From Canada to Kazakhstan, Algeria to Australia, and Türkiye to Thailand, forest fires are raging with unprecedented intensity leaving a devastating impact on people, economies and natural capital. No longer confined to seasonal or regional patterns, the average fire is now becoming an extreme event, posing a year-round global threat and shaping a new normal. The economic burden is staggering. Globally, economic losses from wildfires between 2010 and 2020 reached approximately $82 billion, a fourfold increase from the previous decade. Insurance payouts for forest fire damages now top $10–15 billion annually, overwhelming public and private insurers alike. This makes the economic case for cooperation and prevention even more urgent. Despite vast investments in suppression, the evidence is clear: we cannot simply keep investing in more fire equipment. This is not just a fight against fire—it’s a fight for economic stability, public health, and a livable future.