China’s National Meteorological Information Center (NMIC) and the Zhengzhou Commodity Exchange have officially launched a new Temperature Index, aiming to help the agriculture and energy sectors hedge against weather and climate risks while enhancing risk management in financial markets.
The Temperature Index is built on a national-level platform tailored to meet the needs of the real economy. It integrates high-resolution temperature observation data, historical electricity consumption records, and financial market demands. By utilizing hourly temperature change data dating back to 1991, the index sets differentiated benchmark temperatures for cooling and heating degree-time indices.
Since September this year, the Temperature Index has been in trial operation across 53 benchmark locations in the middle and lower reaches of the Yangtze River. This region is significant for China’s agriculture and energy production, making accurate temperature monitoring essential.
The index has established a standardized processing system based on the meteorological big data cloud platform “Tianqing” and offers full-process monitoring through the real-time system “Tianjing.” It factors in data from the China Meteorological Data Network and publishes six sub-indices in real-time, including daily average temperature index, cooling index, and heating index.
This initiative represents a proactive step in leveraging technology and data to bolster economic resilience against climate variability, benefiting key sectors and contributing to sustainable development.
Reference(s):
Temperature Index launched to hedge against weather and climate risks
cgtn.com
