PepsiCo Foundation Expands Commitment to Water.org with $8 Million Contribution to Scale 'WaterCredit' Across India
PURCHASE, N.Y. and KANSAS CITY, Mo., Oct. 27, 2011 /PRNewswire/ -- PepsiCo Foundation, the philanthropic arm of PepsiCo (NYSE: PEP), and Water.org announced today an expansion of their partnership to scale WaterCredit, a market-driven model that will provide micro loans to families throughout India. This expansion will help enable approximately 800,000 people to access safe water by March 2016. The commitment is built upon a long-standing partnership between the PepsiCo Foundation and Water.org and is made possible by an $8 million grant – the largest contribution by the Foundation in its 50-year history.
In 2008, the PepsiCo Foundation contributed $4.1 million to Water.org resulting, to date, in more than 250,000 people accessing improved water and/or sanitation through initiatives funded by microfinance loans.
"Water is an integral part of PepsiCo's business ecosystem, and ensuring access to clean, reliable sources of water is vital to the health and livelihood of communities around the world," said Indra Nooyi, Chairman and CEO of PepsiCo. "We are pleased to extend our partnership with Water.org to expand proven and innovative strategies that will bring clean water and sanitation solutions to hundreds of thousands in India, and help enable a sustainable business in the future for PepsiCo."
"It's been an incredible journey with PepsiCo over the past several years. Working with a partner that is so committed to overcoming the global water crisis through innovative approaches such as WaterCredit is refreshing," said Gary White, chief executive officer and co-founder of Water.org. "PepsiCo, in what I believe captures the spirit of their own visionary culture, was willing to place an early bet on us and the WaterCredit model. That bet has resulted in incredible impact to date. Their support has been instrumental to not only Water.org but to the sector at-large in demonstrating a potentially game-changing approach to overcoming the global water crisis as we know it."
"There will never be enough charity in the world to solve this problem. What we need to do is double down on smart solutions like WaterCredit which can rapidly scale safe water and sanitation access for families that are in desperate need right now," said Matt Damon, actor and co-founder of Water.org. "In the U.S., we have the luxury to debate and plan for water shortages and investments in our infrastructure. For billions, this is a daily nightmare and fight for survival. It's visionary partners like the PepsiCo Foundation that recognize that and I hope their example inspires others to follow suit."
"I am proud that my Clinton Global Initiative (CGI) Annual Meeting was able to serve as the catalyst for Water.org and PepsiCo's commitment to providing clean drinking water around the world," said President Bill Clinton. "It is partnerships like this that have helped CGI touch 400 million people in over 180 countries. This grant will help Water.org and PepsiCo help end the global water crisis —one of the most pressing and universal challenges of our time."
Water stewardship is a central part of Performance with Purpose – PepsiCo's mission to deliver sustainable growth by investing in a healthier future for people and our planet. The PepsiCo Foundation's support for Water.org is part of the company's commitment to global water stewardship. As part of this commitment, PepsiCo has pledged to:
- Provide access to safe water to three million people in developing countries by the end of 2015;
- Improve water use efficiency by 20 percent per unit of production by 2015; and
- Strive for "positive water balance" in water-distressed areas.
PepsiCo and the PepsiCo Foundation have pledged nearly $34 million to safe water and sanitation initiatives in developing countries since 2005, in partnership with organizations, including the Inter-American Development Bank's AquaFund, Safe Water Network, China Women's Development Fund, Save the Children, International Rescue Committee, Earth Institute at Columbia University and The Energy Resources Institute.
Since 2008, Water.org and its partners in India have used the power of WaterCredit to impact twice the number of people than could have been reached using other, more traditional approaches, all while reducing the philanthropic cost per person served by nearly 50 percent.
PepsiCo offers the world's largest portfolio of billion-dollar food and beverage brands, including 19 different product lines that generate more than $1 billion in annual retail sales each. Our main businesses -- Quaker, Tropicana, Gatorade, Frito-Lay, and Pepsi Cola -- also make hundreds of other enjoyable and wholesome foods and beverages that are respected household names throughout the world. With net revenues of approximately $60 billion, PepsiCo's people are united by our unique commitment to sustainable growth by investing in a healthier future for people and our planet, which we believe also means a more successful future for PepsiCo. We call this commitment Performance with Purpose: PepsiCo's promise to provide a wide range of foods and beverages for local tastes; to find innovative ways to minimize our impact on the environment, including by conserving energy and water usage, and reducing packaging volume; to provide a great workplace for our associates; and to respect, support, and invest in the local communities where we operate. PepsiCo is ranked as the number one company in the Dow Jones Sustainability Indexes (DJSI) Food and Beverage Supersector, and has led the beverage sector for three consecutive years. For more information, please visit www.pepsico.com.
About the PepsiCo Foundation
Established in 1962, the PepsiCo Foundation is the philanthropic anchor of PepsiCo, responsible for providing charitable contributions to eligible non-profit organizations. The Foundation is committed to developing sustainable partnerships and programs in underserved regions that provide opportunities for improved health, environment and education. For more information, please visit http://www.pepsico.com/Purpose/PepsiCo-Foundation.aspx.
Water.org is a non-profit organization that has transformed thousands of communities in Africa, South Asia, and Central America by providing access to safe water and sanitation over the past twenty-one years. Founded by Matt Damon and Gary White, Water.org works with local partners to deliver innovative solutions for long-term success. Learn more and make a difference at www.water.org.
WaterCredit is an initiative of Water.org that puts microfinance tools to use in the water and sanitation sector. It is the first comprehensive program of its kind in the world that connects the microfinance, water and sanitation communities to scale up access to credit and capital for individual- and household-based water and sanitation needs across multiple countries. In turn, the WaterCredit partnership model and financing mechanisms serve to channel and redeploy financial resources more efficiently and effectively to enable increasing numbers of people to meet their drinking water and sanitation needs. Learn more at http://watercredit.org and http://water.org/watercredit.