In May, PepsiCo released a big reworking of its sustainability goals. The company retired some of its pledges, particularly around water, because it had met them already. Others, including decarbonization targets, were softened or delayed. As Jim Andrew, the company’s chief sustainability officer, told me in September: since PepsiCo set the goals in 2021 “a lot changed, and we've learned.” No one likes to admit failure, least of all publicly traded companies. Big firms worry about how every