Former Labour, former The Independent Group, former Change UK – The Independent Group, former LibDem MP Chuka Umunna has added another job to his already lengthy CV, joining JP Morgan’s European environmental, social and governance (ESG) advisory efforts – the hot sector in finance currently. A brave choice given the last strategic advice Umunna gave on Europe resulted in him and all multiple colleagues losing their seats…
An internal memo sent to Guido reveals Chuka is leaving global comms firm Edelman, which he only joined last July, along with his old flame Luciana Berger, to “work closely with the firm’s regional and global ESG stakeholders… to help our clients successfully navigate the evolving ESG landscape.” In particular, he’ll work on the new sustainability-focused financing wing of the investment bank. There’s no word on whether Chuka is retaining any of his other three roles at Forbes, Digital Identity Net U.K. and a strategic corporate advisor to companies.
Read the internal announcement in full below:
As the global community accelerates its focus on environmental, social and governance (ESG) factors, there is an increased demand from organizations for ESG-related advice and guidance on best practice. With ESG considerations impacting everything from corporate finance strategies and investment flows to day-to-day operational decisions and capital allocation, clients are looking at how they may need to adapt their business models.
In recent years, J.P. Morgan has established itself as a leader in the field of ESG by carefully coordinating a global strategy around its own policies and our offering to clients. This has resulted in an annual commitment to facilitate $200 billion of financing all aligned to Sustainable Development Goals, and important initiatives such as the long-term investment in racial equity, and our Paris-aligned financing commitment. We have also directed the debut issuance of our own green bonds and sustainability-linked bonds for government and corporate clients, reflecting our dedication to this significant and growing area of capital markets.
To further strengthen our ESG initiatives, I am pleased to announce that Chuka Umunna will join the firm in the newly created role of head of EMEA ESG, reporting to me. In this role, he will work closely with the firm’s regional and global ESG stakeholders and partner with teams across all lines of business to help our clients successfully navigate the evolving ESG landscape. In particular, he will work with Rama Variankaval who leads one of the key pillars of our ESG approach globally across the firm, our newly established Center for Carbon Transition, which provides centralized access to sustainability-focused financing, research and advisory solutions.
Chuka joins us from the global communications firm Edelman, where he directed their industry-leading consultancy practice advising clients on ESG management. He has more than 20 years of private and public sector experience in managing ESG issues at a senior level and was recently named one of the top five ESG influencers in the U.K.
Previously, Chuka served as a Member of Parliament in the U.K. for nearly a decade. During his parliamentary career. Chuka was a member of the Shadow Cabinet, serving first as Parliamentary Private Secretary to the Leader of the Opposition and then from 2011 through 2015 as the Shadow Secretary of State for Business, Innovation and Skills. Chuka began his career as a solicitor, with a focus on employment law.
Please join me in welcoming Chuka to the firm and in supporting his efforts as we bolster our ESG commitment.