Pioneering Climate Resilience: NCDEX and IMD's Strategic Weather Derivatives Launch
The NCDEX and IMD have signed a groundbreaking MoU to launch India's first weather derivatives aimed at mitigating climate risks for agriculture. Using IMD's historical and real-time weather data, NCDEX will develop tailored products to support informed decision-making across agriculture, transport, and allied industries.
- Country:
- India
In a significant step towards climate resilience, the National Commodity & Derivatives Exchange (NCDEX) and the India Meteorological Department (IMD) have signed a Memorandum of Understanding (MoU) to introduce India's first weather derivatives.
This initiative seeks to empower the agriculture sector by utilizing IMD's comprehensive historical and real-time climate data, enabling stakeholders to assess and respond to climate risks with precision. This move marks a landmark collaboration aimed at providing farmers with tools to better navigate issues of erratic rainfall and climate volatility.
Arun Raste, Managing Director & CEO of NCDEX, highlighted the transformative potential of these weather derivatives in fostering a climate-resilient rural economy, stating they offer a market-based solution to safeguard productivity and incomes against climate unpredictabilities.
(With inputs from agencies.)
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