JPMorgan rehires scientist Sarah Kapnick in climate push, memo shows
10:01 am Monday, October 21st, 2024
(Reuters) – JPMorgan Chase has rehired scientist Sarah Kapnick to advise its corporate and investment banking clients, according to an internal memo seen by Reuters on Monday, as the Wall Street giant ramps up its climate advisory offerings.
Kapnick rejoins JPMorgan as the global head of climate advisory within the firm’s commercial and investment bank (CIB) unit. She will advise the bank’s clients on climate, energy, biodiversity and sustainability topics.
Her expertise will help clients “realize the economic opportunities of the transition to a low carbon economy, and build resilience to extreme weather and climate events,” Troy Rohrbaugh, co-CEO of CIB, said in the memo.
Kapnick initially joined JPMorgan in 2021 from the U.S. Department of Commerce, National Oceanic and Atmospheric Administration (NOAA), and left a year later when President Joe Biden appointed her as chief scientist for the government organization.
In her first stint with the bank, Kapnick served as the senior climate scientist and sustainability strategist for its asset and wealth management business.
Rama Variankaval, JPMorgan’s global head of corporate advisory, said in the memo energy transition was a significant global commercial opportunity with the potential to generate economy-wide growth.
“Decarbonization and energy transition are major trends influencing capital formation,” the memo said.
Kapnick will report to Variankaval and work closely with the firm’s chief risk officer, Ashley Bacon, the memo showed.
(Reporting by Arasu Kannagi Basil in Bengaluru and Simon Jessop; Editing by Devika Syamnath)
