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Salesforce Announces Spate of Climate Investments
The investments include joining a decarbonization initiative and a power purchase agreement for a 27 MW solar project.
Industry Dive
June 25, 2024
1 Min Read
Alamy
Salesforce has unveiled three separate climate investments aimed at curbing its carbon emissions and fast-tracking its shift to clean energy. The new projects will build on the company’s goal to reduce its absolute emissions by 50% by 2030, and 90% by 2040.
The cloud-based software company said it joined Frontier, a decarbonization initiative that aims to spend around $1 billion on permanent carbon removal between 2022 and 2030. The initiative is also backed by Stripe, Alphabet, Meta, McKinsey, JPMorgan Chase and others.
The tech company is also expanding its renewable energy portfolio by executing a virtual power purchase agreement with Qualitas Energy for a 27 MW solar project in Italy, marking its first European VPPA. Additionally, Salesforce designated $3.95 million to philanthropic grants for seven organizations to utilize to develop clean energy solutions.
As part of its Frontier membership, Salesforce said it would commit $25 million to “accelerate, scale, and commercialize the most promising carbon removal technologies.” By joining Frontier, the company said it would be able to achieve its goal of contracting $100 million in carbon dioxide removal solutions.
Salesforce made the commitment when it joined the First Movers Coalition, which aims to “leverage corporate purchasing power” to slash emissions in hard-to-abate industries.
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