Residents of B.C.'s Saltspring Island are trying to save a temperate rainforest that's slated to be cut down soon so a subdivision can be developed.

Residents say they don't want to see the pristine beauty of Saltspring Island destroyed. (CBC)

Maureen Moore, a spokeswoman for Save Salt Spring Island's Creekside Rainforest, said a private company plans to develop eight hectares of the island located on the east side of Vancouver Island.

"It's important because temperate rainforests store more carbon than tropical rainforests. And therefore, it is a carbon sink. It helps to mitigate global warming," Moore told CBC News Friday.

Local residents sprang into action and created a grassroots committee four months ago, taking pledges, holding fundraising dinners and concerts.

Moore said they want to raise about $1 million to buy the pristine forest from the company.

Maureen Moore says Saltspring Island residents are close to raising the $1 million required to save the rainforest. (CBC)

"We've had four months and we have raised over $800,000," she said. "We now have to raise $116,000 more to reach our goal and pledges are still coming in."

Biologists and wildlife experts have volunteered to come to Saltspring Island to help the committee identify the trees, moss and fish, as well as other animals that depend on the rich, damp area, Moore said.

While Feb. 29 is the deadline to raise the money, the group still has another few weeks to call in all of the pledges.

The committee believes it can and will raise $1 million in time, Moore said.