Cocoa prices have eased since last year’s spike, but climate shocks and forest loss are making volatility the new normal. Agroforestry offers a way to protect supply and forests alike. This Valentine’s Day, chocolate prices are no longer at last year’s peak, but cheap chocolate has not made a comeback, and it probably never will. Last year’s cocoa price crisis, driven by a combination of extreme heat, drought and disease in key producing regions, may have eased. But the aftertaste remains: A market that no longer behaves the way it used to, because the landscapes that grow cocoa are no longer the same. And the world’s unwitting appetite for cheap chocolate at the expense of biodiversity is part of the reason. Cocoa is one of the most rainfall-dependent crops in the tropics, grown mainly ...