China's National Meteorological Information Center (NMIC) and the Zhengzhou Commodity Exchange have teamed up to introduce a groundbreaking Temperature Index on Monday. This innovative tool is designed to help the agriculture and energy sectors hedge against weather and climate risks, while also boosting risk management in financial markets. 🌍💡
The Temperature Index is built on a national-level platform, catering specifically to the real economy's needs. By integrating high-resolution temperature data, historical electricity consumption records, and financial market demands, the index offers a comprehensive solution for managing climate-related uncertainties.
Utilizing hourly temperature change data dating back to 1991, the index sets differentiated benchmark temperatures for both cooling and heating degree-time indices. This allows for more precise tracking and forecasting of temperature-related trends.
Since September 2024, the Temperature Index has been in trial operations across 53 benchmark locations in the middle and lower reaches of the Yangtze River. 🏞️
Currently, a standardized temperature index processing system has been established based on the meteorological big data cloud platform \"Tianqing.\" Additionally, the comprehensive meteorological business real-time monitoring system \"Tianjing\" and the China Meteorological Data Network are integral components of the index. The system publishes six real-time sub-indices, including the daily average temperature index, cooling index, and heating index, providing users with up-to-the-minute climate insights.
