JP Morgan creates new green banking leadership role

By Virginia Furness

LONDON (Reuters) -JP Morgan has bolstered its green finance and advisory offering in Europe with a new division head to support clients across renewable energy and green technology.

The Wall Street lender has promoted Kai-Christian Nerger to the newly created role of head of green economy banking for Europe within its global corporate banking business, an internal memo seen by Reuters on Thursday said.

Nerger, who has been at JP Morgan for more than 10 years, will lead a team helping the bank's European clients reduce their carbon emissions and benefit from growth opportunities in the green economy.

Nerger previously worked in the bank's diversified industries and power and renewables coverage teams. Most recently he was focused on industrial, utility and green economy clients in Germany, the memo said.

There has been a scaling back of climate ambitions at some North American and European banks, both before and after the election of U.S. President Donald Trump. JP Morgan itself in early January exited a banking alliance aimed at furthering climate ambitions in the sector.

JP Morgan said in the memo that it continues to focus on helping clients scale energy transition and climate tech businesses around the world.

JP Morgan has earmarked $1 trillion for initiatives that support climate action and facilitated $242 billion towards its green target since 2021.

(Reporting by Virginia Furness; Editing by Ewan Harwood)

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