Commodities

Environmental Markets

Environmental markets have experienced rapid growth in recent years. This is as a consequence of increased awareness of the effects of climate change and the resultant worldwide imperative to reduce the emission of greenhouse gases.

Many businesses are, or will be, impacted by these markets and it is essential that the opportunities and challenges that international emissions trading offer are well managed. Increasingly, the price of carbon emissions will be influencing the balance sheets of companies by adding to assets or increasing liabilities. Companies can protect shareholder value by setting a strategy that seeks internal efficiencies and opportunities for innovation, in addition to facilitating the purchase of carbon offsets in domestic and international markets.

Through origination, trading and distribution of emissions certificates, J.P. Morgan's environmental markets team assists clients by addressing the present and future challenges of a carbon constrained environment. Where clients are looking to set a strategy by their own volition, we help them achieve the appropriate balance for a reduced carbon footprint. When compliance with an emissions trading scheme is the key driver, the team assists companies in meeting their mandatory emission reduction targets and managing the risks of purchasing carbon emission reduction offsets.

Origination & Sales
Trading & Risk Management
Biographies

Origination & Sales
J.P. Morgan's innovative origination team provides advice and support to companies and project developers in emerging markets to create emissions reduction credits from projects that successfully reduce greenhouse gas emissions. The team has considerable experience and knowledge in developing and executing projects in many sectors including renewable energy, municipal waste management, industrial gases, energy efficiency and forestry.

J.P. Morgan's sales team is dedicated to meeting the needs and requirements of clients by providing environmental products and advisory services that address regulatory and emissions trading compliance risk, which is now being selectively extended into the voluntary market.

The team has dedicated experts based in London, New York, Washington DC, Sydney, Tokyo, Mumbai and Santiago.

Trading & Risk Management
J.P. Morgan's environmental markets trading desk is one of the leading market makers in exchange traded and Over The Counter (OTC) environmental products including European Union Allowances (EUAs), Certified Emission Reductions (CERs) and Verified Emission Reductions (VERs). On each of these commodities we offer swaps, options and investor structures to help clients better manage their exposure to environmental risk. In addition, the global scale of our trading platform supports the bank's ability to manage risk across all regions and offer dynamic pricing to its clients.

Biographies
Paul Kelly, Global Head of Environmental Markets Sales and Origination
Paul is responsible for building J.P.Morgan's global capability in the environmental markets sector across origination and sales. He has in-depth experience in carbon emissions, commodities sales and trading, principal investing and emerging markets. He is actively engaged in policy development for the carbon market and is a member of J.P.Morgan’s Steering Committee on Environmental Business Development.

Caroline Angoorly, Head of Environmental Markets, Americas
Based in New York, Caroline Angoorly is head of J.P. Morgan's Environmental Markets business in North America, focusing on greenhouse gas, renewable energy and other energy related projects. She has specialized experience in power markets and projects across generating technologies (including renewables), clean technologies, environmental credits, markets, regulation and policy. Prior to joining J.P. Morgan, Caroline spent several years at NRG Energy, Inc. where she was head of Environmental and New Business, directing strategy and initiatives in the environmental, regulatory and green business arenas, and later leading Development, Northeast. Caroline has extensive experience in project development and was a partner in the Global Project Finance Group at the international law firm of Milbank, Tweed, Hadley & McCloy. Caroline holds degrees in geology, law and business.

Odin Knudsen, Strategic Advisor and Business Development and Global Head of Origination
Based in Washington DC, Odin is responsible for global business development and origination of carbon assets for Environmental Markets. Prior to joining J.P. Morgan in 2007, Odin spent 27 years at the World Bank where, among other things, he was head of the World Bank Carbon Fund and a senior adviser in sustainable development. He gave policy and project advice to governments in Latin America, Asia, Africa and the Middle East, managing carbon funds of $1.8 billion and active projects of $1.2 billion. As such, he brings valuable experience in emerging markets and financial markets including expertise in trade, rural and agricultural policy, natural resource management and project evaluation.

Contact us for additional information
Email: environmental.markets@jpmorgan.com
London: +44 20 7777 3674
New York: +1 212 834 2133