Coca-Cola, Nike Outline Efforts to Counter Climate Change at the WEF
(3BL Media/Justmeans) – The recently concluded World Economic Forum at Davos saw Coca Cola and Nike outline their corporate efforts to deal with the challenges of climate change. The forum devoted one day to the threat posed by climate change to the planet’s delicate ecological balance; both Coke and Nike talked about specific steps they are taking to reduce this threat.
Jeffrey Seabright, Coca Cola's VP Environment and Water Resources,identified the growing incidence of droughts, floods and unpredictable variations in climate as serious problems disrupting the company’s supply of sugar cane, sugar beets and citrus for its fruit juices.
Coca Cola has installed one million drink coolers that make use of natural refrigerants in place of the environmentally harmful HFCs that were used previously. This effort alone is equivalent to removing 10 million cars from the roads over a 10-year period, according to the company. Coke views global warming as a force that contributes to higher food and commodity costs, disruption in supply chains and increased financial risk that effectively leads to lower gross domestic products.
Nike, on its part, advocates climate awareness and legislation. The company has set clear goals to reduce carbon emissions and is an active member of CERES' BICEP coalition that helps create public policy on this issue. Nike has more than 700 factories in 49 countries, including many in Southeast Asia where extreme drought conditions have hindered production of cotton.
According to Hannah Jones, VP Sustainability and Innovation at Nike, when there is less cotton on the market due to climate extremes, it results in market prices for apparel products going up, which eventually causes market volatility. Companies such as Coke and Nike are now taking responsible steps to preserve the future of their brands in a world that faces the threat of global warming and extreme weather events.
Source: Brand Channel
Image Credit: Flickr via Marion Doss