“Why can’t we squeeze it through our thick skulls?” Rising US oil and gas production ‘not against’ climate change

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JPMorgan CEO Jamie Dimon, pictured in November 2021, has spoken out about the bank’s need to leverage big data sets and artificial intelligence in units such as asset management.REUTERS/Brian Snyder/File Photo

  • JPMorgan CEO Jamie Dimon spoke with high net worth clients on a call Tuesday, Yahoo Finance reported.

  • The call touched on various topics, including climate change and the chances of a recession.

  • He said the production of natural gas in the United States does not conflict with reducing greenhouse gas emissions.

JPMorgan CEO Jamie Dimon said this week that U.S. natural gas production does not conflict with long-term emissions reduction goals, Yahoo Finance first reported.

“We should be focusing on the climate. The problem with that is that due to high oil and gas prices, the world is turning to its coal-fired power plants. It’s dirtier,” Dimon said during a call to a client on Tuesday, according to Saturday’s report.

“Why can’t we put it through our thick skulls, that if you want to solve the climate [change]it’s not against the climate [change] for America to propel more oil and gas?” he continued.

JPMorgan Chase was ranked the world’s top ‘fossil fuel financier’ in a report by environmental groups last year, which said the bank had contributed a total of $317 billion to the industry between 2016 and 2020.

The bank is committed to achieving net zero emissions in key 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 of burning coal and has played a significant role in reducing overall U.S. CO2 emissions since 2007. However, climate scientists told Reuters the industry oil and gas is growing at a rate incompatible with the goal of limiting global warming to 1.5 degrees Celsius.

In his 2021 letter to shareholders, Dimon said “national security requires energy security for ourselves and for our allies abroad,” noting that “using gas to reduce coal consumption is a effective way to rapidly reduce CO2 emissions”.

He added that the United States needed “immediate approval for additional oil leases and gas pipelines, as well as permits for green energy projects” to ensure energy security while meeting climate goals. long-term.

Last March, Dimon urged the Biden administration to develop a modern “Marshall Plan” to boost energy production in the United States to reduce dependence on foreign oil imports amid Russia’s invasion of China. ‘Ukraine. He also pushed for investments in green technologies like hydrogen and carbon capture, according to Axios.

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