What species of tree is known as the tallest tree species in the world?

Coast redwoods (Sequoia sempervirens). These trees are common in the Fortuna, California area.

How long do these giant trees live?

Typically several hundred years and in some cases more than 2,000 years, making them the oldest tree species in the world. 

Where is the world's largest continuous old growth redwood forest located? 

Within Humboldt Redwoods State Park, less than a half hour drive from Fortuna, California.

What climate is perfect for the world's tallest trees?

A temperate climate with fog and sun in the summer and plenty of rain in the winter.