ESG Means No More Buying the World a Coke
The stampede of companies out of Russia marks a major change in global capitalism that may not be for the better.
Coke diplomacy isn’t going to work anymore.
Source: AFP
The day after the U.S. lifted its trade embargo on Burma in 2012, I spoke to an executive at Coca-Cola Co.. He proudly announced that his company already had people on a plane headed to the country. It is Coca-Cola's policy, he explained, to sell its beverages anywhere it's allowed to do so. Coke was sold in Russia during the last part of the Cold War, and even during the 1980 Moscow Olympic Games boycotted by the U.S.
Yet two weeks ago, Coke caved to public pressure and announced it was pulling out of Russia because of President Vladimir Putin’s invasion and brutal assault in Ukraine, even though government sanctions didn't require its withdrawal.