10 Takeaways From This Year’s Red Sky Summit

Last month, Convective Capital hosted the second annual Red Sky Summit in partnership with the Gordon and Betty Moore Foundation and anonymous donors. 

The Summit brought together over 400 attendees (and a 100+ person waitlist), including 80+ CEOs, 30+ investors, joining frontline firefighters, non-profit and advocacy leaders, insurance and utility executives, scientists, tech innovators, and policymakers.

Here are 10 key takeaways highlighting the most critical themes and actionable ideas:

1. Collaboration is Key Effective wildfire management requires a collaborative ecosystem. Startups, fire departments, international organizations, homebuilders, insurers, and community groups must collaborate seamlessly to drive innovation and implement effective solutions.

2. Data Fuels Solutions Greater access to comprehensive and reliable data is needed across the landscape. For instance, wildfire mitigation data must be readily available to insurance companies for accurate risk assessment, better data on "fast-moving fires" is needed for precise risk pricing, and to move forward effectively, homeowners and builders looking to invest in preventative and mitigation solutions also need accessible data.

3. Equity Must Be a Priority Technology and targeted interventions are vital for promoting equity in fire suppression careers and ensuring communities can contribute to and benefit from wildfire resilience efforts.

4. Invest in Our Frontline The fire and forestry workforce forms the backbone of wildfire management. Investing in their well-being through better pay, comprehensive training, and stable career pathways is crucial for long-term success.

5. Embrace "Good Fire" Prescribed fire is vital for long-term forest management. Public education, starting with young children, is essential to overcome fear and promote the understanding of "good fire" as a beneficial practice.

6. Think Holistically Wildfire risk reduction requires a holistic approach that addresses all ignition sources and promotes community-wide resilience, moving beyond a singular focus on utility-caused fires.

7. Incentivize Mitigation Collaboration between homebuilders, insurance companies, and HOAs can effectively incentivize the adoption of fire-safe building standards and community-wide mitigation efforts, creating safer and more resilient communities.

8. Prioritize the Vulnerable Prioritizing vulnerable communities based on a standardized vulnerability index can optimize resource allocation and policy interventions, ensuring that those most at risk receive the necessary support.

9. Explore Alternative Funding Models Supporting early-stage innovation in wildfire management requires exploring alternative funding models, including philanthropic support and bridging capital sources. These are needed to overcome the limitations of traditional investment approaches.

10.  Act Decisively The accelerating pace of climate change demands urgent and decisive action. We must embrace a proactive approach, utilizing available solutions and not waiting for a perfect "silver bullet" to address the growing wildfire crisis.

Looking to learn more?

Visit our website to access all of the Red Sky Summit 2024 content including full session recordings. 

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