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Jim, Hi.

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Can I just start by asking you what is
on the minds of those from the public and

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private sphere here at COP when
talking about the global food system?

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What are the discussions being had?

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Yeah, I think it's a great question there.

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There's a lot of things on people's
minds right now. Obviously food security,

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given what's going on in the
world, has been a huge issue,

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not only because of the war in Ukraine,

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but also because of climate and
climate change and what we're seeing.

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And so I think how is the
world going to provide food to

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8 million, 9 million, billion,

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10 billion people going
forward is a big question.

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And that, as a food company,

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we're one of the largest
food companies in the world,

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that is intrinsic to our business.

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How do we make sure that now five
years from now, ten years from now,

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we can have crops that we can
use to produce the foods and

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beverages that consumers
love. And so for us,

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the real priorities here are
around how do we scale regenerative

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agriculture? How do we finance
regenerative agriculture?

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And how do we make sure that all
the other things around that,

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things like water usage, things
like honestly the clean energy,

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an important part of it, is a part
of the broader climate conversation.

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How do all those things advance?

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That's really what we're
trying to do at PepsiCo.

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Why is it so important that
food companies like PepsiCo and

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other big household names are leading
the way and seem to be leading the way in

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climate action?

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Well, you know,

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we're really a huge agricultural company,

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between our foods and our beverages.

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And most people think of PepsiCo as a
beverage company, and of course we are,

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but we are actually an even bigger
food company. And in any given year,

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we use the products of about
7 million acres or 2.8 million

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hectares. So we need food, we need crops,

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to be able to produce our
products and to do that,

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we feel like we not only want to,

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but need to take a leadership position.
It's the right thing for the planet.

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It's the right thing for
the people on the planet.

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It's also the right
thing for our business.

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And so how do we make sure
that with our farming partners,

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we're building resilience to
climate change, to drought,

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to extreme weather events? Because
I spend a lot of time with farmers.

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When you go talk to farmers,
to them it's very real.

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Farmers are business people and they
get one shot a year to get it right,

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and they know what it takes and
they know what the risks are.

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And so how do we help
them be more resilient,

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more effective at being able to do it
with this huge change going on around

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us.

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And tell me more about regenerative
agriculture and why it's such a critical

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tool.

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Regenerative agriculture is
nothing more than practices that

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help build resilience and
build soil health and help make

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a farmer's livelihood
more secure and better.

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And so we really work with farmers
and a whole bunch of other partners.

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And Georgie,

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I like to say this is a team sport
and we need everybody involved.

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That's civil society,
that's governments that,

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that's other peer companies. But
it all starts with the farmer.

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And so it's really how does
that constellation help farmers

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make a transition in many cases from
what they've been doing for maybe

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generations to different
ways of farming that

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reduce soil erosion,

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increase carbon in the soil
to help sequester carbon,

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build drought tolerance,
help improve biodiversity.

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These are all things that
are critically important.

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And sometimes farmers need
some help in that transition.

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And it's really three
things. It's financial,

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it's technical advice. How do I
grow and grow things differently?

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And it's also social and cultural. I
was with a farmer not too long ago.

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They said the hardest thing from a social

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context is,

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I go to church on Sundays and I know
that the other farmers are talking

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about my field and how it's a dirty
field because I've gone to no-till.

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And I know it's better for
the soil and for my crops,

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but I have a little bit of social stigma.

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So we have to support farmers in all
those dimensions to really make it.

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Work. Indeed.

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How is PepsiCo expanding the use
of regenerative practices and

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what's the future looking like post this
COP? What will you take away from here?

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Yeah, so as I said, we touch
about 7 million acres a year.

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And we've said by 2030,

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we want regenerative
practices on all those acres.

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And that's a big step forward.
I mean, last year, 2021,

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we announced that,

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which was really the first year of our
wholesale transformation as a company to

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really put--we call it PepsiCo positive;

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we brand everything--put
sustainability squarely at the

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center of what we do. And last
year, 2021 was first year,

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and there we had put
regenerative practices under

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345,000 acres.

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So this year we haven't
yet announced the figure,

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but it's going to be dramatically higher.

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And 2023 yet again, is
our aspiration goal.

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So it's really about how do we
scale very quickly. And to do that,

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again, we need a lot of help
from a lot of different places.

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So coming out of COP,

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and here we're looking
to engage people again,

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civil society, governments,
other companies,

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how do we do that together collectively?

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Because farmers don't just grow for us
and they're part of an ecosystem in a

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community. And you have to address
that. It's really a systemic change,

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not just what does one farmer
do in one place for one crop.

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And if you don't approach it that way,

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you're never going to get the
permanent change you need.

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Jim, thanks so much.