By David Callaway, Callaway Climate Insights

(Mark Hulbert, an author and longtime investment columnist, is the founder of the Hulbert Financial Digest; his Hulbert Ratings audits investment newsletter returns.)

CHAPEL HILL, N.C. (Callaway Climate Insights) — We now have proof that the stock market takes the climate into account in setting stock prices.

And not just for this or that green-energy or fossil-fuel company, but for virtually all publicly traded stocks.

This is important because it provides empirical confirmation for what up until now has been a largely theoretical argument about climate investing. That argument has been that climate-related risks, even though largely manifesting over the very long term, should nevertheless have an impact on stock prices.

With this new empirical confirmation, even traders who only are narrowly focused on making money have a powerful rationale for taking climate-related risks into account.

The confirmation is provided in a study that just recently began circulating . . . .

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