A “black elephant,” it was explained to me by the London-based investor and environmentalist Adam Sweidan, is a cross between a “black swan”—a rare, low-probability, unanticipated event with enormous ramifications—and “the elephant in the room: a problem that is widely visible to everyone, yet that no one wants to address, even though we absolutely know that one day it will have vast, black-swan-like consequences.” “Currently,” Sweidan told me, “there are a herd of environmental black elephants gathering out there”—global warming, deforestation, ocean acidification, and mass biodiversity
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