Why the spectre of ‘climate black swan’ events is haunting global investors

As a potentially record-setting El Nino threatens to push up global food prices – with an impact as great as the Iran war – some global investment banks have warned investors to pay more attention to the risk of “climate black swan” events: sudden, unexpected shifts in the climate with the power to upend markets. The warning comes as the threat of a super El Nino disrupts the global rice market, as major Asian importers stockpile grain in anticipation of potential shortages. The trend could be..