Carbon credits are far from enough. Of course, carbon credits alone aren’t enough. Effectively addressing climate change requires a variety of actions, including a suite of financial tools to help scale climate solutions. Carbon credits are one financial tool, and they’re best used to support the implementation and deployment of climate solutions that have no other potential funding source. However, they aren’t well suited to other objectives like education and capacity building, early stage research and development into new technologies, and much more. That’s why Salesforce also leverages other forms of capital such as impact investing, philanthropy, and our purchasing power. Over the years, we have learned how catalytic such investments can be. One project of many that we are particularly proud of is Accion Andina, a community-driven ecosystem restoration movement across multiple Andean countries of South America. Our support is helping Accion Andina to reach unprecedented scale and prepare for additional investments from the voluntary carbon market and other sources. Methodology has not yet been developed to account for the carbon impact of this unique high mountain forest ecosystem, and developing this methodology is one of the necessary upfront investments we can make. This will allow high Andean forests to benefit from additional investment through the voluntary carbon market. At the same time that we build integrity, ease of use, high quality and more supply for the VCM, we also need to increase the ambition for climate action across the world’s private sector. So far only 30% of the world’s largest 2,000 companies have a climate action plan. And almost no small- and medium-size enterprises have set a climate action goal: of 60,000 companies surveyed in 2022 by South Pole, fewer than 2% had set a corporate climate neutrality target. Salesforce will continue to advocate strongly among our peers in the private sector that every company must set a science-based target and must have a climate action plan. Our tools and experience can help, and there is no excuse for inaction. Governments have started to set clear rules and market signals for climate action, and to invest in research and development. Within those parameters - which are largely in place today- businesses can provide the innovation, entrepreneurship, financing, and the sheer force of hundreds of thousands of experts across all industries to tackle the monumental collaborative effort to halve emissions by 2030. It is a mission like the moonshot in the 1960s — unprecedented and full of unknowns, but also full of opportunity and hope. 11 | A JUST TRANSITION TO A NET ZERO, NATURE POSITIVE WORLD