The analysis would have a bit more credibility if it included an announcement that the staff pension fund was shorting the market, the entire hundred percent of their retirement savings was back in their judgement
IMF in Global Financial Stability Report (Apr-2020) has a chapter on equity markets underestimating climate change risks:
The projected increase in the frequency and severity of disasters due to climate change is a potential threat to financial stability. Equity markets are a key segment of the global financial system, provide a data-rich environment, and are sensitive to long-term risks, making them fertile ground for investigating how projected future physical risk affects financial markets and institutions.
Looking back over the past 50 years shows a generally modest impact of large disasters on equity markets, bank stocks, and non–life insurance stocks, although country characteristics matter. Higher insurance penetration and greater sovereign financial strength have helped dampen the adverse effects of large disasters on equity markets and financial institutions.
While projections of climatic variables and their economic impact are subject to a high degree of uncertainty, aggregate equity valuations as of 2019 do…
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Utopia, you are standing in it! 
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