Climate change is the next mega-shock coming for markets and economy

Carbon-dependent sectors could also collapse as governments tighten regulation over carbon emissions. Those effects could ripple across other sectors of the economy via supply-chain issues.

That's already beginning to happen in the insurance market, with State Farm and Allstate recently deciding to halt sales of property and casualty policies to new customers in California, due in part to natural disasters. That's likely not priced into assets at the moment, Butler added, citing overly optimistic views that technology will solve global warming-related issues as well as the market's bias toward more immediate issues like inflation versus more complex and longer-term issues like climate change.

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