Jamie Dimon, CEO of JPMorgan, stated in a recent client phone that increasing natural gas production in the United States is not in contradiction with the goal to reduce greenhouse gas emissions.
“We need to focus on climate. High oil and gas prices mean that the world is abandoning its coal plants. Yahoo Finance reported Dimon’s last week’s call as “dirtier.”
“Why can’t it be done through our thick skulls that, if you want climate [change] to be solved, it is not against climate[change] for America to boost more oil and gasoline?” Dimon said it.
JPMorgan has committed to achieving net-zero emission by 2050, in accordance with the Paris Agreement. According to the bank, its commitment guarantees that it measures the emissions of its clients in key areas of its financing portfolio.
Last year Dimon wrote to shareholders that “national security requires energy security for ourselves, our allies abroad” and added that “using gas in order to decrease coal consumption is an effective way to reduce CO2 emissions quickly.”
Due to the ongoing Russian invasion of Ukraine and skyrocketing gas prices, domestic energy production is now more urgent than ever.
Dimon called for a Marshall Plan to guarantee energy security for the United States of America and its European allies. He stated that European countries that are heavily dependent on Russian energy need assistance from the U.S.
Dimon stated, “For such plans to succeed, it is necessary to secure adequate energy supplies immediately for a few years. This can be done while reducing CO2 emission.”