- Jamie Dimon, CEO of JPMorgan, spoke to wealthy clients on a phone call on Tuesday, Yahoo Finance reports.
- The call covered a variety of topics, including climate change and the likelihood of a recession.
- He said US natural gas production does not conflict with the reduction in greenhouse gas emissions.
JPMorgan CEO Jamie Dimon said this week that U.S. natural gas production is not inconsistent with long-term emissions reduction targets, Yahoo Finance was the first to report.
“We need to focus on the climate. The problem with that is because of high oil and gas prices, the world is returning to their coal plants. It’s dirtier,” Dimon said during a customer meeting on Tuesday, according to Saturday’s report.
“Why don’t we get it through our thick skulls that if you want to solve the climate [change]it’s not against the climate [change] for America to boost more oil and gas?” he continued.
JPMorgan Chase was ranked as the world’s top “fossil fuel financier” in a report published last year by environmental groups, which said the bank contributed a total of $317 billion to the industry between 2016 and 2020.
The bank has committed to achieving net-zero emissions in key sectors of its financing portfolio by 2050, in line 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 been instrumental in reducing the US’s overall CO2 emissions since 2007. However, climate scientists told Reuters that the oil and gas industry is growing at a pace incompatible with 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 for our allies abroad,” noting that “using gas to reduce coal consumption is a viable way to rapidly reduce CO2 emissions.” .”
He added that the US needs “immediate approval for additional oil lease and gas pipelines, as well as permits for green energy projects” to achieve energy security while meeting long-term climate goals.
In March, Dimon urged the Biden administration to develop a modern “Marshall Plan” to boost energy production in the US to reduce dependence on foreign oil imports against the backdrop of Russia’s invasion of Ukraine. According to Axios, he also pushed for investments in green technology such as hydrogen and carbon capture.