Marc and Lynne Benioff and Salesforce have announced $300 million in climate investment for ecosystem restoration and reforestation. The funds include the establishment of the $100 million Benioff TIME Tree Fund, $100 million in investments from TIME Ventures, the Benioffs’ investment fund, and $100 million from Salesforce to provide grants, donate technology through its Power of Us program and support 2.5 million hours of volunteer time to non-profits focused on climate action.
Suzanne DiBianca, Chief Impact Officer at Salesforce said, "This is the most critical decade for climate action and climate justice, and businesses have a responsibility to help protect our planet and reduce emissions. Our planet’s natural ecosystems not only capture carbon but also support economic development, biodiversity, and species preservation. Trees are one of the most powerful green infrastructure solutions we have to fight climate change, advance equity, and create tangible benefits for all people."
The announcement underpins the growing awareness of the importance that nature based solutions will play in addressing climate change, both in terms of carbon storage and in supporting adaptive responses to the impacts of climate change. Salesforce says its sustainability vision is to accelerate the world’s largest businesses towards net zero, sequester 100 gigatons of CO2 through conserving, restoring and growing 1 trillion trees, all while supporting the development of ecopreneurs around the world.
There are challenges to the use of forests in addressing climate change, as recent research from UNESCO warns that many of the world’s conserved forests are shifting from carbon sinks to carbon emitters. This is most part due to human activity and addressing this is critical - UNESCO has said that continued reliance on these forests’ carbon sinks and storage depends on improved forest protection. What makes forest conservation and sustainable management so important however, is the benefits that go beyond carbon storage. Issues of climate justice, a stumbling block for achieving action in the international climate negotiations, must be addressed.
A Salesforce spokesperson said, “Climate justice is about people and we know that climate change exponentially impacts disadvantaged communities, people of color and minorities. We know climate change impacts everyone and everything, and it disproportionately impacts the poorest and most vulnerable, amplifying global inequality. Trees have to be restored, conserved, and planted in the right places, at the right time, for the right reasons. We do [this] for humans and other life on this planet, to help mitigate climate change, to improve livelihoods, and so much more.
The Benioff TIME Tree Fund will accelerate the global reforestation efforts of 1T.org, kickstarted in 2020 with backing from the Benioffs, focusing on indigenous and community-based forest management. Such interventions can help to mitigate the increasing impacts of climate change on the most at-risk communities and natural ecosystems in emerging and developing countries. As climate impacts intensify and growing numbers of forests shift from carbon sinks to carbon emitters, this is increasingly important.
The $100 million from TIME Ventures will invest in ecopreneurs working on launching new innovations to reduce emissions, sequester carbon, and repair and protect natural resources. The fund has already backed companies such as DroneSeed, Loam Bio, Mango Materials, NCX, Novoloop, Planet and Terraformation,
In addition to its grants and donations, Salesforce has also announced the launch of two new natural climate solutions. These include a global tree equity and urban reforestation initiative and Salesforce’s first blue carbon programme. This is intended to conserve, protect, and restore coastal and marine ecosystems. Salesforce has set a goal purchase 1 million tons of high-quality blue carbon credits over the next four years.
Salesforce has committed to becoming a net zero company, and has set its targets with the Science Based Targets initiative. That means prioritising internal emissions reduction, aligning its full value chain to 50% cuts by 2030 and near zero by 2050. Only once this goal has been reached can the company be net zero, but there is an important role to play in removing as many emissions as possible as fast as possible and it is this driving the company’s strategy. A spokesperson said, “We must rapidly deploy existing solutions today, while we also scale and innovate solutions for tomorrow such as carbon removals technologies. We must also prioritize emissions reductions today, which in turn limits the amount of removals we need later in the century.”
Today, examples of projects which Salesforce is using to offset emissions include: Proyecto Mirador, which provides fuel-efficient cookstoves in rural homes throughout Honduras; Sea of Change which restores mangrove forests in Myanmar and educates the local population; and the Katingan-Mentaya Peatland Project which is focused on conserving orangutan habitat and improving local livelihoods
There is a steep learning curve in the current markets, especially with regard to developments in nature based solutions from offsets to adaptation. The work of the Task-force for Nature-related Financial Disclosure (TNFD) is expected to release guidance for corporates in 2022. While there are still discussions to be had regarding carbon neutrality and net zero, between offsets and removals, there is little question that the direction of travel is moving towards a far integration of nature into climate change action. And Salesforce, and the Benioffs, are making their mark.
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