Subjects: NPT, ENI
California Wildfire Innovation Fund Delivers Sustainable Forestry Solutions
Support from CSAA Insurance Group accelerates forest restoration while boosting rural employment
WALNUT CREEK, Calif., Feb. 29, 2024 /PRNewswire/ -- At the one-year anniversary of CSAA Insurance Group's announcement of a $25M investment in the California Wildfire Innovation Fund, several notable initiatives supported by the fund are underway to realize the stated goals of climate resilience and economic growth:
- Heartwood Biomass: The new facility in Tuolumne County will convert forest restoration byproducts, a potential wildfire fuel, into firewood bundles, wood chips and agricultural posts ? reducing dependence on nonrenewable resources and stimulating the local economy through sustainable forestry practices.
- Tahoe Forest Products: TFP supports regional hazardous fuels reduction goals by providing a sustainable outlet for timber sourced from local restoration projects as well as salvaged from wildfire-affected areas. As the first significant sawmill in the Sierra Nevada in several decades, it will provide employment opportunities for dozens of local citizens and Tribal members.
The California Wildfire Innovation Fund is a climate-solutions strategy that aims to decrease the severity and frequency of catastrophic wildfire by supporting forest restoration-related economic development, and was developed by CSAA in partnership with Blue Forest, the non-profit behind the pioneering Forest Resilience Bonds.
"We are pleased that our investment in the California Wildfire Innovation Fund is significantly advancing our commitment to forest resiliency," said Chief Risk Officer Jeff Huebner. "This sustainable business approach to tackling important environmental, social and economic challenges helps communities and the environment while delivering a positive financial impact on our business."
The California Wildfire Innovation Fund is managed by Blue Forest Asset Management, and targets emerging investment opportunities in forest restoration, wood utilization, and wildfire mitigation. Emphasis is placed on industries and projects that add system capacity, create value for forest restoration byproducts, and achieve improved carbon outcomes.
"We are excited about the California Wildfire Innovation Fund's initial portfolio of high-impact forest restoration investments," said Blue Forest CEO Zach Knight. "These companies demonstrate the potential for sustainable business growth to accelerate the pace and scale of forest restoration. We look forward to continuing our partnership with CSAA Insurance Group to invest in wildfire resilience for communities, ecosystems, and infrastructure across California."
For more information about the California Wildfire Innovation Fund and Blue Forest Asset Management, visit www.blueforest.org.
About Blue Forest
Blue Forest is a conservation finance non-profit focused on advancing forest restoration through scientific research, financial innovation, and collaborative partnerships. Since 2018, Blue Forest has managed investor capital through its flagship financial product, the Forest Resilience Bond (FRB), which deploys private capital to finance forest restoration projects on private and public lands to reduce the risk of catastrophic wildfire. Learn more: blueforest.org
About CSAA Insurance Group
CSAA Insurance Group, a AAA Insurer, offers automobile, homeowners and other personal lines of insurance to AAA Members through AAA clubs in 23 states and the District of Columbia. Founded in 1914, the company has been rated "A" or better by A.M. Best for more than 90 years, and is one of the top personal lines property casualty insurance groups in the United States, according to the National Association of Insurance Commissioners. The company has been repeatedly named one of the 50 most community-minded companies in America by Points of Light. More information is available at http://csaa-insurance.aaa.com and on social media (Facebook, LinkedIn, YouTube, and TikTok).
SOURCE CSAA Insurance Group
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