US oil and gas promotion ‘not against’ climate change
- JPMorgan CEO Jamie Dimon spoke with wealthy clients on a call Tuesday, Yahoo Finance reported.
- The call touched on various topics, including climate change and the prospect of a recession.
- He said US natural gas production is not inconsistent with reducing greenhouse gas emissions.
JPMorgan CEO Jamie Dimon said this week that US natural gas production is not in conflict with long-term emissions reduction goals, Yahoo Finance first reported.
“We have to focus on the climate. The problem with that is because oil and gas prices are rising, and the world is falling behind on their coal plants. It’s dirtier,” Dimon said in a call with a customer on Tuesday, in a Saturday report.
“Why can’t we get it through our thick skulls, if you want to solve the climate problem [change]It is not against the climate [change] For America to increase oil and gas?
JPMorgan Chase was named the world’s “fossil fuel financier” in a report published by environmental groups last year, which said the bank contributed a total of $317 billion to the industry between 2016 and 2020.
The Bank has pledged to achieve net zero emissions in all major sectors of its financing portfolio by 2050 in accordance with the Paris Agreement. A JPMorgan spokesperson did not immediately respond to Insider’s request for comment.
Natural gas produces half the carbon dioxide compared to burning coal and has played a significant role in reducing total carbon dioxide emissions in the United States since 2007. However, climate scientists told Reuters that the oil and gas industry is growing at a rate that does not match the goal of limiting global warming to 1.5 degrees Celsius.
In his 2021 letter to shareholders, Dimon said that “national security requires energy security for ourselves and our allies abroad,” noting that “using gas to reduce coal consumption is an effective way to urgently reduce carbon dioxide emissions.”
He added that the United States needed “immediate approval of additional oil leases and gas pipelines, as well as permits for green energy projects” in order to achieve energy security while achieving long-term climate goals.
Last March, Dimon urged the Biden administration to develop a modern “Marshall Plan” to boost energy production within the United States in order to reduce dependence on foreign oil imports against the backdrop of the Russian invasion of Ukraine. He also called for investment in green technology such as hydrogen power and carbon sequestration, according to Axios.