Climate Week NYC: Salesforce announces support for Mangrove Breakthrough

By Climate Champions | September 19, 2023

On 19 September, during Climate Week NYC, Race to Zero member, Salesforce, in partnership with the Climate Policy Initiative (CPI), announced its support for the Mangrove Breakthrough as part of a $8.3 million grant towards climate justice and nature-based solutions.

Part of the Marrakech Partnership Adaptation and Resilience Breakthroughs, the Breakthrough initiative aims to conserve and restore 15 million hectares of mangrove ecosystems globally by 2030. With coastal communities already facing the impacts of a changing climate, there is an urgent need to invest in mangroves as effective nature-based solutions.

The importance of mangroves is multifaceted. They provide food, protection from extreme weather, and livelihoods, all while homing exceptional biodiversity. Their role in building coastal resilience and acting as huge carbon sinks makes their conservation and restoration crucial in the fight against climate change.

The support for the Mangrove Breakthrough is a keystone in Salesforce’s climate finance strategy. The company on Tuesday unveiled a Corporate Climate Finance Playbook to guide businesses in leveraging various capital forms to accelerate climate actions.

Globally, the tangible impacts of climate change, ranging from extreme temperatures to wildfires and floods, necessitate an estimated $4 trillion annually in climate mitigation, resilience, and adaptation investments. Salesforce’s playbook offers a pathway for companies to access a myriad of climate finance tools, from sustainability bonds and carbon credits to venture capital and philanthropic grants.

Derived from dialogues with 18 industry leaders, the playbook introduces a corporate finance taxonomy and a decision-making structure. It is designed to support corporate sustainability and impact leaders on their climate finance journey.

While still early in its journey, Salesforce’s climate finance strategy includes a mix of climate finance instruments, including commitments to invest $100 million in Carbon Dioxide Removal, purchase 280,000 MWh in renewable energy certificates from small, distributed energy projects, and a $100 million Ecosystem Restoration & Climate Justice Fund.

Naomi Morenzoni, SVP of Climate & Innovation Philanthropy at Salesforce, commented, “With the Corporate Climate Finance Playbook, we’re not just providing businesses with tools; we’re unlocking a pathway to a sustainable future. Our commitment extends beyond guidance — we’ve invested an additional $8.3 million in climate justice and nature-based solutions. From restoring mangroves to empowering ecopreneurs, we’re dedicated to addressing climate change’s most pressing challenges, making a tangible impact on our planet and communities.”

Natalia Alekseeva, Coordinator of the UN Decade on Ecosystem Restoration at UNEP, noted, “Salesforce is the first private sector entity announcing their support to the UN World Restoration Flagships – the most ambitious initiatives connecting people and nature. We welcome this commitment and urge more companies to step up in our race to restore Earth.”

Other recipients include:

SOS Mata Atlântica which works to protect Brazil’s Atlantic Forest. The donation will support the expansion of protected areas and innovative new financing mechanisms to conserve and restore the Atlantic Forest, a UN World Restoration Flagship, with a focus on the Tietê and Paraíba do Sul Basins.

WRI Brasil, which focuses on sustainable solutions for people, nature, and climate, will use the donation to coordinate and support the implementation of a pipeline of locally-led, high quality nature-based solutions projects in the Brazilian Atlantic Forest.

In July, partner organizations of the Mangrove Breakthrough met to accelerate efforts to unlock $4 billion USD in funding and thereby achieve the Breakthrough objectives.

Learn more about the UN Decade on Ecosystem Restoration and Trinational Atlantic Forest as World Restoration Flagship

Learn more about Salesforce’s Nature Positive Strategy

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