opinion

The place to look for the earliest signs of stress is in those markets most exposed to climate risk, which are both liquid but lightly regulated, Benjamin Keys, an expert on the financial risks of climate change says.

John Rapley is a contributing columnist for The Globe and Mail. He is an author and academic whose books include Why Empires Fall and Twilight of the Money Gods .

In 2020, the Bank for International Settlements produced a study that floated the risk of a green swan – a climate event that triggers a market crash. The idea was borrowed from Nassim Nicholas Taleb’s concept of a black swan – a highly improbable, unpredictable event whose impact can be huge.

Mr. Taleb used the metaphor because, until they first encountered black swans in Australia a couple of centu

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