The letter examines how rising global temperatures are producing warmer, drier fire-weather conditions that lengthen wildfire seasons and increase their severity across the American West and, increasingly, Europe. Smoke from Canadian wildfires blanketing New York this summer illustrates how communities far from a fire’s origin remain exposed to its consequences. Redwood Grove views this persistent increase in physical risk as a durable driver of capital allocation, as fire departments modernize aging fleets, utilities harden their networks, and governments invest in prevention, suppression, and recovery. The letter frames climate adaptation as a multi-year investment theme spanning durable equipment, critical components, and resilient infrastructure—reinforced by a conversation with Admiral James Stavridis, who named climate change among the nation’s greatest security risks. The letter also welcomes David Bluestein, who joins the firm to lead business development.
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