(Bloomberg) —
JPMorgan Chase & Co. has hired a senior climate scientist to advise its corporate and investment banking clients on how to navigate the impacts of climate change.
Sarah Kapnick, who was appointed by President Joe Biden in 2022 as chief scientist for the US National Oceanic and Atmospheric Administration, is joining JPMorgan as global head of climate advisory, according to an internal memo seen by Bloomberg News. A spokesperson for the bank confirmed the appointment.
As JPMorgan’s clients “seek to realize the economic opportunities of the transition to a low-carbon economy, and build resilience to extreme weather and climate events,” they will benefit from Kapnick’s expertise and perspective, Troy Rohrbaugh, co-chief executive officer of the firm’s commercial and investment banking unit, said in the memo.
Rama Variankaval, JPMorgan’s global head of corporate advisory in commercial and investment banking, added that corporate efforts to decarbonize their operations “are major trends influencing capital formation.” Kapnick’s insights “will help our clients see around corners and advance” their strategies in this area, he said.
Kapnick will report to Variankaval and also work closely with Chief Risk Officer Ashley Bacon, according to the memo.
For Kapnick, it’s her second stint at JPMorgan. She previously worked as a senior climate scientist and sustainability strategist for the bank’s asset and wealth management group.
At NOAA, Kapnick was responsible for advancing the agency’s science and technology priorities. NOAA is a branch of the Commerce Department that oversees the National Weather Service, as well as fisheries and marine resources.
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