Carmen Nuzzo

Carmen Nuzzo

Carmen is Professor in Practice and the Executive Director of the new TPI Centre, which she joined in May 2023. 

Carmen leads on setting and delivering the TPI Centre’s strategy, as well as overseeing its research and operations. The Centre conducts independent, authoritative research and offers open-access data to support investors and policy makers in the transition to a low-carbon economy. It is part of the Grantham Research Institute on Climate Change and the Environment.


Carmen is a macroeconomist with over 20 years of experience in economic and market analysis research in the financial industry on the sell-side. She started her career as a sovereign analyst in the research department of Salomon Brothers in 1993, with subsequent roles at Citigroup and Morgan Stanley, and a stint in the not-for profit ShareAction. During her time in investment banking, Carmen contributed to regular flagship bank publications, and supported in-house and external clients across a range of financial assets, with high-frequency data forecasting, economic, scenario and policy analysis. 

Prior to joining TPI Centre, Carmen was Head of Fixed Income, in the Investment Practice department at the United Nations-supported Principles for Responsible Investment (PRI). She was responsible for the workstreams aiming at incorporating environmental, social and governance (ESG) considerations in sovereign, sub-sovereign, securitised products and private debt instruments, as well as leading on the ESG in credit risk and ratings initiative, one of the largest PRI’s investor collaborative programmes.  

Carmen holds a Laurea cum laude in ‘Political Science’ (major economics) from La Sapienza University in Rome and a Ph.D. in ‘Capital Markets and Business Finance’ from the University of Bergamo. During her Ph.D course, she was a visiting scholar at the N.Y.U Stern Business School.

Research interests

  • Sustainable Finance
  • Climate Risk Measurement and Management
  • Capital market mobilisation for sustainable growth and business models