JPMorgan hired NOAA's chief scientist to advise clients on navigating climate change

Core Insights - JPMorgan Chase has recognized the need for climate expertise in response to client demand for understanding climate change and its impact on business operations [5][6] - Sarah Kapnick, appointed as JPMorgan's global head of climate advisory, combines her background in climate science with economic insights to guide clients in navigating climate-related risks and opportunities [4][6] Group 1: Role and Importance of Climate Advisory - The role of climate advisory is distinct from that of a chief sustainability officer, focusing on integrating climate science with economic implications for businesses [6] - Clients seek frameworks for strategic thinking about climate change, including its effects on operations, diversification, and long-term business plans [5][6] Group 2: Practical Applications for Investors - Investors are making decisions based on climate-related information, such as assessing wildfire risks and adapting infrastructure investments accordingly [9][10] - The advisory role includes providing insights on evolving regulations and data usage to help clients prepare for future uncertainties [7][10] Group 3: Data Challenges and Adaptation - The reduction of government data availability due to budget cuts has prompted a shift towards private sector data sources, leading to an adjustment period for clients [12][13] - Companies are increasingly building in-house teams to assess climate data credibility and guide decision-making processes [13] Group 4: Urgency of Climate Change - Climate change is presented as an immediate risk affecting financial outcomes today, rather than a distant future concern [14]