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Bill to create public‑private financing for wildfire mitigation moves forward
Summary
SB 1297 would create incentives and a revolving fund to mobilize public and private capital for community wildfire mitigation projects via regional public‑private partnerships and I‑Bank revenue bonds; proponents argued the model can scale needed mitigation work.
Senator Allen presented SB 1297 to encourage regional entities to form public‑private partnerships that can leverage private capital (insurers, utilities) with state‑backed revenue bonds administered through the I‑Bank to finance large‑scale wildfire mitigation projects.
Testimony from nonprofit and private sector groups cited the state's annual mitigation shortfall — the state funds roughly $500 million annually and need may be several billion — and recommended blended finance to scale projects such as vegetation management, defensible space and watershed restoration.
Sam Eden of Net 0 California described case studies where public funds and private capital were successfully blended to restore watershed resilience and repay investors; proponents said the approach can stretch limited public dollars and involve insurers and utilities that benefit from reduced wildfire risk.
No lead opposition witnesses appeared; the committee moved SB 1297 to Business, Professions & Economic Development for further consideration.
