Climate Center demonstrates recent climate trends and variability for over 60,000 cities around the world
The Demex Group, developers of the first-of-its-kind platform for analyzing, pricing and transferring climate-linked risks at scale, announced the launch of the Demex Climate Resilience Center today.
The Climate Center is a free public platform to analyze climate trends and variability in over 60,000 global cities. The Center provides an at-a-glance, easy-to-understand representation of localized climate trends as well as year-to-year weather variability. Global coverage spans multiple weather variables including summer-heat, winter-chill, rainfall, and snowfall. The Center includes over 650,000 unique climate assessments.
Weather affects production and consumption in every economic sector. From pouring concrete, to harvesting crops, to producing power, the American Meteorological Society estimates $485 Billion of annual economic activity in the United States is at risk due to variations in weather.
Read More: Award Winning Payment Provider of the Year Launches IDO
A 2018 IBM survey of 1,000 business executives found that weather impacts at least one revenue and one cost metric in each organization. Fortunately, an explosion in high-quality, high-fidelity, and highly localized weather data coupled with advancements in parallel processing and cloud computing creates new pathways for climate resilience. Small and large businesses are now in position to leverage climate insurance to cover cost overruns and revenue shortfalls when bad weather arrives.
Even though the globe may be getting warmer on average over time, year-to-year and day-to-day weather are very different and entirely localized. A winter may be extremely cold one year, and quite warm the next. Many locations are actually observing cooler summertime temperatures and increasing snowfall in winter. The Demex Climate Center easily summarizes recent weather conditions in context with the full historical record on a city-by-city basis.
The Climate Center leverages statistical methods from both climate and finance. Rather than simply computing the trend in regional weather, Demex compares the strength of recent changes to strength of changes over a longer history. Moving averages over shorter periods of time are compared to the average of the full underlying record. Oscillations (recent highs and lows) are also considered to determine how many seasons weather was above versus below average.
The Trend Score presents a year-over-year direction of changes in climate patterns compared with historical data. A higher or lower score means an increasing or decreasing weather variable, such as rainfall. The Variability Score presents year-over-year climate fluctuations compared with historical data. A higher or lower score means a higher or lower level of year-to-year changes in the weather. Scores are then simplified into an at-a-glance and easy-to-understand icon.
Ed Byrns, Founder and CEO of Demex said, “We are pleased to provide a free resource for the public to analyze and understand the highly localized impacts of climate change around the world.”
Read More: Cirrus Adds Treasury Services Capabilities to Its Document Management Solution Suite
