"Our industry has long recognized the positive role it can play in promoting healthy lifestyles for consumers of all ages, including children, and this policy will only serve to strengthen that role"said Susan Neely, president and CEO of the American Beverage Association.  "The non-alcoholic beverage industry produces a wide variety of beverages, all of which can be part of a healthy lifestyle," Ms. Neely said. "However, as parents and grandparents ourselves, we recognize that children may be more susceptible to marketing campaigns and may not always be able to make the right dietary choices for themselves."
The International Council of Beverages Associations (ICBA), the worldwide trade association representing the non-alcoholic beverage industry adopted guidelines on marketing soft drinks and other beverages to children. What makes this remarkable is the Coca-Cola Company and PepsiCo, the two largest global beverage companies, intend to fully comply with these guidelines, pulling ads from TV, radio, print, Internet, phone messaging and cinema (including product placement) where the audience is under 12 years old.  Coke has over 100 years of marketing to children, from Coca-Cola Barbie dolls to animated bears slugging it at christmastime.

How do they plan on making up the revenue? These guidelines do not cover their continued use in schools, sponsoring events and making their presence known in family style events. 
Coke, Pepsi and other soft drinks have long been a presense in the classroom.  "Kids and teachers who spend hour after hour after hour in school get thirsty," says Coca-Cola spokesperson Scott Jacobson. “Every time they consume a beverage brought from home it’s a lost revenue opportunity for the school. So it’s kind of a 'win win win.' It’s good for us. Good for people who are thirsty who want our products. Good for schools."
Dave DeCecco, manager of public relations at Pepsico, puts on a more altruistic face, as they tout using their logo to help poor , pathetic youth.  "They’ll come to us and say, 'You know, we need some money for the school to run properly. What can you do to help?' And we’ll say, ‘That’s great! We will definitely provide you with X, Y, and Z [all promotional items emblazoned with Pepsi logo].' Pepsi’s a very youth-focused company and we know that schools are struggling to meet rising costs and shrinking budgets.” He adds, “It’s good for us too. There’s no doubt about it that we want to connect to young consumers.”
Of course, as part of these new guidelines, ICBA will also review other forms of marketing, including sponsorships, presence in schools, and point-of sale promotions to come within the next year and a half. 

Coca-Cola released a statement that read, “We have actively supported the development of these guidelines and are delighted that the International Council of Beverage Associations has adopted them. We at Coca-Cola intend to apply them to all our beverages in all countries of the world.”

But Susan Linn, the director of the Campaign for a Commercial Free Childhood said it all sounds “like a lot of smoke and mirrors.”
"Self regulation in this country hasn’t been working," she said. “It still looks like lots of products are being marketed to kids that shouldn’t be. And they’re marketed in ways to kids that aren’t even covered in the guidelines. I’m not optimistic that this is going to do much.”

Source: International Council of Beverage Associations
http://www.essentialaction.org/spotlight/CokeSchool.html
http://www.commercialexploitation.org/news/cokepepsi.htm
http://www.bevnet.com/news/2008/5-20-2008-ICBA_children.asp