WEBVTT

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- Jim, good to see you here in Brazil.

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- Great to see you as well. Thank you.

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- And wonderful to come
together to discuss adaptation,

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which is such an important topic.

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Why is climate adaptation so important

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for a big global business like PepsiCo?

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- We know that we're going to see more

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and more climate events going forward.

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So in the case of PepsiCo,

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which is a very large food company,

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even bigger than a beverage company,

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we need farmers to keep farming.

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We need a steady,
resilient supply of crops.

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And so we're here to talk about

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how do we increase adaptation programs

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and funding supporting policy so

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that farmers can keep farming.

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Because without it, we
don't have business.

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- And can you tell me a bit
about some real examples of

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where you are actually supporting
farmers, driving climate

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adaptation, but also doing what's needed

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to drive the bottom line at PepsiCo

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and create that supply
chain that's resilient?

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- We just launched a great
project here in Brazil

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called Project Oro,

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working in the Serato with farmers

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to help them become more resilient,

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providing both financial
support in the form of pay

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for practice as well as pay for outcomes.

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And then also technical advice

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because we know that financial, technical,

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and social support are
necessary for farmers

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to make the changes that
they know will have results,

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but to make them support
them through that.

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So that's a great example of a project--

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collaborative against,
with multiple players

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to help drive real change.

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- Great example. Why do you think it is

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that we aren't seeing
more of these type types

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of projects around the world?

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We need to be scaling
our adaptation in such a,

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such a rate given what's
happening to the climate today.

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- Well, this is, this is a team sport

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and you need everybody
in the ecosystem involved

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and finding the right programs
with the right partners.

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It take, honestly, it takes a lot of work

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and they sometimes take
years to put together.

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But the interesting thing is farmers are

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showing they work, right?

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Farmers are looking for these,

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we can give them financial
support, technical support,

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and social support then
they adopt very quickly.

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And so it's really a question
of how do we get more NGOs,

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more governments, more
other companies involved so

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that we can move more quickly.

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Because the farmers are
there, the demand's there,

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and they're seeing the results.
The kind of projects

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that we are talking about,

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they require a lot of
effort and and learning,

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but they also require partners.

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And importantly, they require de-risking.

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And I think that's probably
the greatest opportunity area

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for governments, impact
investors, philanthropy,

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and financial institutions
to help, which is how do we

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get the right level of risk so

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that we can mobilize the right of amount

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of capital. Until we do.

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Everybody just goes to the tail risks

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and assumes all along the chain

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that these things are incredibly risky.

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They're not. And we know
that farmers want to do more.

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And so the question is, in this case,

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how do we help them adopt things

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that they know will help their business?

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- Thank you.