1ST STREET FOUNDATION INC
Programs
Program 1 [2020]
Throughout 2020, the Foundation furthered its research related TO flood and climate risk through the partnerships established with the top academic and for-profit institutions working in the space. The Foundation and their partners finalized their nationally available, high resolution, climate adjusted flood model that incorporated all flood risks including tidal, pluvial, fluvial and hurricane storm surge. This model was then applied to every property parcel in the country to calculate the past, present and future flood risk for every individual home and presented through an easy-to-understand consumer facing website called Flood Factor (floodfactor.com). The creation and subsequent dissemination of this data that happened on June 29th, 2020 corrected for the asymmetry of information in the market, and democratized critical data that had never been publicly available before. This launch was covered as the top national story by the New York Times, USA Today, Bloomberg, Reuters, etc. as something like this had never been accomplished before. After this launch, the Foundation worked to finalize a license agreement with Realtor.com to have the Flood Factor created and accumulated by The Foundation fully integrated into their platform for all on and off market listings so all communities can understand risks involved with properties within flood zones. This integration formally launched on August 26th, 2020 and was extremely significant as it ensured that millions of Americans were exposed to this flood risk data on a daily basis, ensuring Americans were now able to incorporate climate adjusted flood risk into their home buying and selling process. To help further the use of the flood data that was created, the Foundation also launched the Flood Lab which is a collection of academic institutions and researchers who are using the data to further the understanding of physical climate risk. These researchers were provided the data free of charge to help advance the science through secondary analysis of the impact's climate change has to the economy. Lastly, with the immense success of the launch of Flood Factor, the Foundation continued to further the research around the physical impacts of flood risk through the development of economic consequences. This research laid the groundwork to be able to not only calculate the likelihood of flooding to impact a home today or into the future, but to also understand the associated economic damage of those events to each specific structure. This project had a goal to launch in the first quarter of 2021. had a goal to launch in the first quarter of 2021.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$4.3MClimate Risk Awareness and Modeling
Throughout the first half of 2022, the Foundation continued its partnership with the top academic and for-profit institutions in the field of wildfire, including the Pyregence Consortium, to create the first nationally available, high resolution, climate adjusted wildfire model that integrates information on fuels, wildfire weather, and ignition into a fire behavior model and applies that to every property parcel in the country. As the consumer facing website FloodFactor.com continued to gain traction in the beginning of 2022, the Foundation finalized its second major peril launch with the release of Fire Factor on May 16, 2022. Coinciding with that release, the Foundation's website migrated from FloodFactor.com to RiskFactor.com to account for the availability of multiple perils. Very quickly thereafter, the Foundation launched its third major climate peril in August 2022 with the release of Heat Factor. The Foundation enhanced and expanded its Flood Factor model to Version 2 and extended it beyond the contiguous United States to include Hawaii, Alaska and Puerto Rico. This was released in April 2022. Simultaneously, the Foundation began its work on developing its fourth climate peril, Wind Factor. The Foundation finalized a partnership NASA in September 2022, to enhance climate risk modeling, promote applied science research, and more effectively communicate the risks of a changing climate. Through this partnership, NASA began receiving access to the Foundation's data and insights into its methodologies and the two groups will work together to further improve physical models and risk products related to floods, fires, heat and other climate-driven hazards. The goals of the collaboration are to quantify economic impacts from climate and promote climate risk awareness to individuals, communities and government agencies. The Foundation released two national reports: (1) "Fueling the Flames" on May 16, 2022 highlighting that wildfire has become one of the most common and dangerous climate perils, increasingly spreading from heavily forested areas to more populous urban and suburban environments; and (2) "Hazardous Heat" on August 15, 2022 highlighting the prevalence of increasing extreme temperatures and dangerous heat wave events throughout the contiguous United States. In October 2022, the Foundation launched an enhanced version of its RiskFactor.com tool with the addition of enterprise-level data and hazard layers directly on the customer facing site, as well as the ability to interact with the tool to adjust damage and downtime day estimates in real time based on building specific property characteristics. The Foundation also finalized a partnership with Crexi and Compass, two leading real estate portal websites, to have the Risk Factor data fully integrated into their platforms for all on- and off-market listings. These integrations were extremely significant as they ensured that millions of Americans were exposed to flood risk data on a daily basis, ensuring Americans were now able to incorporate climate adjusted flood risk into their home buying and selling process. The Foundation also partnered with several government agencies in 2022 to provide them climate risk data for internal risk analysis and policy decision-making, including Fannie Mae, the Federal Reserve Board and all 12 banks, Freddie Mac and others. Lastly, the Foundation partnered with several financial institutions and private businesses to further communicate climate risk to citizens, industry and government. Some notable examples of these license arrangements include Anderson Optimization, Cypress Creek Renewables, KPMG, Morningstar, Fifth Third Bank, Norges, Nuveen and others. The Foundation's revenue from data license agreements increased approximate ten-fold between 2021 and 2022.GeographiesNot indicatedDatesJan 1, 2022 – Dec 31, 2022Source990No causes providedNo populations provided–$5.5M
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