Mondelez Pledges $600 Million as African States Snub Cocoa Talks
- Food giant says ‘Cocoa Life’ program lifts farmers’ incomes
- Commodity’s price falls as Westerners cut back on chocolate
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Cadbury maker Mondelez pledged an extra $600 million to a program that aims to boost cocoa farmers’ incomes, even as two major African governments boycott the chocolate industry’s annual summit in Brussels in a row over pay.
Mondelez will put the cash into its “Cocoa Life” program in a bid to increase the number of farmers it helps from 200,000 now to 300,000 by 2030. The company said it would take its total investment in the scheme -- which aims to raise farmer incomes, improve access to education and stamp out deforestation -- to $1 billion.