)1 States, we saw an improvements in under-resourced communities

SENIOR MIDDLE
increase in Asian and through economic mobility, financial stability and
the well-being of individuals and households.
LEADERSHIP MANAGEMENT PROFESSIONALS TOTAL Black/African American
The councils will identify initiatives that reflect
representation. diversity in communities which have direct links
Female 39.0% 51.3% 36.0% 44.0%
to our DEI strategy.

Male 61.0% 48.7% 64.0% 56.0%

DRIVING ACCOUNTABILITY
To continue progress toward achieving our
2022 Race/Ethnicity Representation by Level (U.S. only) 1 sustainability goals, the Talent and Compensation
Committee approved DEI links to executive
SENIOR MIDDLE compensation as part of the annual incentive
LEADERSHIP MANAGEMENT PROFESSIONALS TOTAL
for our executive officers, which will help drive
our 2030 DEI aspirations. The links to executive
American Indian/Alaskan Native 0.0% 0.3% 0.4% 0.3%
compensation are based on achieving predefined
qualitative and quantitative DEI components.
Asian 10.0% 10.4% 5.4% 8.1%

Black/African American 8.6% 16.1% 30.3% 22.0% TRANSPARENCY AND REPORTING

We believe in full transparency and disclosure.
Hispanic/Latino 9.9% 8.7% 21.2% 14.6%
We share diversity metrics quarterly with
Native Hawaiian/ senior leaders, and we externally publish
0.1% 0.1% 0.5% 0.3%
Other Pacific Islander our representation data annually by race/
ethnicity (U.S.) and gender (globally) for our
Not specified 9.1% 5.2% 2.4% 4.3% overall workforce and leadership. We publish
data submitted to the U.S. Equal Employment
Two or more races 0.9% 2.2% 3.0% 2.5% Opportunity Commission (EEO-1 survey
results) on our website.
White 61.4% 57.1% 36.7% 48.1%

1  Data 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. 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.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW HUMAN RIGHTS SAFETY & HEALTH DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES ECONOMIC EMPOWERMENT

RECRUITING AND DEVELOPING DIVERSE TALENT SUPPLIER DIVERSITY

In 2022, we continued to enhance Coca-Cola is working to maximize
our diversity hiring efforts through procurement opportunities
equitable recruitment, interviewing and proactively engaging and
and onboarding processes. building partnerships with diverse-
owned suppliers spanning a
We expanded our partnerships with Historically range of industries.
Black Colleges and Universities as well as
leadership development organizations, including We are focused on increasing the overall diversity
the National Black MBA Association, Executive of our suppliers and are working to spend at
Leadership Council and Thurgood Marshall least $1 billion annually with diverse suppliers. We
National Black Talent Bank. aspire to join the Billion Dollar Roundtable—the
gold standard of supplier diversity, currently with
only 27 member companies.

In 2022, our supplier diversity team connected

independent Coca-Cola bottlers in the United
States and Canada with business partners
to boost our overall impact via sponsored
matchmaking events at the National Minority
Supplier Development Council and Women’s
Business Enterprise National Council conferences. Crowdfunding for
The team is exploring ways to expand our supplier Minority-Owned
diversity program internationally.
Small Business

We are a founding sponsor of Rise Up Crowdfunding, an equity

crowdfunding portal focused on women and minority-owned
businesses. The platform connects diverse startups with

$900M+ $200M
investors to expand access to capital while also providing
business management resources and coaching.
spent in 2022 with diverse of incremental spend with
Tier 1 suppliers in the United Black-owned enterprises in the
States, an increase over prior United States, contributing to
years and progress toward our the company’s overall goal of
$1 billion annual goal. $500 million.  
We share Rise Up’s mission to support businesses and
underrepresented groups within the communities we
serve. This much-needed resource can, in many cases,
help small businesses scale up or expand their operations,
open new locations and grow their brands.”

FERNANDO HERNANDEZ
Senior Director, Supplier Diversity

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OVERVIEW HUMAN RIGHTS SAFETY & HEALTH DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES ECONOMIC EMPOWERMENT

LEVERAGING THE POWER OF OUR BRANDS AND PARTNERSHIPS

Coca-Cola Backlot Movie Experience Extending Our Partnership With ESSENCE Multicultural Marketing
Coca-Cola returned for its 26th year as Presenting Sponsor of the In 2022, our brands further expanded into diverse and inclusive
For the sixth consecutive year, Coca-Cola sponsored Univision’s
2022 ESSENCE Festival of Culture in New Orleans as part of a five-year marketing. In the United States, smartwater and vitaminwater launched
“Premios Juventud” awards show in 2022, expanding the Coca-Cola
partnership extension with ESSENCE Communications, a leading media, brand ambassador partnerships with Zendaya and Lil Nas X, respectively,
Backlot Movie Experience at La Marqueta in Puerto Rico. Attendees
technology and commerce company dedicated to serving Black women and Minute Maid Aguas Frescas (a Latin-inspired fruit drink innovation)
enjoyed Coca-Cola and Latin food pairings, cooking demos, live music
and communities. In 2021, we committed to doubling our spend with partnered with Mexican NASCAR driver Daniel Suárez for a Hispanic
performances and more.
minority-owned media companies—to 8% of our total annual media Heritage Month activation. Sprite Zero Sugar teamed up with Marvel
budget—by 2024. By working with legacy partners like ESSENCE, along Studios’ Black Panther: Wakanda Forever on the “Infinite Potential.
with new minority-owned and minority-led media companies, we are on Zero Limits” campaign, which highlighted underrepresented Black and
track to meet this commitment. Latino creators from STEAM (Science, Technology, Engineering, Arts and
Mathematics) communities. Globally, our Coca-Cola campaign for the
FIFA World Cup 2022™ was anchored by a multicultural music anthem
recorded by female artists from the Middle East and Latin America.

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OVERVIEW HUMAN RIGHTS SAFETY & HEALTH DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES ECONOMIC EMPOWERMENT

The Coca-Cola Foundation: 2022 Contributions

In 2022, The Coca-Cola
GIVING BACK TO OUR COMMUNITIES
Foundation, the philanthropic
arm of The Coca-Cola Company,
contributed $94.8 million to 301
organizations around the world
to help create a better shared
future for the communities $6.8M Water & Community
Environment Well-Being
our business serves. Grants $7.0M
33% 11%
funded by the Foundation
complement the contributions $31.8M
of our company operating units $10.1M
Disaster Relief &
Humanitarian Aid
Women’s
Empowerment
and bottling partners.
$94.8M 15% 7%
Disaster Relief
2022 Contributions Education & Matching
We have a long history of supporting
Youth Development Gifts
$12.0M local communities in times of crisis—
14% 7% a commitment we continued in 2022.
In addition to our support for Ukraine,
$14.1M Recycling the Foundation provided approximately
$13.0M 13% $4 million in funding for natural
disaster and humanitarian relief efforts
in 11 countries around the world,
complementing financial and in-kind
donations from The Coca-Cola Company
and bottling partners.

Standing with Ukraine In addition to supporting local

communities, the Coca-Cola system’s top
The Coca-Cola Foundation awarded more
than $3 million in grants to support the 1.4% $1.5B+ priority following a natural disaster is to
ensure the safety of all associates and
International Federation of Red Cross and
Red Crescent Societies (IFRC) and other
of operating income invested
back into local communities from
The Coca-Cola Company and
DONATED their families. The Coca-Cola Employee
Disaster Relief Fund (EDRF) provided
by The Coca-Cola Foundation
humanitarian organizations providing on- The Coca-Cola Foundation in since its inception in 1984
nearly $5 million (including humanitarian
2022—above our annual goal relief for Ukraine) through more than
the-ground emergency relief to millions
of 1%1
of people impacted by the war in Ukraine. 4,000 grants to company and bottling
These grants will also provide support partner employees impacted by natural
to displaced people and refugees in disasters and humanitarian crises in
surrounding countries. The Coca-Cola 1 This percentage was calculated based on the company’s prior year operating income (excluding the 2022. The EDRF consists of contributions
Bottling Investments Group operating segment).
Foundation, along with The Coca-Cola from The Coca-Cola Company, The
Company and its global bottling partners, Coca-Cola Foundation, bottling partners
committed to contributions totaling more and system associates.
than $20 million to support employees
and humanitarian relief efforts. SECTION SCOPE: The philanthropic giving refers to contributions from The Coca-Cola Foundation.

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OVERVIEW HUMAN RIGHTS SAFETY & HEALTH DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES ECONOMIC EMPOWERMENT

Hometown Support A Refreshed Giving Approach

 
Atlanta—where the first Coca-Cola The Coca-Cola Foundation remains
was served in 1886—is a thriving city The Coca-Cola Foundation’s mission is to make a difference in communities where our committed to making a difference
we are proud to call home. In 2022, company operates and where our employees live and work. The Foundation supports by addressing the complex
the Foundation continued to invest in global challenges that impact our
transformative ideas and institutions that address pressing and complex global
community organizations working to communities around the world.”
create a better shared future for our
challenges. Our goal is to leave a measurable and lasting impact in local communities
hometown: through a focus on the environment and society. As of 2022, our giving is focused on SAADIA MADSBJERG
impacting these areas: President of The Coca-Cola
•  $3 million to fund scholarship Foundation and Vice President
programs at 10 Atlanta
ENVIRONMENTAL of Global Community Affairs
for The Coca-Cola Company
institutions of higher learning
• $1 million to the Atlanta Police
Foundation to expand youth
development services for at-risk youth
•  $500,000 to the Atlanta Women’s
Foundation to educate, train and prepare
1,000 women for employment or to
become entrepreneurs
•  $500,000 to the National Center for Civil
and Human Rights to expand its civil
rights education curriculum
SOCIAL
•  $300,000 to the Latin
American Association to expand
entrepreneurial education throughout
the state of Georgia

The following three grants reflect the Foundation’s new giving strategy:

$1 million to fund the CARE $1 million to the American Red $1.25 million to Imagine H20 to
Humanitarian Surge Fund, a global Cross to support the Global Disaster launch the Sustainable Access
reserve fund to support life-saving Preparedness Center (GDPC) in Solution Fund, a fund that will
relief efforts immediately following seven countries facing significant support water and climate-focused
natural disasters, plus preparedness climate risks and social vulnerability: innovation projects in both emerging
efforts such as prepositioning Bangladesh, El Salvador, Guatemala, markets and the United States with a
supplies, training staff and partnering Honduras, Indonesia, Nepal and focus on ensuring sustainable access
with local and national organizations the Philippines. to safe drinking water.
to develop crisis plans.

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OVERVIEW HUMAN RIGHTS SAFETY & HEALTH DIVERSITY, EQUITY & INCLUSION GIVING BACK TO OUR COMMUNITIES ECONOMIC EMPOWERMENT

The Coca-Cola Company has a We have seen evidence that helping female
ECONOMIC EMPOWERMENT
long history of enhancing the entrepreneurs overcome social and economic Empowering Communities Around the World
barriers to success creates a ripple effect in local
livelihoods of the people in the communities with both societal and commercial
communities we proudly serve. impacts. According to a 2015 McKinsey Global
Institute report, if women were to play an identical
We continue to help enable the economic
empowerment of a diverse network of
role in the global labor market to that of men, it is
NEPAL KAZAKHSTAN
estimated that $28 trillion could be added to the
customers, suppliers and communities across global gross domestic product (GDP). The Saksham initiative has provided skills training, The Belesteri (“Stepping Stones”) program
our value chain. This includes smallholder planning tools and networking opportunities to has empowered more than 50,000 aspiring
farmers that supply agricultural ingredients While women’s entrepreneurship continues to
help over 1,000 small-scale women entrepreneurs business owners in rural areas over the last
used in our beverages and juice processors and play an active role in business sustainability,
from three provinces grow their retail businesses. 10 years. An annual competition awards financial
sugar millers—to warehousing, construction we are broadening economic empowerment
grants to women entrepreneurs to launch or
engineering, transportation and facilities efforts to help create shared value—and a better
expand their enterprises. The program, which
management partners, IT, marketing and other shared future—through training, networking THE PHILIPPINES is supported by The Coca-Cola Foundation,
service providers. and mentoring programs aimed at working with
An estimated 1,500 micro-entrepreneurs from has helped create more than 300 jobs and
underrepresented groups. These programs focus
Davao del Norte have completed iSTAR, an has provided life-changing income streams for
We embrace the Organization for Economic on building financial and digital literacy and
enhanced digital version of the Sari-Sari Store hundreds of families. More than 15,000 women
Co-operation and Development (OECD) definition enabling access to opportunities through our
Training and Access to Resources (STAR) were trained in 2022.
of economic empowerment, which we see as supplier diversity work.
fundamental to strengthening human rights and program featuring entrepreneurship training,
enabling all people, particularly vulnerable and access to financial resources and online
business development tools. The collaboration
LATIN AMERICA
underrepresented groups, to have control over
their lives and positively influence society. Our with the Technical Education and Skills In 2022, the Coca-Cola system in Latin America
economic empowerment efforts deliver tangible Development Authority (TESDA) and Tagum continued to support small retailers to rebound
Economic empowerment is
results in markets around the world, where we City Council of Women Foundation supports from the adverse economic impacts of COVID-19
one of The Coca-Cola Foundation’s Coca-Cola Philippines’ broader economic through business and financial skills training
harness partnerships and deliver programs
six new priority giving pillars. empowerment strategy to break the cycle of programs in Bolivia, Brazil, Chile, Colombia,
tailored to local needs and nuances. This work
builds on the momentum created by our
The Coca-Cola Foundation envisions generational poverty. Costa Rica, the Dominican Republic, Ecuador,
decade-long 5by20® program, created in 2010 inclusive economies around the Mexico, Paraguay and Peru.
to enable the economic empowerment of world with expanded opportunities
5 million women entrepreneurs. Together with our for shared prosperity, especially for
public and private sector partners, including our the communities that face the AFRICA
bottling partners and The Coca-Cola Foundation, greatest barriers to advancing Coca-Cola Beverages Africa recently expanded
we exceeded our target, enabling the economic their well-being. its approach to promoting economic inclusion
empowerment of more than 6 million women. across its value chain to include under-served
women, youth and persons with disabilities. Our
bottling partner has worked with local non-profits
to launch entrepreneurship and employability
programs in Ethiopia, Kenya, South Africa,
SECTION SCOPE: In this section our Tanzania and Uganda.
economic empowerment work refers to
actions by the company, The Coca-Cola
Foundation, our owned and independent
bottling partners and our independent
suppliers and partners.

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OVERVIEW ASIA PACIFIC EUROPE, MIDDLE EAST & AFRICA LATIN AMERICA NORTH AMERICA GLOBAL VENTURES/BOTTLING INVESTMENTS GROUP

Operations
Highlights 2.2B
2022 GLOBAL UNIT CASE VOLUME MIX servings per day in
more than 200 countries
Our networked organization is comprised of nine By Operating Segment and territories around
operating units that are focused on regional and the world
local execution and sit under four geographic
operating segments—Asia Pacific; Europe, Middle
East & Africa; Latin America; and North America—plus
Global Ventures and Bottling Investments Group.
This structure is supported by our Platform Services 17%
organization and center functions, which collectively
provide global services and expertise across a range
North
America 28%
Europe, Middle
of critical capabilities. East & Africa

The following pages offer a look at our operations, their 24%

business results and some key activities from 2022.
27% Asia
Pacific
Latin
America

4%
Global
Ventures

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OVERVIEW ASIA PACIFIC EUROPE, MIDDLE EAST & AFRICA LATIN AMERICA NORTH AMERICA GLOBAL VENTURES/BOTTLING INVESTMENTS GROUP

2022 HIGHLIGHTS 2022 Unit Case Volume Mix 2022 Unit Case Volume Mix Organic Revenue Growth
ASIA PACIFIC
by Operating Unit by Country (Non-GAAP)1
• In 2022, the company gained value share in total nonalcoholic
ready-to-drink beverages, led by share gains in India, Australia, Greater China and Mongolia 
China 37%
Japan and South Korea. ASEAN and South Pacific
India and Southwest Asia India 18% 12 11%
• We made significant progress on World Without Waste initiatives in the Japan and South Korea 9%
Japan 12% 8
Maldives by launching a returnable glass bottle and commissioning
Philippines 8%
5%
a can line, scaling up collection and recycling, and advocating for 4

Extended Producer Responsibility regulation embracing circularity. 15% Thailand 6% 2020

0
2019 2021 2022
• With funding from The Coca-Cola Foundation, we supported Planet Australia 4%
39% -4
Water Foundation in scaling the deployment of AquaTower community South Korea 3%
water filtration systems in Cambodia, providing communities in need 20%
-8
Indonesia 2%
with clean water access and hygiene education. -12
Vietnam 2%
• Our Unnati Grapes initiative in India trained over 3,000 smallholder (12%)
Other 8%
farmers to increase the quality and yield of grape cultivation, and
supported an all-women farmer producer company. 26%
Comparable Currency Neutral Operating
• Coca-Cola Australia and Coca-Cola Europacific Partners Australia pledged 2022 Unit Case Income Growth (Non-GAAP)2
to reduce the sugar content in their nonalcoholic beverage portfolio Volume Growth
by 25% by 2025, as part of an updated industry-wide pledge announced 2022 Unit Case Volume Mix 9%
by the Australian Beverages Council. by Category Trademark Coca-Cola 6% 8

Sparkling Flavors 8%
Trademark Coca-Cola 
4 4%
Sparkling Flavors Water, Sports, Coffee and Tea 4% 3%
Water, Sports, Coffee and Tea
Juice, Value-Added Dairy
Renewable Energy in Japan
Juice, Value-Added Dairy and Plant-Based Beverages 9% 0 2020
and Plant-Based Beverages
2019 2021 2022

Coca-Cola Japan Company has taken steps to transform their

-4
offices and concentrate plant to renewable energy sources
8%
for their electricity use. The headquarters in Shibuya has been
running on renewable electricity since May 2021. -8 (6%)
33%

28%

31%

1 Reported net operating revenues grew 3%, declined 11%, grew

12% and grew 3% for the years ended December 31, 2019, 2020,
2021 and 2022, respectively.
2 Reported operating income was even, declined 7%, grew 9% and
declined 1% for the years ended December 31, 2019, 2020, 2021
and 2022, respectively.

Note: See pages 72–74 for reconciliations of non-GAAP financial measures to our results as reported under U.S. GAAP.

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OVERVIEW ASIA PACIFIC EUROPE, MIDDLE EAST & AFRICA LATIN AMERICA NORTH AMERICA GLOBAL VENTURES/BOTTLING INVESTMENTS GROUP

2022 HIGHLIGHTS 2022 Unit Case Volume Mix 2022 Unit Case Volume Mix Organic Revenue Growth
EUROPE, MIDDLE EAST & AFRICA
by Operating Unit by Country (Non-GAAP)1
• For the year, the company gained value share in total nonalcoholic ready-
to-drink beverages, led by share gains in France, Spain and Poland. Europe
Germany 7%
Africa
• The Coca-Cola Foundation funded a partnership between the Water Eurasia and Middle East South Africa 7% 20 18% 18%
and Development Alliance, the Global Environment and Technology 15
Türkiye 7%
Foundation, U.S. Agency for International Development and the Soran 10
Great Britain 6%
Water Directorate to improve water access and quality and to reduce 25% 5%
5
water losses in Iraq.  Spain 5%
2020
0
Nigeria 5%
• We launched the Coca-Cola “Believing is Magic” global campaign for 2019 2021 2022

FIFA World Cup Qatar 2022 by creating end-to-end, digitally driven 48% Pakistan 5%
-5

experiences. Our digital platform, the Coca-Cola Fan Zone, was activated -10
France 4%
in 41 markets and featured social experiences for soccer fans. -15
(13%)
Italy 3%
27%
• In Eswatini, The Coca-Cola Foundation supported the Ministry of Health’s Other 51%
Project Last Mile to strengthen the government’s capacity to store ultra-
cold chain COVID-19 vaccines. Comparable Currency Neutral Operating
Income Growth (Non-GAAP)2
2022 Unit Case
• Coca-Cola Europacific Partners is supporting the hospitality industry
Volume Growth
across Spain to measure their emissions, identify emissions reduction 2022 Unit Case Volume Mix
opportunities and offset emissions to help reach carbon neutrality by Category 20
through the Hosteleria #PorElClima campaign. Trademark Coca-Cola 4% 18%
Trademark Coca-Cola  Sparkling Flavors 2% 15
Sparkling Flavors 13%
Water, Sports, Coffee and Tea Water, Sports, Coffee and Tea 6%
Juice, Value-Added Dairy and Plant-Based Beverages
10 9%
Juice, Value-Added Dairy
Improving Watershed Health in Pakistan (13%)
and Plant-Based Beverages 5

We worked with WWF-Pakistan to develop a watershed 2020

5% 0
stewardship plan for the Ravi River watershed, a sub-basin of 2019 2021 2022

the Indus River Basin, and a priority watershed because it is a 14% (1%)
-5
key ingredient sourcing (sugarcane) and market growth region.
The river extends through both India and Pakistan and supports
approximately 38 million people. Our analysis found that the
river faces increasing water scarcity and quality challenges. The 55%
plan addresses infrastructure and ecosystems, community well-
26%
being, information management, policy and regulations, finance
and planning. One project already underway is a partnership
with WWF-Pakistan to address the identified water issues for
approximately 360,000 people in Lahore. Between 2022–2023,
the project will install household rainwater harvesting systems,
recharge wells to replenish a groundwater aquifer, reforest 1 Reported net operating revenues declined 1%, declined 14%,
urban areas and construct floating treatment wetlands. The grew 19% and grew 5% for the years ended December 31, 2019,
2020, 2021 and 2022, respectively.
treatment wetlands will allow wastewater to be reused for 2 Reported operating income declined 4%, declined 7%, grew 13%
agriculture purposes and remove pollutants and excess and grew 6% for the years ended December 31, 2019, 2020, 2021
and 2022, respectively.
nutrients from village ponds.

Note: See pages 72–74 for reconciliations of non-GAAP financial measures to our results as reported under U.S. GAAP.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 65

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW ASIA PACIFIC EUROPE, MIDDLE EAST & AFRICA LATIN AMERICA NORTH AMERICA GLOBAL VENTURES/BOTTLING INVESTMENTS GROUP

2022 HIGHLIGHTS 2022 Unit Case Volume Mix 2022 Unit Case Volume Mix Organic Revenue Growth
LATIN AMERICA
by Category by Country (Non-GAAP)1
• Coca-Cola Brazil joined the Yes to Racial Equality program run by the
Identities of Brazil Institute to help generate opportunities for 3 million Trademark Coca-Cola 
Mexico 45%
people in the coming years, and 10,000 new leadership positions for Water, Sports, Coffee and Tea 25 24%
Sparkling Flavors Brazil 23%
black people by 2030. Juice, Value-Added Dairy and Plant-Based Beverages
Argentina 6%
20 19%
• Coca-Cola Argentina and four bottling partners launched “Ruta 15
Verde” or the “Green Road”, a recycling project that aims to increase
Chile 4% 13%
the recovery of materials at collection points. This new project 6% Colombia 4% 10

connects 28 municipalities across three provinces and helps more Peru 3% 5

16%
than 590,000 people access public places to recycle plastic, paper,
Bolivia 2% 0
2020
cardboard, glass and cans. 2019 2021 2022
Guatemala 2% (1%)
-5
• In the face of the 2022 water shortage in Nuevo Leon, Mexico, Coca-Cola
Ecuador 2%
and its bottling partners responded quickly to implement additional
21% 57% Other 9%
measures including rehabilitating 15 public water wells, with the goal of
expanding water access to families throughout the city of Monterrey and Comparable Currency Neutral Operating
its more than 5 million inhabitants. We also continued to provide clean Income Growth (Non-GAAP)2
2022 Unit Case
drinking water, at all times, free of charge, to local families through an
Volume Growth
outdoor faucet at the Topo Chico bottling plant.
20 19%
• Funded by The Coca-Cola Foundation, the Safe Water project in 18%
Trademark Coca-Cola 5% 17%
Pucusana, Peru, focused on providing running water systems for the
Sparkling Flavors 6% 15
soup kitchens in the district, guaranteeing adequate hygienic conditions
Water, Sports, Coffee and Tea 10% 12%
for meal preparation. The project installed elevated water tanks and
10
piping for each community kitchen, allowing proper washing of the Juice, Value-Added Dairy
10%
ingredients. Safe Water for Pucusana has installed 19 running water and Plant-Based Beverages
systems, guaranteeing safe meal preparation for more than 1,600 5

neighbors and users of the community kitchens.

0
2019 2020 2021 2022

Encouraging Consumers to Shop Local

Coca-Cola launched the “Little

Giants” or “Pequeños Gigantes”
campaign in Latin America to
encourage consumers to buy
from their local store or market.
The project demonstrates the
importance of these mini markets
in every neighborhood and
the role of consumers and companies to contribute to their 1 Reported net operating revenues grew 3%, declined 15%, grew
18% and grew 19% for the years ended December 31, 2019, 2020,
growth. This campaign was launched in Colombia, Peru, Costa 2021 and 2022, respectively.
Rica, Guatemala, the Dominican Republic and other countries 2 Reported operating income grew 2%, declined 11%, grew 20%
and grew 13% for the years ended December 31, 2019, 2020,
in Latin America as part of our efforts to promote the economic 2021 and 2022, respectively.
development and empowerment of the traditional trade.

Note: See pages 72–74 for reconciliations of non-GAAP financial measures to our results as reported under U.S. GAAP.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW ASIA PACIFIC EUROPE, MIDDLE EAST & AFRICA LATIN AMERICA NORTH AMERICA GLOBAL VENTURES/BOTTLING INVESTMENTS GROUP

2022 HIGHLIGHTS 2022 Unit Case Volume Mix 2022 Unit Case Volume Mix Organic Revenue Growth
NORTH AMERICA
by Category by Country (Non-GAAP)2
• The company gained value share in total nonalcoholic ready-to-drink
beverages for the year, driven by the continued recovery in away-from- Trademark Coca-Cola 
United States 95%
home channels along with strong performance in at-home channels for Water, Sports, Coffee and Tea
20
Sparkling Flavors Canada 5%
sparkling soft drinks and value-added dairy beverages. Juice, Value-Added Dairy and Plant-Based Beverages

• In 2022, Sprite began shifting all of its plastic packaging from green
15 14% 13%
to clear, which helps with the recycling process and increases the 2022 Unit Case 10
material’s likelihood of being remade into new beverage bottles. Volume Growth
13%
Coca-Cola North America’s entire green plastic portfolio—including 5
3%
packaging for Fresca, Seagram’s and Mello Yello—is also making the Trademark Coca-Cola 1% 2020
transition to clear PET.  0
20% 44% Sparkling Flavors 3% 2019 2021 2022

• The Coca-Cola Company donated $2 million to support the Smithsonian’s Water, Sports, Coffee and Tea 0% -5

landmark new National Museum of the American Latino and Molina (5%)
Juice, Value-Added Dairy
Family Latino Gallery. The museum will showcase Latino achievements and Plant-Based Beverages
3%
and stories in U.S. art, history, culture and science, and will be built Comparable Currency Neutral Operating
over a 10-year period. 23%
Income Growth (Non-GAAP)3
• Minute Maid launched Aguas Frescas, a Latin American-inspired,
noncarbonated beverage made with real fruit juices and natural flavors.
The juice drinks deliver a bold, “refreshing AF” sensorial experience 20 19%
18%
tailored to Gen Z tastes.
15

10

DASANI 100% rPET Launch

6%
5 5%
A majority of DASANI
bottles in the United
States—from 20-oz. and 0
2019 2020 2021 2022
1.5-liter singles to 10-oz.
and 12-oz. multipacks—
are now offered in 100%
recycled plastic1. In
Canada, this innovation
spans all DASANI bottles.
The brand’s transition to
100% recycled plastic1
is projected to save
more than 20 million pounds of new plastic, compared to
2019, and cut more than 25,000 metric tons of greenhouse gas 2 Reported net operating revenues grew 2%, declined 4%, grew
15% and grew 19% for the years ended December 31, 2019, 2020,
emissions in 2023 alone. 2021 and 2022, respectively.
3 Reported operating income grew 12%, declined 5%, grew 35%
and grew 12% for the years ended December 31, 2019, 2020,
2021 and 2022, respectively.

1 Excluding cap and label Note: See pages 72–74 for reconciliations of non-GAAP financial measures to our results as reported under U.S. GAAP.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 67

 CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW ASIA PACIFIC EUROPE, MIDDLE EAST & AFRICA LATIN AMERICA NORTH AMERICA GLOBAL VENTURES/BOTTLING INVESTMENTS GROUP

GLOBAL VENTURES BOTTLING INVESTMENTS GROUP

GLOBAL VENTURES/
BOTTLING INVESTMENTS GROUP
Global Ventures includes Costa Limited (Costa), Monster In January 2006, our company-owned bottling operations were
beverages, innocent, and doğadan tea. The majority of Global brought together to form the Bottling Investments Group, or BIG.
Ventures’ revenue consists of Costa and innocent, which together BIG ensures these operations receive the appropriate investments
account for approximately 90% of total Global Ventures’ revenue. and expertise to foster long-term success. Our current footprint of
bottlers exists in Southeast and Southwest Asia, the Middle East,
and parts of Africa.
2022 HIGHLIGHTS
We continue to drive strong performance within BIG while
• To celebrate the Christmas spirit, Costa launched • In 2022, innocent launched the Big Rewild, its
Costa Expressions, a unique platform that first pan-European campaign to give nature a
maximizing returns on our investments.
celebrates and nurtures young artists in India. helping hand. Together with 11 NGOs and local

• Costa Coffee was voted the Nation’s Favorite

organizations, innocent is aiming to protect and
restore 2 million hectares of land by 2025.
2022 HIGHLIGHTS
Coffee Shop in the UK for the 12th consecutive
• Gained share in sparkling soft drinks in India,
year, according to a World Coffee Portal survey. • In 2022, doğadan made all packaging for its tea
Bangladesh and Singapore.
products plastic-free and added a “plant-based
• In 2022, innocent launched its Revitalise super
teabag” badge to inform consumers. • Strengthened supply chain resilience and
smoothie, the lowest sugar smoothie recipe it
operational efficiency.
has ever launched. It has 11% less sugar than the
brand’s other super smoothies.

Coca-Cola Beverages Africa Other BIG Bottlers

ETHIOPIA NEPAL
BANGLADESH
OMAN
GHANA UGANDA MYANMAR
KENYA
INDIA
TANZANIA THE PHILIPPINES
SRI LANKA MALAYSIA
COMOROS
ZAMBIA MOZAMBIQUE MAYOTTE SINGAPORE
NAMIBIA BOTSWANA
ESWATINI
LESOTHO
SOUTH AFRICA

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

SCOPE OF THE REPORT Historical performance data may be revised due to

reasons such as new data availability; industry-driven
ELECTRONIC DELIVERY warranted, concerning product safety or quality,
workplace and human rights, obesity or other issues; an
This 2022 Business & Sustainability Report is changes to methodologies; improvement in data If you are a shareowner of record, you have an inability to successfully manage new product launches;
The Coca-Cola Company’s fifth report to integrate opportunity to help the environment by signing
ABOUT THIS REPORT
collection and measuring systems; or activities such as an inability to maintain good relationships with our
overall business and sustainability performance, data joint ventures, mergers and acquisitions or divestitures. up to receive your shareowner communications, bottling partners; deterioration in our bottling partners’
and context, reflecting our continued journey toward In cases where historical information is revised, we will including proxy materials, account statements and tax financial condition; an inability to successfully manage
driving sustainable business practices into our core footnote the change with a clear explanation. Statements forms, electronically. our refranchising activities; increases in income tax
strategy. This report has been prepared in accordance about future developments and past occurrences are rates, changes in income tax laws or the unfavorable
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(SASB), the Task Force on Climate-related Financial obligation to update information or statements. that the assumptions used to calculate our estimated
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Disclosures, the United Nations Sustainable Development aggregate incremental tax and interest liability related
Goals (SDGs), the United Nations Global Compact
(UNGC) and the United Nations Guiding Principles COMMON STOCK FORWARD-LOOKING STATEMENTS
to the potential unfavorable outcome of the ongoing
tax dispute with the IRS could significantly change;
Reporting Framework (UNGPRF). The Coca-Cola Company common stock is listed on increased or new indirect taxes; changes in laws
This report may contain statements, estimates or
Limited assurance under attestation standards the New York Stock Exchange, traded under the ticker projections that constitute “forward-looking statements” and regulations relating to beverage containers and
American Institute of Certified Public Accountants symbol KO. The company has been one of the 30 as defined under U.S. federal securities laws. Generally, packaging; significant additional labeling or warning
over select sustainability metrics was obtained from companies in the Dow Jones Industrial Average since the words “believe,” “expect,” “intend,” “estimate,” requirements or limitations on the marketing or sale of
Ernst & Young LLP (as indicated in the Independent 1987. As of December 31, 2022, there were approximately “anticipate,” “project,” “will” and similar expressions our products; litigation or legal proceedings; conducting
Accountant’s Review Report). 4.33 billion shares outstanding and 188,068 identify forward-looking statements, which generally business in markets with high-risk legal compliance
shareowners of record. are not historical in nature. Forward-looking statements environments; failure to adequately protect, or disputes
Except as otherwise noted, this report covers the relating to, trademarks, formulas and other intellectual
are subject to certain risks and uncertainties that could
2022 performance of The Coca-Cola Company and the
Coca-Cola system (our company and our owned DIVIDENDS cause The Coca-Cola Company’s actual results to differ property rights; changes in, or failure to comply with,
the laws and regulations applicable to our products or
materially from its historical experience and our present
and independent bottling partners), as applicable. At its February 2023 meeting, the Board of Directors our business operations; fluctuations in foreign currency
expectations or projections. These risks include, but are
Therefore, references to “currently,” “to date” or increased our quarterly dividend 4.5% to $0.46 per share, exchange rates; interest rate increases; an inability
not limited to, unfavorable economic and geopolitical
similar expressions reflect data and information as of equivalent to an annual dividend of $1.84, up from $1.76 to achieve our overall long-term growth objectives;
conditions, including the direct or indirect negative
December 31, 2022. Some initiatives that were launched in 2022. The company has increased its dividend per default by or failure of one or more of our counterparty
impacts of the conflict between Russia and Ukraine;
in early 2023 are included to provide the most relevant share in each of the last 61 years. Dividends are normally financial institutions; impairment charges; an inability
increased competition; an inability to be successful in
information to stakeholders. paid four times a year, usually in April, July, October to protect our information systems against service
our innovation activities; changes in the retail landscape
In this report, any use of the terms “material,” and December. The company has paid 407 consecutive or the loss of key retail or foodservice customers; interruption, misappropriation of data or cybersecurity
“materiality,” “immaterial,” “substantive,” “significant” dividends, beginning in 1920. an inability to expand our business in emerging and incidents; failure to comply with privacy and data
and other similar terminology refers to topics that reflect developing markets; an inability to successfully manage protection laws; failure to achieve our sustainability
important economic, environmental and social impacts DIRECT STOCK PURCHASE AND DIVIDEND REINVESTMENT the potential negative consequences of our productivity goals and targets or accurately report our progress due
to operational, financial, legal and other risks, many
of The Coca-Cola Company or the Coca-Cola system initiatives; an inability to attract or retain a highly
or to topics or standards designated as “material” or Computershare Trust Company, N.A., sponsors and skilled and diverse workforce; disruption of our supply of which are outside our control and are dependent
“substantive” under the GHG Protocol, GRI or SASB administers a direct stock purchase and dividend chain, including increased commodity, raw material, on the actions of our bottling partners and other third
standards. These terms as used in this report are not reinvestment plan for common stock of The Coca-Cola packaging, energy, transportation and other input costs; parties; increasing concerns about the environmental
used, or intended to be construed, as they have been Company. The Computershare Investment Plan allows the negative impacts of, and continuing uncertainties impact of plastic bottles and other packaging materials;
defined by or construed in accordance with the securities investors to directly purchase and sell shares of company associated with the scope, severity and duration of the water scarcity and poor quality; increased demand for
laws or any other laws of the United States or any other common stock and reinvest dividends. To view or request global COVID-19 pandemic and the substance and pace food products, decreased agricultural productivity and
jurisdiction, or as these terms are used in the context of plan materials please log on to www.computershare. of the post-pandemic economic recovery; an inability increased regulation of ingredient sourcing due diligence;
financial statements and financial reporting. com/investor and click on “invest now.” to successfully integrate and manage our acquired climate change and legal or regulatory responses
businesses, brands or bottling operations or an inability thereto; adverse weather conditions; and other risks
The data presented in this report is collected using
accepted and relevant scientific and industry accepted SHAREOWNER ACCOUNT ASSISTANCE realize a significant portion of the anticipated benefits discussed in our filings with the Securities and Exchange
Commission (the “SEC”), including our Annual Report
methodologies, which in some instances, are based of our joint ventures or strategic relationships; failure
For information and maintenance on your shareowner of by our third-party service providers and business on Form 10-K for the year ended December 31, 2022,
on assumptions and estimates. Although our data has record account, please contact: which filing is available from the SEC. You should not
been internally vetted, there are inherent uncertainties partners to satisfactorily fulfill their commitments
and responsibilities; an inability to renew collective place undue reliance on forward-looking statements,
and limitations in the collection and presentation of Computershare Investor Services
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our data. For example, certain information in this report P.O. Box 43078
or our bottling partners experience strikes, work undertake no obligation to publicly update or revise any
regarding the Coca-Cola system’s progress against Providence, RI 02940-3078
stoppages, labor shortages or labor unrest; obesity forward-looking statements.
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and operations outside of our control. While we believe and other health-related concerns; evolving consumer
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collection of this data is beyond our direct influence. In consequences of certain ingredients, such as non-
addition, the achievement of certain of our sustainability nutritive sweeteners and biotechnology-derived
goals and targets that are discussed in this report are SHAREOWNER INTERNET ACCOUNT ACCESS substances, and of other substances present in our
dependent on the actions of our bottling partners, beverage products or packaging materials; failure
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Content: Buzzword, Inc.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 69

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

Data
Appendix
To respond to stakeholder interest and provide greater
disclosure and transparency, we have prepared this
Data Appendix. It provides additional financial and
sustainability data, including performance data for our
sustainability goals as well as other important topics.
Some data provided is for The Coca‑Cola Company,
while some is for the Coca‑Cola system. This is noted
with color‑coded circles.

  THE COCA-COLA COMPANY    COCA-COLA SYSTEM

FOR MORE INFORMATION ON THE COCA COLA SYSTEM 

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 70

CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

FINANCIAL AND PORTFOLIO DATA

2019–2022 Net Operating Revenues, Operating Income and Unit Case Volume by Operating Segment

Year ended December 31, 2019 2020 2021 2022

(In millions) Net Unit Case Net Unit Case Net Unit Case Net Unit Case
Operating Operating Volume Operating Operating Volume Operating Operating Volume Operating Operating Volume
Revenues Income Growth Revenues Income Growth Revenues Income Growth Revenues Income Growth

Europe, Middle East & Africa $ 7,058 $ 3,551 2% $ 6,057 $ 3,313 (6%) $ 7,193 $ 3,735 9% $ 7,523 $ 3,958 3%
Latin America 4,118 2,375 1% 3,499 2,116 (2%) 4,143 2,534 6% 4,910 2,870 6%
North America 11,915 2,594 0% 11,477 2,471 (7%) 13,190 3,331 5% 15,674 3,742 2%
Asia Pacific 5,327 2,282 5% 4,722 2,133 (9%) 5,291 2,325 10% 5,445 2,303 6%
Global Ventures 2,562 334 7% 1,991 (123) (13%) 2,805 293 17% 2,843 185 13%
Bottling Investments 7,440 358 24% 6,265 308 (15%) 7,203 473 11% 7,891 487 12%

  Percent of   Company’s
Equity Method Investments in Publicly Traded Bottling Companies Company’s 2022 Ownership
Worldwide Unit Interest as of
(Top 5 based on unit case volume) Case Volume Dec. 31, 2022

Coca‑Cola FEMSA S.A.B. de C.V. 12% 28%

Coca‑Cola FEMSA is the largest independent Coca‑Cola bottler in the world by volume. Coca‑Cola FEMSA operates in Mexico and nine other countries
in Central America and South America.

Coca-Cola Europacific Partners 10% 19%

Coca-Cola Europacific Partners is the second largest independent Coca‑Cola bottler by volume and the largest independent bottler by revenues, operating
in 29 countries in Europe and the South Pacific—serving a population of more than 600 million people.

Coca‑Cola HBC AG (Coca‑Cola Hellenic) 8% 21%

Coca‑Cola Hellenic is the third largest independent Coca‑Cola bottler by volume, operating in 29 countries across three continents—serving a population
of more than 715 million people.

Coca‑Cola Icecek A.S. 5% 20%

Coca‑Cola Icecek is one of the largest independent Coca‑Cola bottlers, with operations in 11 countries across Eurasia and the Middle East—serving a population
of more than 430 million people.

Coca‑Cola Bottlers Japan Holdings Inc. 3% 19%

In 2017, Coca‑Cola West Co., Ltd. and Coca‑Cola East Japan Co., Ltd. integrated their businesses to establish Coca‑Cola Bottlers Japan, the largest
Coca‑Cola bottler in Japan, serving a population of more than 100 million people.

The Coca‑Cola Company   Coca‑Cola System

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

Reconciliation of GAAP and Non-GAAP Financial Measures

The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or For additional details regarding the reconciliation of GAAP and non-GAAP financial measures below, see the company’s Current Reports on
referred to herein as “reported”). However, management believes that certain non-GAAP financial measures provide investors with additional Form 8-K filed with the SEC on Feb. 14, 2023, Feb. 10, 2022, Feb. 10, 2021 and Jan. 30, 2020. This information is also available in the “Investors”
meaningful financial information that should be considered when assessing our underlying business performance and trends. Management section of the company’s website, www.coca-colacompany.com.
also uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the
company’s performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company’s reported
results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting.

Year ended December 31, 2019 2020 2021 2022

(Percent change)

Net Operating Revenues

Reported Net Operating Revenues (GAAP) 9 (11) 17 11

Less: Adjustments to Reported Net Revenues
Currency Impact (4) (2) 1 (7)
Impact of Acquisitions, Divestitures and Structural Changes, Net 7 0 0 2
Organic Revenues (Non-GAAP) 6 (9) 16 16

Operating Income

Reported Operating Income (GAAP) 10 (11) 15 6

Less: Adjustments to Reported Operating Income
Items Impacting Comparability 5 (5) 1 (5)
Currency Impact (8) (6) 2 (8)
Comparable Currency Neutral Operating Income (Non-GAAP) 13 0 12 19

EPS

Reported EPS (GAAP) 38 (13) 26 (3)

Less: Adjustments to Reported EPS
Items Impacting Comparability 37 (6) 7 (9)
Currency Impact (8) (6) 2 (10)
Comparable Currency Neutral EPS (Non-GAAP) 9 (2) 17 17

The Coca‑Cola Company   Coca‑Cola System

Note:  Certain columns may not add due to rounding.

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OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

Reconciliation of GAAP and Non-GAAP Financial Measures

The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or For additional details regarding the reconciliation of GAAP and non-GAAP financial measures below, see the company’s Current Reports on
referred to herein as “reported”). However, management believes that certain non-GAAP financial measures provide investors with additional Form 8-K filed with the SEC on Feb. 14, 2023, Feb. 10, 2022, Feb. 10, 2021 and Jan. 30, 2020. This information is also available in the “Investors”
meaningful financial information that should be considered when assessing our underlying business performance and trends. Management section of the company’s website, www.coca-colacompany.com.
also uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the
company’s performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company’s reported
results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting.

Free Cash Flow and Adjusted Free Cash Flow Conversion Ratio
Year ended December 31, 2019 2020 2021 2022

(In millions)

Net Cash Provided by Operating Activities $ 10,471 $ 9,844 $ 12,625 $ 11,018

Purchases of Property, Plant and Equipment (2,054) (1,177) (1,367) (1,484)
Free Cash Flow (Non-GAAP) 8,417 8,667 11,258 9,534
Plus: Cash Payments for Pension Plan Contributions — — — —
Adjusted Free Cash Flow (Non-GAAP) $ 8,417 $ 8,667 $ 11,258 $ 9,534

Net Income Attributable to Shareowners of The Coca-Cola Company $ 8,920 $ 7,747 $ 9,771 $ 9,542
Noncash Items Impacting Comparability:
Asset Impairments 773 493 62 153
Equity Investees 96 216 23 33
Transaction Gains/Losses (463) (933) (1,109) 589
CCBA Unrecognized Depreciation and Amortization (67) — — —
Other Items (148) 291 555 526
Certain Tax Matters (331) 207 410 (128)
Adjusted Net Income Attributable to Shareowners of The Coca‑Cola Company (Non-GAAP) $ 8,780 $ 8,021 $ 9,712 $ 10,715

Cash Flow Conversion Ratio1 117% 127% 129% 115%

Adjusted Free Cash Flow Conversion Ratio (Non-GAAP)2 96% 108% 116% 89%

The Coca‑Cola Company   Coca‑Cola System

1 Cash flow conversion ratio is calculated by dividing net cash provided by operating activities by net income attributable to shareowners of The Coca-Cola Company.
2 Adjusted free cash flow conversion ratio is calculated by dividing adjusted free cash flow by adjusted net income attributable to shareowners of The Coca-Cola Company.

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OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

Reconciliation of GAAP and Non-GAAP Financial Measures

The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or For additional details regarding the reconciliation of GAAP and non-GAAP financial measures below, see the company’s Current Reports on
referred to herein as “reported”). However, management believes that certain non-GAAP financial measures provide investors with additional Form 8-K filed with the SEC on Feb. 14, 2023, Feb. 10, 2022, Feb. 10, 2021 and Jan. 30, 2020. This information is also available in the “Investors”
meaningful financial information that should be considered when assessing our underlying business performance and trends. Management section of the company’s website, www.coca-colacompany.com.
also uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the
company’s performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company’s reported
results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting.

Net Operating Revenues by Geographic Operating Segment

Year ended December 31, 2019 2020 2021 2022

(Percent change)
Europe, Europe, Europe, Europe,
Middle East Latin North Asia Middle East Latin North Asia Middle East Latin North Asia Middle East Latin North Asia
& Africa America America Pacific & Africa America America Pacific & Africa America America Pacific & Africa America America Pacific

Reported Net Operating Revenues (GAAP) (1) 3 2 3 (14) (15) (4) (11) 19 18 15 12 5 19 19 3
Less: Adjustments to Reported Net Operating
Revenues
Currency Impact (9) (10) 0 (1) (2) (14) 0 0 1 0 0 3 (14) (5) 0 (9)
Impact of Acquisitions, Divestitures and
Structural Changes, Net 3 0 0 (1) 0 0 2 0 0 0 0 0 0 0 6 0
Organic Revenues (Non-GAAP) 5 13 3 5 (13) (1) (5) (12) 18 19 14 9 18 24 13 11

Operating Income by Geographic Operating Segment

Year ended December 31, 2019 2020 2021 2022

(Percent change)
Europe, Europe, Europe, Europe,
Middle East Latin North Asia Middle East Latin North Asia Middle East Latin North Asia Middle East Latin North Asia
& Africa America America Pacific & Africa America America Pacific & Africa America America Pacific & Africa America America Pacific

Reported Operating Income (GAAP) (4) 2 12 0 (7) (11) (5) (7) 13 20 35 9 6 13 12 (1)
Less: Adjustments to Reported Operating Income
Items Impacting Comparability 0 0 7 (2) (2) (1) (10) 0 (2) 1 16 1 3 0 (5) (2)
Currency Impact (12) (14) 0 (1) (4) (21) 0 (1) 1 1 0 4 (15) (6) 0 (8)

Comparable Currency Neutral Operating Income

(Non-GAAP) 9 17 5 3 (1) 12 6 (6) 13 18 19 4 18 19 18 9

The Coca‑Cola Company   Coca‑Cola System

Note: Certain columns may not add due to rounding.

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OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

Portfolio
Year ended December 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022

Volume (in billions)

Volume — Unit Cases 28.6 29.2 29.3 29.2 29.6 30.3 29.0 31.3 32.7
Volume — Liters 162.4 165.8 166.4 165.8 168.1 172.0 164.5 177.5 185.8

Responsible Marketing
(Market responsibly, including no advertising to children under the age of 13 anywhere in the world.1)
Print 100% 100% 100% 100% not available not available not available not available not available
Online 99.5% 99.8% 100% 99.8% not available not available not available not available 99.8%
Television 88.5% 97.0% 95.2% 95.0% not available not available not available not available 91.3%

Low- and No-Calorie Portfolio

Low- or no-calorie sales (percent of volume sold that is low- or no-calorie) 25.2% 27.3% 27.2% 29.0% 28.2% 28.0% 28.7%
Percent of the company’s sparkling soft drink brands available in packages of 250 milliliters
(8.5 ounces) or less about 40% > 40% 44% 42% 42% 41% 44%

Front of Package Labeling

Provide transparent nutrition information, featuring calories on the front of all of our packages. nearly all nearly all nearly all nearly all nearly all nearly all nearly all nearly all nearly all
markets markets markets markets markets markets markets markets markets

The Coca‑Cola Company   Coca‑Cola System

1 2022 IFBA Marketing Report

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

PACKAGING
Year ended December 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022

World Without Waste

Total weight of our packaging (metric tons)1 5.10M2 5.30M 5.95M
Percentage of recycled material in our packaging 3
30% 20% 4
22% 23% 25%
Percentage of recycled material used in our PET plastic packaging globally 9% 9.4% 11.5% 13.6% 15%
Percentage of bottles and cans we collected and refilled or collected for recycling 5
61% 59% 59% 59% 58%
Percentage of bottles and cans we collected and refilled or collected for recycling 6
56% 60% 60% 61% 61%
Percentage of packaging recyclable globally  7
85% 88% 88% 90% 90% 90%

Packaging Mix (by units)

Plastic (primarily PET) bottles 45.5% 45.2% 44.9% 47.3% 47.4%
Aluminum and steel bottles and cans 23.5% 23.8% 24.7% 25.7% 25.9%
Other 12.1% 11.8% 13.4% 9.7% 11.3%
Refillable glass bottles 11.7% 11.1% 9.3% 9.4% 9.0%
Non-refillable glass bottles 2.3% 2.0% 1.4% 1.6% 1.6%
Beverage cartons and juice boxes 2.5% 2.8% 2.7% 3.0% 2.9%
Refillable (primarily PET) plastic bottles 1.6% 1.5% 1.6% 1.5% 1.4%
Pouches 0.6% 0.5% 0.4% 0.4% 0.5%

Number of Packages
Plastic (primarily PET) bottles ~117B ~120B ~112B ~125B ~134B
Aluminum and steel bottles and cans ~60B ~63B ~62B ~68B ~73B
Refillable glass bottles ~30B ~30B ~23B ~25B ~25B
Non-refillable glass bottles ~6B ~5B ~4B ~4B ~4.5B
Refillable (primarily PET) plastic bottles ~4B ~4B ~4B ~4B ~4B
Beverage cartons and juice boxes ~6.7B ~7.3B ~6.8B ~7.9B ~8B
Pouches ~1.7B ~1.3B ~0.9B ~1.0B ~1.3B

The Coca‑Cola Company   Coca‑Cola System

1 This is the focused scope of Primary Consumer Packaging (PET, Glass, Cans, Cartons).
2 This number has been updated following the completed assurance process for the 2020 World Without Waste Report, which was completed post-publication of the 2020 Business & ESG Report.
3 Includes select Primary Consumer Packaging materials.
4 In 2019, we modified the methodology we use for calculating the amount of recycled material used in our Primary Consumer Packaging. These changes are designed to integrate a more accurate dataset, including
primary data where it is available. Moving forward, we expect that these numbers will continue to evolve as data sources improve, at the same time that we work to increase rates of recycled material use.
5 We changed our method to track the packaging collection rate against our World Without Waste goal beginning with 2018 data. With better data available, we expanded the metric to encompass all of our packaging
types, including beverage cartons, juice boxes and pouches, etc.
6 Collection 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. Collection rates are determined by country for each packaging type based on either national studies
(approximately 82%), plant standards (approximately 17%), and internal estimates (approximately 1%).
7 Only recyclable where infrastructure exists.

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 CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

WATER
Year ended December 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022

Water Use and Water Withdrawn

Water Use Ratio (liters of water used per liter of product produced) 2.03 1.98 1.96 1.92 1.89 1.85 1.84 1.81 1.79
1.88 1.96 1.94 1.97

Total Water Withdrawn (megaliters) 301,068 300,733 294,925 288,990 298,797 295,014 281,991 298,235 308,736
40,375 36,946 40,473 44,500

Fresh Surface Water Sources (megaliters) 15,058 12,986 12,777 10,554 12,025 13,048
3,554 2,152 2,899 3,420

Brackish Surface Water (megaliters) 2,681 2,738 4,377 5,654 5,725 4,946
1,151 1,046 351 336

Third-Party Sources (megaliters) 140,588 135,217 147,430 139,581 144,256 147,642

20,317 19,475 21,706 24,144

Ground Water — Renewable (megaliters) 130,663 147,857 130,430 126,202 136,195 143,099
15,352 14,273 15,491 16,599

Water Consumption (megaliters) 182,455 186,642 187,132 167,301 170,358 183,616

23,889 21,687 24,918 25,562

Percentage of Water Consumption in Regions With High or Extremely High Baseline Water Stress 21% 20% 21%

Wastewater 106,534 112,154 107,883 114,690 127,877 125,120

Wastewater Discharged (megaliters) 16,486 15,257 15,555 18,938

Water Returned to Nature and Communities

Percentage1 94% 115% 132.9% 150% 155% 160.7% 170% 167% 159%
Amount (billions of liters)1 153.6 190.9 221.2 248.3 257 273.7 277.8 293.3 291

The Coca‑Cola Company   Coca‑Cola System

1 Substantially 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 in 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.
Note: Due to joint venture or merger and acquisition activities, certain brands may not be accounted for in The Coca-Cola Company-specific metrics included on this page.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

GREENHOUSE GAS EMISSIONS & WASTE

Year ended December 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022

Reduce our absolute emissions by 25% by 2030 against a 2015 baseline 7%

GHG Emissions1

Direct, from manufacturing sites (metric tons) (in millions) 1.7 1.7 1.6 1.78 1.79 1.83 1.49 1.61 1.65

Indirect, from electricity purchased and consumed (without energy trading) at manufacturing sites
(metric tons) (in millions) 3.6 3.8 3.8 3.76 3.76 3.73 3.75 3.88 3.91
Indirect, from electricity purchased and consumed (without energy trading) at manufacturing sites
(using GHG protocol market-based method)2 (metric tons) (in millions) 3.44 3.35 3.88 3.28 3.56 3.33

Total, from manufacturing sites (metric tons) (in millions) 5.55 5.58 5.45 5.54 5.55 5.56 5.24 5.49 5.56

Total, from manufacturing sites (using GHG protocol market-based method)2 (in millions) 5.22 5.14 5.71 4.77 5.18 4.97

Emissions Ratio (gCO2 /L) 36.89 36.23 35.29 33.96 34.83 34.74 33.96 33.33 28.85

Business & Sustainability Report and CDP Manufacturing Emissions Reconciliation

Reported Manufacturing Emissions in Business & Sustainability Report
(millions of MT CO2e)–TCCS Reporting Entity3
Scope 1 emissions per Business & Sustainability Report 1.61 1.65
Scope 2 emissions per Business & Sustainability Report 3.88 3.91
Total manufacturing emissions per Business & Sustainability Report 5.49 5.56

Reported Manufacturing Emissions in CDP (MT CO2e)–TCCC Reporting Entity3, 4

Scope 1–Manufacturing per CDP C7.3c 325,833 304,144
Scope 2 (location-based)–Manufacturing per CDP C6.3 869,832 890,400
Scope 3–Franchises per CDP C6.5 4,299,247 4,363,071
Total manufacturing emissions per CDP 5,494,912 5,577,615

Total manufacturing emissions per CDP (in millions) 5.49 5.56

Energy Use5

Total Energy Use (megajoules) (in millions) 61,764.0 61,037.4 61,558.7 59,070.9 61,464.0 62,419.9 58,888.1 63,735.8 65,389
11,758.9
10,985.2 12,731.5 10,680

Percentage renewable (electricity) 15% 17% 12% 21%

Energy Use Ratio (megajoules per liter of product) 0.42 0.41 0.40 0.40 0.39 0.39 0.38 0.39 0.38
0.54 0.58 0.61 0.57

The Coca‑Cola Company   Coca‑Cola System

1 The direct, Scope 1 and indirect Scope 1 manufacturing emissions results shown in this section exclude fugitive emissions and flavor manufacturing plants. However, for 4 The below emissions figures will be reported in the Company's forthcoming 2023 CDP Climate Change response.
the system-wide GHG results reported, these emissions sources are included. 5 Systemwide total based on estimated total use.
2 This metric accounts for renewable energy usage. Note: Due to joint venture or merger and acquisition activities, certain brands may not be accounted for in The Coca-Cola Company-specific metrics included on this page.
3 The GHG emissions reported in the Business & Sustainability report represent the Coca-Cola system’s manufacturing emissions, which include emissions from
activities which are under the Company’s operational control and activities that are related to Coca-Cola brands that are under direct control of franchise bottlers.
Our CDP reporting is aligned with an operational control approach as defined by the GHG Protocol, which includes only emissions from activities within The Coca-Cola
Company’s operational control as Scope 1 and 2 emissions, while manufacturing emissions from franchise bottlers are categorized as “Scope 3- Franchises”.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

GREENHOUSE GAS EMISSIONS & WASTE (continued)

Year ended December 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022

Fleet Fuel Management

Fleet fuel consumed (liters of diesel equiv.) 1.01B1 1.10B not available
2

HFC-Free Coolers
Number of pieces of HFC-free refrigeration equipment placed 623,160 730,876 886,693 918,009 571,753 803,602 1,070,739
Percentage of all coolers introduced in year that are HFC‑free3 61% 65% 80% 82% 83% 87% 88%

Waste3
Total Waste Generated (kilograms) (in millions) 1,441.3 1,360.5 1,297.4 1,367.8 1,269.9 1,490.3 1,749.6
Total Waste Ratio (grams per liter of product) 9.42 9.42 8.89 9.17 8.82 8.89 9.74
Total Waste Recovered (kilograms) (in millions) 1,264.6 1,181.3 1,134 1,212 1,135 1,324.8 1,587.3
Waste Recovered Percentage 87% 86% 87% 89% 89% 88.6% 90.7%

The Coca‑Cola Company   Coca‑Cola System

1 This 2020 figure has been adjusted.

2 Not available as of April 2023.
3 Systemwide total based on estimated total use.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

WORKPLACE, SAFETY & GIVING BACK

Year ended December 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022

Lost-Time Incident Rate 1.9 1.6 1.29 0.57 0.38 0.32 0.34 0.281 0.25 1

Number of Employees

Global Workforce2 129,200 123,200 100,300 61,800 62,600 86,200 80,300 79,000 82,500

North America 7,000 10,000 10,700 11,000 12,100 10,800 10,000 10,000 9,600
Bottling Investments 64,700 57,200 46,600 7,700 — — — — —

Latin America 2,500 2,400 2,500 2,500 2,400 2,400 2,200 2,400 2,600
Bottling Investments 2,200 2,000 2,000 1,900 — — — — —

Europe, Middle East & Africa 5,100 4,900 4,400 4,100 4,300 5,700 5,300 5,500 5,800
Bottling Investments 10,400 10,700 — 15,300 15,400 17,000 17,300 16,300 16,500

Asia Pacific 2,800 2,600 2,600 2,600 2,600 2,900 2,700 2,900 3,100
Bottling Investments 34,500 33,400 31,500 16,700 25,800 25,700 23,800 22,900 21,300

Global Ventures 21,700 19,000 19,000 23,600

Gender Representation by Level (global)3

Female (global)
Senior Leadership 34% 38.7% 39.0%
Middle Management 49% 50.5% 51.3%
Professionals 36% 35.3% 36.0%
Total 42% 42.9% 44.0%

Male (global)
Senior Leadership 66% 61.3% 61.0%
Middle Management 51% 49.5% 48.7%
Professionals 64% 64.7% 64.0%
Total 58% 57.1% 56.0%

The Coca‑Cola Company   Coca‑Cola System

1 For exclusions, please view the criteria statement in the Independent Accountants’ Review Report.
2 Corporate employees are included in the geographic area in which they work. Bottling Investments is an operating segment with employees located in two of
our four geographic operating segments. Numbers are approximate and as of December 31, 2022.
3 Data as of December 31, 2022, for salaried and hourly employees. This data excludes Bottling Investments, Costa, fairlife and BODYARMOR employees. For
exclusions, please view the criteria statement in the Independent Accountants’ Review Report.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

WORKPLACE, SAFETY & GIVING BACK (continued)

Year ended December 31, 2020 2021 2022

Race/Ethnicity Representation by Level (U.S. only)

Senior Leadership 29%1

Asian
10.0% 10.0%
Hispanic/Latino 9.4% 9.9%
Black/African American
8.2% 8.6%
American Indian/Alaskan Native
0.2% 0.0%
Native Hawaiian/Other Pacific Islander
0.2% 0.1%
White
62.7% 61.4%
Two or more races
0.9% 0.9%
Not specified 8.4% 9.1%
Middle Management 35%1
Asian
10.4% 10.4%
Hispanic/Latino
8.9% 8.7%
Black/African American
15.4% 16.1%
American Indian/Alaskan Native
0.3% 0.3%
Native Hawaiian/Other Pacific Islander
0.2% 0.1%
White
58.0% 57.1%
Two or more races
2.0% 2.2%
Not specified 4.8% 5.2%

Professionals 51%1
Asian
4.2% 5.4%
Hispanic/Latino
20.6% 21.2%
Black/African American
27.4% 30.3%
American Indian/Alaskan Native
0.6% 0.4%
Native Hawaiian/Other Pacific Islander
0.3% 0.5%
White
42.3% 36.7%
Two or more races
2.5% 3.0%
Not specified 2.1% 2.4%

Total 43%1
Asian
7.2% 8.1%
Hispanic/Latino
14.8% 14.6%
Black/African American
20.9% 22.0%
American Indian/Alaskan Native
0.5% 0.3%
Native Hawaiian/Other Pacific Islander
0.2% 0.3%
White
50.4% 48.1%
Two or more races
2.2% 2.5%
Not specified 3.8% 4.3%

The Coca‑Cola Company   Coca‑Cola System

1 This percentage represents People of Color. For exclusions, please view the criteria statement in the Independent Accountants’ Review Report.

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OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

WORKPLACE, SAFETY & GIVING BACK (continued)

Year ended December 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022

Human Rights Cases Reported by Category 1

Ask a Workplace Rights Question 20 11 8 2 — — — —
Child Labor 1 — — — — — — —
Discrimination 88 55 42 59 452 30 42 27
Forced Labor 3 — — — — — — 1
Freedom of Association 3 4 1 1 — — — 2
Retaliation 47 37 23 17 172 17 22 11
Safe and Healthy Workplace 55 33 22 31 52 74 50 37
Work Hours and Wages 64 42 34 36 182 5 7 11
Workplace Security 20 10 13 15 122 9 8 —
Total Cases 300 192 143 161 972 135 129 89

Investment Back Into Local Communities

Amount of charitable contributions made by The Coca-Cola Company and
The Coca-Cola Foundation (in millions)3 $ 126 $ 117 $ 106 $ 138 $ 125 $ 125 $ 186.1 $ 173.5 $ 139.0
Percentage of the company’s operating income 4 1.3% 1.9% 1.2% 1.6% 1.5% 1.3% 1.9% 2.0% 1.4%

The Coca‑Cola Company   Coca‑Cola System

1 Includes reports and allegations raised through The Coca‑Cola Company’s Human Rights Policy reporting process. 3 This amount includes charitable grants awarded by The Coca-Cola Foundation and donations made by The Coca‑Cola Company.
2 In 2019, Employee Relations redefined how cases were captured in the case management tool of record. Therefore, the reported figure includes only those allegations 4 This percentage was calculated based on the company’s prior year operating income (excluding the Bottling Investments operating segment).
that required investigations only as opposed to generalized questions raised to Employee Relations. Please note, however, that all questions presented to Employee
Relations were answered even if the question did not warrant an investigation. While we previously reported on all cases and questions raised through our case
management tool, we no longer capture that data. This helps us to ensure that we have more accurate visibility to annual Human Rights cases. This change accounts for
the 2019 variance when compared to previous years.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

HUMAN RIGHTS & AGRICULTURE

Year ended December 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022

Human Rights Audits by Region1

Total 2,318 2,789 3,204 2,823 2,778 2,279 2,848 2,770
Africa 120 188 259 236 206 165 297 259
Eurasia 116 93 133 109 78 89 124 141
Europe 218 339 356 280 376 296 385 345
Latin America 563 705 775 627 698 571 795 748
Middle East & North Africa 57 77 109 107 95 56 62 161
North America 171 180 266 208 161 124 156 146
Pacific 1,073 1,207 1,306 1,256 1,164 978 1,029 970

2020 goal 2020 goal

Number of Women Economically Enabled (cumulative) 864,996 1,237,734 1,751,626 2,413,079 3,278,866 4,602,033 6,073,117 achieved achieved

Agriculture
Sustainably source our key agricultural ingredients

% of key ingredients sustainably sourced (SAGP)2 not available not available 44% 54% 56% 61% —
% of key ingredients sustainably sourced (PSA)3 58% 64%
Apples not available 0–25% 26–50% 50% 60% —4 55%
Coffee 76–100% 76–100% 76–100% 90% 97% —4 99%
Corn 0–25% 0–25% 51–75% 67% 67% —4 70%
Grapes not available 26–50% 26–50% 31% 39% —4 37%
Lemons 51–75% 51–75% 51–75% 79% 82% —4 96%
Mangoes not available not available 0–25% 19% 34% —4 36%
Oranges 0–25% 0–25% 26–50% 44% 44% —4 89%
Soybeans not available not available 76–100% 100% 100% —4 100%
Sugar Beets 51–75% 51–75% 51–75% 69% 83% —4 80%
Sugar Cane 0–25% 0–25% 0–25% 32% 31% —4 40%
Tea 76–100% 76–100% 76–100% 82% 84% —4 74%
Pulp & Paper not available not available not available 75% 92% —4 86%

The Coca‑Cola Company   Coca‑Cola System

1 Independent third-party audits.

2 Progress toward total sustainable sourcing of all 12 priority ingredients, combined, using third-party validation programs against The Coca-Cola Company’s previous Sustainable Agriculture Guiding Principles (SAGP) effective for 2013–2020.
3 Progress toward total sustainable sourcing of all 12 priority ingredients, combined, using third-party validation programs approved under The Coca-Cola Company’s Principles for Sustainable Agriculture (PSA) effective for 2021–2022. Sustainably sourced volumes reported through 2020 were against the former Sustainable Agriculture
Guiding Principles. Data reported for 2022 represents key ingredients that are sustainably sourced to our Leader standard in line with our PSA.
4 We paused ingredient level reporting for 2021, and resumed this reporting for 2022.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

DEFINITIONS OF PRIORITY TOPICS

Topic name Subtopic(s) Definition Topic name Subtopic(s) Definition

Advocacy & Advocacy & Political How a company contributes to or engages with efforts in favor of or against policies Corporate Business Ethics & How a company implements policies and procedures surrounding compliant and
Regulatory Engagement and laws. This involves lobbying on issues such as taxes, trade policies, and Governance Compliance lawful corporate conduct and competition in the marketplace. Includes the systems
Engagement regulation, including on sustainability issues. It also encompasses corporate and channels in place to collect, process, and address complaints regarding
stances and actions on social issues and world events. suspected violations.

Regulatory Engagement How a company monitors risks and opportunities derived from emerging policies Corporate Governance How a company implements policies and standards that determine how it operates,
& Responsiveness and laws and interacts with governments and political bodies to shape or including its business strategy and goals, risk management, and sustainability
respond to them. integration. Includes the processes for ensuring the knowledge, skills, experience
and diversity of board members.
Biodiversity & Biodiversity & How a company implements policies to sustainably manage, preserve, and restore
Deforestation Deforestation  the variety of living organisms on earth for the benefit of human beings, the planet, Transparency & How a company discloses robust and credible sustainability data based on globally
and climate. Involves the effects of the production of agricultural raw materials used Sustainability Data accepted metrics in the face of increasing calls for sustainability data
in a company’s system and value chain on biodiversity. Validity and assurance.

Business Adapting and Thriving How a company manages the digital landscape, evolving shopping preferences and
Health & Consumer Preference How a company responds to and aligns with evolving consumer preferences and
Continuity & in a Digital Environment patterns, incorporating technology into business processes, and the enhanced
Nutrition Alignment  concerns, including health, wellness, and nutrition considerations, expectations of
Resilience capacity to conduct operations online. Also involves measures to ensure the
transparency, as well as increased demand for sustainable products.
necessary skills transformation of their workers and those in their value chain.

Health & Nutrition How a company manages the impact its products have on the health and nutrition
Business Continuity & How a company manages potential disruptions to business operations, including
of consumers, not only in relation to the product offering, but also in relation to
Resilience  the workforce and supply chains, caused by geopolitical and geoeconomic tensions,
education, information, and research.
social issues, including rising inequality or refugee migration, demographic
changes, or economic crises. Also involves anticipating and adapting to changing
environments to ensure the necessary skills transformation of their workers and Labor & Human Rights How a company respects the rights of employees, workers in the supply chain,
those in their value chain. Human Rights consumers, and communities the company interacts with. Includes alignment with
human rights due diligence principles in the UN Guiding Principles on Business
and Human Rights.
Cybersecurity & How a company protects and remediates information systems and networks from
Data Privacy accidental or illegal breaches. Also includes how information is collected, used and
transferred and respecting a data subject's privacy rights.   Labor Rights & Relations How a company upholds worker's rights, including stipulations of employment,
working conditions, and freedom of association.
Innovation & How a company is able to continually transform business operations and develop
Competitiveness  products in response to increasing competitive pressure in the marketplace. Occupational Health & How a company implements policies, practices, and training in place to mitigate
Safety risks and uphold workplace health and safety.

Climate Climate Change How a company manages the physical impacts and risks of climate change due to
Change Risk & Resilience changes in weather patterns and increased frequency and severity of natural Packaging & Packaging & Circularity  How a company supports a circular economy, such as reusable/recyclable
disasters, which could decrease agricultural productivity, exacerbate water scarcity, Circularity materials, collection and recycling, partnerships and innovation. Involves integrating
impair production capabilities, disrupt the supply chain, and impact demand for sustainability considerations in the production and consumption of products and
products. Also incorporates transition risks and the ability to manage and adapt to services across a company, system and value chain.
new policies and markets connected to the low-carbon economy transition.
Operational Waste How a company manages the waste and effluents generated from operations that
GHG Emissions How a company manages its direct and indirect emissions of greenhouse gases are not able to be reused or recycled, and the associated management practices.
throughout the value chain, and mitigates contributions to climate change in line
with net zero methodologies. Examples of this include transition to renewable Product Quality Product Quality & Safety How a company meets industry and consumer standards for quality and safety.
energy, use of alternative fuels, and energy efficiency through new equipment & Safety​ This includes both fulfilling consumers' needs and complying with food safety,
and processes, such as HFC-free equipment, as well as through reducing the considering ingredients and their effects on health, and relevant certifications that
environmental footprint of buildings and facilities across their life-cycles. verify environmental or social aspects of products.

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

DEFINITIONS OF PRIORITY TOPICS (continued)

Topic Name Subtopic(s) Definition Topic Name Subtopic(s) Definition

Responsible Responsible How a company responsibly and accurately sells and markets products and Water Water How a company manages water resources in order to meet business and community
Marketing Marketing communicates with consumers. Includes compliance with marketing regulations and Stewardship Stewardship needs. Includes a company's processes for water withdrawal, water use rights,
restrictions (e.g., not marketing to children under 13). mitigating water risk, and replenishing water used in a system and value chain.

Alcohol How a company markets alcohol products, engages in alcohol responsibility programs, Talent Attraction, Diversity, Equity How a company ensures there is diversity, equity, and inclusion in the workforce and
Responsibility and shares information with consumers about alcohol so that they can make informed Retention & DEI & Inclusion throughout the value chain. It also includes how business operations approach diversity,
decisions. Also includes responsible guidelines for associates and partners. equity and inclusion through marketing, sales and corporate citizenship.

Responsible Responsible How a company sets policies, controls and market incentives in place to procure goods Talent Attraction How a company recruits, engages, and maintains employees in the face of increasing
Sourcing Sourcing & and raw materials that have been produced respecting the environment, workers and & Retention competition for talent and the evolving expectations from workers on the future of work
Supply Chain communities. Includes efforts to have a positive impact and ensure alignment by and generational mindsets. It also includes the strategies in place to maintain a
suppliers and distributors with sustainability policies.  diverse workforce.

Sustainable/ How a company implements policies and procedures in its agricultural supply chain to
Regenerative have a net-positive impact in an attempt to mitigate the impacts of climate change.
Agriculture Involves an approach to farming that aims to improve soil health and preserve biodiversity.

Animal Welfare How a company implements practices and policies surrounding the physical and Stakeholder Priority Topics
emotional treatment of animals involved in business operations along the value chain.
The topics stakeholders identified in order of priority are as follows:
Stakeholder, Stakeholder How a company identifies, involves, and communicates with certain groups of people who
System & Engagement may impact or be impacted by business activities, and building trust-based relationships. (Score out of seven)
Business Partner
Engagement Packaging & Circularity 5.91 Talent Attraction, Retention & DEI 2.14
System How a company manages business and sustainability partnerships with The Coca-Cola
Engagement Company’s bottling partners (e.g., independent entities responsible for manufacturing
Water Stewardship 5.36 Labor & Human Rights 2.11
and/or distributing Coca-Cola packaged beverage products).
Health & Nutrition 4.28 Product Quality & Safety 1.89
Third-Party How a company manages business and sustainability partnerships, opportunities and
Service Provider & challenges. This includes ensuring compliance with anti-corruption provisions, and Responsible Sourcing 3.53 Biodiversity & Deforestation 1.89
Business relevant business and sustainability policies and regulations.
Engagement Climate Change 2.96 Business Continuity & Resilience 1.84

Sustainable Communities 2.67 Corporate Governance 1.57

Sustainable Community Impact How a company positively or negatively impacts communities with which it interacts
Communities & Sustainable through its operations and business transactions, including in the value chain, as well as Advocacy & Regulatory Engagement 2.61 Stakeholder, System & Business Partner Engagement 1.29
Communities voluntary community initiatives.
Responsible Marketing 2.27

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

OVERVIEW FINANCIAL AND PORTFOLIO DATA PACKAGING WATER GREENHOUSE GAS EMISSIONS & WASTE WORKPLACE, SAFETY & GIVING BACK HUMAN RIGHTS & AGRICULTURE DEFINITIONS OF PRIORITY TOPICS ASSURANCE STATEMENTS

ASSURANCE STATEMENTS
2022 Business & Sustainability Report Independent Accountants’ Review Report

2022 Greenhouse Gas Emissions Independent Accountants’ Review Report

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CONTENTS CEO MESSAGE EXECUTIVE SUMMARY OUR COMPANY WATER PORTFOLIO PACKAGING CLIMATE AGRICULTURE PEOPLE OPERATIONS DATA APPENDIX FRAMEWORKS

Reporting
Frameworks
& SDGs Global Reporting Initiative (GRI)
Task Force on Climate-related Financial Disclosures
Sustainability Accounting Standards Board (SASB)
In a separate PDF document available soon, we United Nations Global Compact (UNGC)
index the contents of this report to several reporting
United Nations Guiding Principles Reporting Framework (UNGPRF)
frameworks and standards.
United Nations Sustainable Development Goals (UNSDGs)

GRI provides a globally recognized framework for companies to measure and communicate
their environmental, economic, social and governance performance. We prepared this report in
accordance with the GRI Standards: Core option. This is the twelfth consecutive year that these
reporting principles have informed our reporting process, and we regularly assess our progress
against these guidelines. In this report, the GRI General Disclosures are solely for The Coca-Cola
Company. For all other indicators, the scope is identified in the referenced documents. Beyond
reporting on performance indicators required by the GRI, we report on additional indicators
important to our broad range of stakeholders.

This report also meets the requirements of the UNGC Advanced Communication on Progress
and aligns with the UNGPRF, which addresses reporting on human rights. We review our
reporting regularly and aim to be as responsive as possible to our stakeholders’ feedback.

THE COCA-COLA COMPANY 2022 BUSINESS & SUSTAINABILITY REPORT 87

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Version 1: 4/26/2023