California Wildfire Innovation Fund Getting $25M Boost

A California fund to encourage wildfire innovation and lower the severity and frequency of catastrophic wildfire is getting a $25 million boost.

Walnut Creek, Calif.-based CSAA Insurance Group made a $25 million commitment to the California Wildfire Innovation Fund, a climate-solutions strategy to help reduce the severity and frequency of catastrophic wildfires by supporting forest restoration-related economic development.

The fund was developed by CSAA Insurance Group in partnership with Blue Forest, a non-profit behind the Forest Resilience Bond, which uses private capital to finance forest restoration projects for wildfire prevention.

It targets emerging investment opportunities in forest restoration, wood utilization and wildfire mitigation, with an emphasis on industries and projects that add system capacity, create value for forest restoration byproducts, and carbon storage and sequestration.

The fund is designed to deliver environmental, economic and social benefits, including:

• Processing forest restoration byproducts to reduce wildfire-related carbon emissions.
• Forest management to improve fire-fighting access and capabilities, while enhancing safe evacuation corridors.
• Creating sustainable, reliable employment that prioritizes worker safety and well-being in remote, rural areas that may have high rates of unemployment and offer limited economic opportunity.
• Reducing exposure to wildfire smoke, which causes respiratory and cardiac-related illnesses.

CSAA Insurance Group is a AAA Insurer that offers automobile, homeowners and other personal lines to AAA Members through AAA clubs in 23 states and the District of Columbia.

Topics California Catastrophe Natural Disasters InsurTech Wildfire