Delaying investments in fossil fuels would be the road to hell for the United States. JP Morgan’s chief executive Jamie Dimon stated this during a congressional hearing today.
“Does your bank have a policy against funding new oil and gas products, Mr. Dimon?” Rep. Rashida Tlaib asked JP Morgan’s chief executive, after laying out net-zero plans that require a shift away from fossil fuels.
Dimond replied, “Absolutely not, and that would be the road to hell for America.”
He said that the world needs 100 million barrels of oil and gas every day at least for 10 years.
He also said, “To do that, we need proper investing in the oil and gas complex. Investing in the oil and gas complex is good for reducing CO2. We’ve all seen, because of the high price of oil and gas — particularly for the rest of the world — you’ve seen everyone going back to coal.”
Dimon’s statement came amidst growing opposition among banks to stringent decarbonization rules, including JP Morgan and they are considering an exit from the Glasgow Financial Alliance for Net Zero.
The reconsideration of their participation in the alliance came as a result of growing fears of litigation opportunities, rife in new climate-related requirements for the businesses they fund.