Climate change may not be a driving factor in the stock market on a day-to-day basis. But news out Monday adds to growing evidence that it’s becoming a long-risk factor that investors shouldn’t ignore.

The 2018 Nobel prize for economics was awarded to William Nordhaus, a Yale University economist who pioneered the economic analysis of climate change. (He shares the prize with Paul Romer, an economist at New York University’s Stern School of Business).