- JP Morgan CEO Jamie Dimon spoke with a wealthy client on the phone Tuesday, Yahoo Finance reported.
- The conference call touched on a variety of topics, including climate change and a possible recession.
- He said US natural gas production is compatible with reducing greenhouse gas emissions.
JP Morgan Chief Executive Jamie Dimon said this week that U.S. natural gas production is consistent with long-term emissions reduction targets, Yahoo Finance first reported.
“We need to focus on the climate. The problem with that is because oil and gas prices are high. The world is moving back to coal-fired power plants. It’s dirtier,” Dimon said Saturday. said in a call with a customer on Tuesday, according to reports.
“Why do you want to solve the climate problem? [change]it is not climate-proof [change] For America to boost more oil and gas?” he continued.
JPMorgan Chase was ranked the world’s top ‘fossil fuel investor’ in a report released last year by environmental groups, and the bank contributed a total of $317 billion to the industry between 2016 and 2020. said.
The bank has committed to achieving net zero emissions across key sectors in its lending portfolio by 2050, in accordance with the Paris Agreement. A JP Morgan spokeswoman did not immediately respond to an insider’s request for comment.
Natural gas produces half the carbon dioxide of burning coal, and since 2007 has played a key role in reducing overall US CO2 emissions. Limit global warming to 1.5 degrees Celsius.
In a 2021 letter to shareholders, Dimon said, “National security requires energy security for ourselves and our allies abroad,” adding, “We will use gas to reduce coal consumption.” It is a viable way to rapidly reduce CO2 emissions,” he said.
He added that the US needs “immediate approval of additional oil leases and gas pipelines, as well as green energy project permits” to achieve energy security while meeting long-term climate goals. .
In March of this year, Dimon asked the Biden administration to develop a modern “Marshall Plan” to boost domestic energy production in the United States in order to reduce dependence on foreign oil imports in the context of Russia’s invasion of Ukraine. According to Axios, he also pushed for investments in green technologies such as hydrogen power generation and carbon capture.