Naomi’s role and objectives at Salesforce 

Naomi leads Salesforce’s Climate and Innovation Philanthropy, where she oversees investments and initiatives aimed at mitigating the severe consequences of climate change and assisting communities in adapting to current climate challenges. Equity is at the forefront of her efforts. Additionally, she manages a program that harnesses Salesforce’s technology, employee resources, and financial support to expedite promising solutions within their chosen impact domains.

Claudine’s role and objectives at Salesforce

Claudine leads the Salesforce Ventures Impact Fund, where she has been spearheading Salesforce’s impact investment initiatives for nearly six and a half years. This effort is an integral part of the broader Salesforce Ventures division. Salesforce Ventures is globally recognized as one of the most dynamic corporate venture arms, boasting a diverse portfolio of over 400 companies worldwide, and employing various strategies within the enterprise tech domain. Claudine’s particular emphasis lies in identifying companies that are dedicated to creating positive change for the planet and its inhabitants, with a strong focus on climate technology as a pivotal area of interest for the fund.

Solving problems through philanthropy and impact investing 

Naomi emphasizes the unique and vital role of philanthropy in the broader context of climate action. Unlike other forms of funding, philanthropy provides flexible capital that enables risk-taking, the exploration of new solutions, and capacity building. Successful philanthropic initiatives can attract other investors and have a direct impact on local communities, particularly those most vulnerable to climate effects. This aligns with the work in venture support, specifically their efforts in assisting eco-entrepreneurs involved in climate-related projects through philanthropy. Naomi highlights the need to accelerate climate innovation technology and engage the global community, emphasizing the collaboration of different forms of capital. Philanthropic capital, without the expectation of returns, can address high upfront costs, operate patiently on extended timelines, and facilitate capacity building within the climate tech sector. The equity aspect is crucial as well, striving to ensure fair investments in communities disproportionately affected by climate change, including women and people of color in developing regions. The investment eco-partnership seeks to boost early-stage innovation and redirect capital flows to representative leaders in communities with viable solutions, even if they lack access to necessary networks. By supporting organizations like Elemental Accelerator, philanthropy can catalyze early-stage innovation that subsequently attracts funding from sources like the Salesforce Ventures Impact Fund. The goal is to integrate various forms of capital effectively, working comprehensively and avoiding siloed funding strategies.

Claudine explains that the Salesforce Venture Impact Fund is an integral part of a larger enterprise software fund, which aligns with their expertise as an enterprise software company, enabling them to provide substantial value to the companies they support. This strategic partnership approach forms a crucial aspect of their investment thesis. Their primary focus is on investing in early-stage companies, particularly in Series A and Series B stages, although they’ve also engaged in later growth stage rounds for well-known companies within their network. In the climate domain, their investments encompass a broad spectrum, including energy efficiency platforms, transitioning from fossil fuels to renewable energy sources, electrification across various sectors like transportation, and solutions related to the built environment. Notably, they’ve expanded their portfolio to include nature-based climate adaptation solutions, recognizing the need to address both climate change mitigation and adaptation due to the increasing frequency of climate-related crises. This approach reflects their commitment to mitigating the impact of climate change and preparing communities to adapt to the challenges of an already altered climate.

Introduction and purpose of the playbook 

Claudine recounts that the genesis of the corporate climate finance playbook stemmed from Salesforce’s extensive involvement in climate funding across various avenues. However, upon reflection, it became apparent that their efforts were somewhat fragmented and lacked optimal coordination. Recognizing similar challenges among their peers and partners, Salesforce collaborated with the Climate Policy Initiative to conduct comprehensive research. They engaged with 18 different companies to gain insights into how corporations can effectively mobilize, manage, and allocate capital for climate initiatives. The resulting playbook offers a foundational guide, outlining common climate financing options and addressing key considerations such as stakeholder engagement, associated risks, and potential returns. It serves as a practical resource for organizations embarking on their climate finance journey, supplemented by illustrative case studies. Claudine encourages others to review and provide feedback, emphasizing the playbook’s significance in kickstarting vital conversations within companies about climate finance strategies.

Five tips for readers to embark on their climate finance journey 

Naomi outlines five essential tips for individuals embarking on their climate journey. First and foremost, she emphasizes the importance of understanding one’s climate-related goals and the trade-offs they are willing to make, marking the critical starting point. The second tip involves collaborating with key stakeholders to gather input and secure buy-in, encompassing a range of entities such as supply chain partners, legal, finance, philanthropy, leadership, and the board. The third tip is to explore available climate finance options and assess the feasibility of activation, spanning from easily attainable objectives to more ambitious, long-term goals aligned with the company’s current circumstances. Tip number four entails the synthesis of these insights into a comprehensive climate finance strategy, optimized to align with the defined goals and the available resources. Lastly, Naomi underscores the importance of being prepared with the right climate finance plan for the right moment, ensuring readiness when opportunities arise, whether due to new legislation or other favorable conditions, by diligently following the first four steps.

Resources Mentioned

• Salesforce: Environmental Sustainability
• Salesforce Venture Impact Fund
• Salesforce & Climate Policy Initiative: The Corporate Climate Finance Playbook
• Climate Policy Initiative
• Elemental Excelerator
• Pano AI
• WeaveGrid
• The Nature Conservancy
• The Ocean Foundation
• New Energy Nexus
• RE-volv
• Global Forest Generation
• GreenWave
• Island Conservation
• Rainforest Connection

Connect with Naomi Morenzoni & Claudine Emeott

• Connect with Naomi on LinkedIn
• Connect with Claudine on LinkedIn

Connect with Jason Rissman

• On LinkedIn
• On Twitter

Keep up with Invested In Climate

• Sign up for our Newsletter
• LinkedIn
• Instagram
• Twitter

Have feedback or ideas for future episodes, events, or partnerships?

Get in touch!