A forecast for change
The UN, one of the newest weather derivatives players, believes derivatives can help save the poorest nations of the world from drought and famine. Alexander Campbell talks to the head of business planning at the UN's World Food Programme
Since its inception in 1996, the weather derivatives market has served as a convenient way for energy firms and agricultural companies to hedge weather risk. But those most vulnerable to weather risk – the poor farmers of sub-Saharan Africa – have remained unprotected against the vagaries of their national climate. The result, all too often, is drought, famine and disaster.
However, Richard Wilcox, head of business planning at the United Nations' World Food Programme (WFP) in Geneva, hopes
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