- Category: Politics
- Published: 23 April 2014
- Written by Administrator
- Hits: 650
Weeks before the harvest started last summer, Li Ping's rice paddies were hit by extreme weather.
Temperatures of 95 degrees Fahrenheit baked Longtan village in north China for over a month, causing leaf yellowing and damaging grain production. As a result, Li's rice yields decreased by 20 percent compared with normal years.
"Li is one of hundreds of millions of Chinese farmers who are now using insurance as a tool to hedge against the risks of climate change. China is the world's second-largest agricultural insurance market after the United States by premium income, and it is scrambling to spread the use of climate-related insurance into other sectors."