文本选自：Reuters（路透社）
作者：Harry Robertson
原文标题：Use of weather derivatives surges as extreme climate events rock the globe
原文发布时间：11 Oct. 2023
Use of weather derivatives surges as extreme climate events rock the globe
Energy companies, hedge funds and commodity traders are stepping up their use of financial products that let them bet on the weather, as they seek to protect themselves against - or profit from - the increasingly extreme global climate. On the Chicago Mercantile Exchange, average open interest in weather futures and options was four times higher in the January to September period than a year earlier, and 12 times higher versus 2019. Open interest measures the number of outstanding futures and options contracts that have not been settled. Trading volume has also quadrupled in a year.
Weather derivatives were born in the late 1990s. Driven in part by U.S. energy company Enron, the market expanded and attracted speculators who were hunting for assets divorced from wider financial markets, before shrinking after the 2007-2008 financial crisis. This time, market players are hoping its growth will be more sustainable as climate change and concerns over energy supplies push businesses like big utilities to protect themselves using the contracts.
"There is a general belief that extreme (weather) events are both going to become more common and more extreme, " said Peter Keavey, global head of energy and environmental products at CME Group. "That has been the number one driver of this." Climate change and the El Nino weather phenomenon combined to make the northern hemisphere summer of 2023 the hottest ever recorded, according to the European Union Climate Change Service. Extreme weather has been a constant this year, causing devastating floods and wildfires around the world.
随着极端气候事件冲击全球，天气衍生品的使用激增
精听党背景导读
据了解，天气指数期货也简称天气期货，与我们熟知的大宗商品期货，如原油、棉花、白糖等期货品种的交易原理是一样的。但天气期货是一种创新型衍生品，以服务实体经济规避天气风险为出发点，采用期货交易形式，以各类天气指数为交易标的。天气指数期货可以帮助易受天气变化影响的企业规避天气风险，甚至还能通过参与交易获利。
举例来说，一家企业担心自家水稻因持续高温而减产，为了规避风险，企业可以根据自身情况买入气温指数期货。如果出现异常高温，则气温指数相应上涨，企业平仓后就能获利，在一定程度上可以对冲高温带来的减产风险。
文本选自：Reuters（路透社）作者：Harry Robertson原文标题：Use of weather derivatives surges as extreme climate events rock the globe原文发布时间：11 Oct. 2023关键词：天气衍生品 金融市场 气候
精听党带着问题听
1. 如何理解段一中的“futures”？2.“天气衍生品”用英语可以怎么表达？3. 天气衍生品诞生于什么时候？
精听党选段赏析
标题解读
Use of weather derivatives surges as extreme climate events rock the globe
随着极端气候事件冲击全球，天气衍生品的使用激增
derivative n. 衍生物；1. The company uses financial derivatives to hedge against foreign exchange risk. 该公司使用金融衍生物对冲外汇风险。
surge vi. 激增，猛增；1. The demand for electric cars has surged in recent years. 近年来，对电动汽车的需求激增。
extreme adj. 极端的，严重的；过分的，偏激的；1. The team faced extreme weather conditions during their expedition. 在他们的探险过程中，团队面临了极端的天气条件。
rock vt. 惊吓；使震惊；使害怕；1. The news rocked the world. 这则消息震惊了全世界。
段一
Energy companies, hedge funds and commodity traders are stepping up their use of financial products that let them bet on the weather, as they seek to protect themselves against - or profit from - the increasingly extreme global climate. On the Chicago Mercantile Exchange, average open interest in weather futures and options was four times higher in the January to September period than a year earlier, and 12 times higher versus 2019. Open interest measures the number of outstanding futures and options contracts that have not been settled. Trading volume has also quadrupled in a year.
hedge funds 对冲基金；
commodity n. 商品；
step up 增加（数量）；提高（速度、强度等）；加大；
bet vi. 下注；1. He likes to bet on horse races.他喜欢在赛马上下注。
profit vi. 获益，得益（于）；赢利，获利；
increasingly adv. 越来越多地，不断增加地；
open interest 未平仓合约；
futures n. 期货；
option n. 期权；
versus prep. 与…相对，与…相比；
outstanding adj. 未解决的，未完成的；
contract n. 合同，契约；
settle vt. 结束（争论、争端等），解决（分歧、纠纷等）；（通过相互达成协议）结束（法律纠纷），庭外和解；
trading volume 交易量；
quadruple vi. 成四倍，翻两番；
参考译文
能源公司、对冲基金和大宗商品交易商正加大使用可以押注天气的金融产品，以保护自己免受日益极端的全球气候的影响，或从中获利。在芝加哥商品交易所， 1月至9月期间，天气期货和期权的平均未平仓合约是去年同期的4倍，是2019年的12倍。未平仓合约衡量的是未结算的期货和期权合约的数量。交易量也在一年内翻了两番。
段二
Weather derivatives were born in the late 1990s. Driven in part by U.S. energy company Enron, the market expanded and attracted speculators who were hunting for assets divorced from wider financial markets, before shrinking after the 2007-2008 financial crisis. This time, market players are hoping its growth will be more sustainable as climate change and concerns over energy supplies push businesses like big utilities to protect themselves using the contracts.
drive vt. 驱动；1. The car is driven by an electric motor. 汽车由电动机驱动。
expand vi. 扩大；
speculator n. 投机者；思索者；
divorce from 与…分离；与…离婚；与…脱钩；
shrink vi. 缩小，减少；萎缩；1. The market for this product is shrinking. 这种产品的市场正在收缩。
sustainable adj. 可持续的；1. The company is aiming for sustainable growth over the next decade. 公司计划在未来十年实现可持续的增长。
energy supply 能源供应；
utility n.（煤气、水、电等的）公共服务，公用事业；（供电、供水等的）公用事业单位；
参考译文
天气衍生品诞生于上世纪90年代末。在美国能源公司安然的部分推动下，天气衍生品市场扩大并吸引了寻找与更广泛的金融市场脱钩的资产投机者，但在2007-2008年金融危机后，该市场出现萎缩。这一次，天气衍生品市场的参与者希望它的增长将更具可持续性，因为气候变化和对能源供应的担忧促使大型公用事业等企业利用这些合约来保护自己。
段三
"There is a general belief that extreme (weather) events are both going to become more common and more extreme," said Peter Keavey, global head of energy and environmental products at CME Group. "That has been the number one driver of this." Climate change and the El Nino weather phenomenon combined to make the northern hemisphere summer of 2023 the hottest ever recorded, according to the European Union Climate Change Service. Extreme weather has been a constant this year, causing devastating floods and wildfires around the world.
driver n. 驱动因素；1. Housing is a key driver of the economy. 住房是拉动经济的主要因素。
phenomenon n. 现象；1. The aurora borealis is a natural phenomenon. 北极光是一种自然现象。
combine vi. 结合，组合；
constant n. 持续不断的事情；经常发生的事情；
devastating adj. 毁灭性的，极具破坏力的；1. The hurricane caused devastating damage to the coastal town. 飓风对沿海城镇造成了破坏性的损害。
flood n. 洪水，水灾；
wildfire n. 野火，烈火；
参考译文
芝加哥商品交易所能源和环境产品全球主管彼得·基维表示："人们普遍认为，极端（天气）事件将变得更加常见和极端。这是这一趋势的头号驱动因素。”据欧盟气候变化服务中心称，气候变化和厄尔尼诺天气现象相结合，使2023年北半球的夏天成为有记录以来最热的夏天。今年极端天气持续不断，在世界各地造成了破坏性的洪水和野火。
精听党每日单词
derivative
/dɪˈrɪvətɪv/ n. 衍生物；
surge
/sɜːrdʒ/ vi. 激增，猛增；
extreme
/ɪkˈstriːm/ adj. 极端的，严重的；过分的，偏激的；
rock
/rɑːk/ vt. 惊吓；使震惊；使害怕；
hedge funds
对冲基金；
commodity
/kəˈmɑːdəti/ n. 商品；
step up
增加（数量）；提高（速度、强度等）；加大；
bet
/bet/ vi. 下注；
profit
/ˈprɑːfɪt/ vi. 获益，得益（于）；赢利，获利；
increasingly
/ɪnˈkriːsɪŋli/ adv. 越来越多地，不断增加地；
open interest
未平仓合约；
futures
/ˈfjʊtʃərz/ n. 期货；
option
/ˈɑːpʃ(ə)n/ n. 期权；
versus
/ˈvɜːrsəs/ prep. 与…相对，与…相比；
outstanding
/aʊtˈstændɪŋ/ adj. 未解决的，未完成的；
contract
/ˈkɑːntrækt/ n. 合同，契约；
settle
/ˈset(ə)l/ vt. 结束（争论、争端等），解决（分歧、纠纷等）；（通过相互达成协议）结束（法律纠纷），庭外和解；
trading volume
交易量；
quadruple
/kwɑːˈdruːpl/ vi. 成四倍，翻两番；
drive
/draɪv/ vt. 驱动；
expand
/ɪkˈspænd/ vi. 扩大；
speculator
/ˈspekjuleɪtər/ n. 投机者；思索者；
divorce from
与…分离；与…离婚；与…脱钩；
shrink
/ʃrɪŋk/ vi. 缩小，减少；萎缩；
sustainable
/səˈsteɪnəb(ə)l/ adj. 可持续的；
energy supply
能源供应；
utility
/juːˈtɪləti/ n.（煤气、水、电等的）公共服务，公用事业；（供电、供水等的）公用事业单位；
driver
/ˈdraɪvər/ n. 驱动因素；
phenomenon
/fəˈnɑːmɪnən/ n. 现象；
combine
/kəmˈbaɪn/ vi. 结合，组合；
constant
/ˈkɑːnstənt/ n. 持续不断的事情；经常发生的事情；
devastating
/ˈdevəsteɪtɪŋ/ adj. 毁灭性的，极具破坏力的；
flood
/flʌd/ n. 洪水，水灾；
wildfire
/ˈwaɪldfaɪər/ n. 野火，烈火；
精听党文化拓展
天气期货在海外已是成熟品种，1999年美国芝加哥商业交易所最早引入天气期货合约。后来，天气期货逐渐发展至包括日本、欧美等多个国家和地区，市场规模和影响力持续提升。气温、霜冻、降雪，甚至飓风都被编制成指数用来交易。
市场专业人士表示，天气与居民生活、企业生产息息相关。气温、光照、风速等指标变化，直接影响新能源发电效率，也给农业、保险、旅游、零售等行业带来经营风险。气象预报预警承担着防灾减灾“第一道防线”的职责，期货市场可以发挥天气风险“减震器”和“稳压器”的作用。双方发挥专业优势，携手研发天气衍生品，提供必要的天气避险工具，有利于提升市场资源配置效率，增强相关行业发展韧性。
厦门大学王亚南经济研究院教授韩乾指出，商品期货市场的主要功能之一是帮助实体企业管理生产、经营和销售过程中的风险。凡是跟国计民生有关的风险属性理论上都可以成为商品期货交易的标的。极端天气变化无疑是很多农业企业和公共事业企业所面临的重要风险之一。天气衍生品在国际市场上也不乏成功的例子，比如关于气温和降雨的天气衍生品成交量一直很大。跟普通的商品期货品种不同的是，天气衍生品的标的不是具体的商品，而是有关天气测量指标，没有具体物质形态。
精听党每日美句
"Do not go where the path may lead, go instead where there is no path and leave a trail." — Ralph Waldo Emerson
“不要走已经有路的地方，反而走没有路的地方并留下自己的痕迹。”——拉尔夫·瓦尔多·爱默生