- A Barclays Research note, seen by The Independent and the Bureau of Investigative Journalism, reportedly suggests "opportunities" for investors to profit from the impending super El Niño, a climate event expected to trigger a food crisis impacting over 100 million people.
- The note indicates that while a stronger El Niño creates risks for some sectors, it also generates market dispersion and opportunities, with historical events driving significant price movements in weather-sensitive markets.
- Critics, including Green MP Adrian Ramsay, condemned Barclays for seeking to profit from a global food crisis deepened by climate breakdown, especially given the bank's substantial funding of fossil fuel companies, which are major contributors to the climate crisis .
- Barclays responded by stating that any suggestion of benefiting from human suffering is incorrect, clarifying that their research provides independent analysis of the potential market impacts of climate events, rather than making a moral judgment.
- The super El Niño is set to exacerbate vulnerabilities in regions already struggling with food insecurity and poverty, with women and girls expected to bear the brunt of the crisis, a situation compounded by recent significant cuts in foreign aid.
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Barclays criticised over research note ‘highlighting opportunities’ of super El Nino
