Coca-Cola’s continued success depends on disciplined capital allocation across all areas of investment, including environmental, social, and governance (ESG) and sustainability initiatives. These programs represent significant and growing portions of corporate spending. Yet, unlike traditional capital investments, sustainability expenditures are apparently not consistently subjected to transparent financial evaluation. The 2024 Coca-Cola Environmental Update reveals multiple red flags on the absence of NPV or ROI analyses for sustainability initiatives.1 First, ambitious goals—returning 100%+ water globally, 35-40% recycled material by 2035, and 1.5°C-aligned emissions cuts—are presented without any cost-benefit estimates, capital allocation details, or projected returns. Second, investments in refillable packaging (14% of volume) and collection systems yielding 65% recovery are touted, yet no financial justification or payback periods appear despite acknowledged infrastructure costs. Third, 28% renewable electricity usage and Scope 3 supplier reductions are highlighted, but the document omits any quantification of incremental expenses versus emissions savings or shareholder value creation. These omissions raise governance concerns over unchecked capital deployment. The Company’s existing Corporate Governance and Sustainability Committee Charter authorizes the Committee to oversee sustainability programs and monitor risks but does not require any formal review of the financial returns or opportunity costs associated with such programs.2 Establishing a clear bylaw requirement for NPV and ROI analysis would align sustainability oversight with the same rigor applied to other investment decisions. Integrating financial assessment into sustainability governance promotes accountability, data-driven decision-making, and alignment between environmental and shareholder value. Moreover, an annual statement confirming that sustainability expenditures are grounded in positive NPV and ROI would increase transparency and investor confidence while discouraging initiatives that lack demonstrable benefit to the Company or its shareholders. Such transparency would also allow shareholders to properly value their shares. Coca-Cola has been a global leader in sustainability reporting. This modest amendment would reinforce that leadership by ensuring that sustainability commitments are also economically sustainable—producing measurable returns and advancing the Company’s fiduciary responsibility. For these reasons, we urge shareholders to vote FOR this proposal.