Jamie Dimon, the CEO of JPMorgan Chase, has reached out to call for legislators to take much more drastic measures in favor of pushing the renewable energy transition. A plan which includes the total seizure of currently private property to make more land available to set up either wind or solar farms.
Thought to be one of the most powerful investment bankers working on Wall Street, Dimon expressed via his annual shareholder letter that "bolstering growth" throughout the global economy "must go hand in hand with both securing an energy future and meeting science-based climate targets." He continued to speak on the use of eminent domain, the ability of the government to forcefully take private land for the sake of public use, as one likely avenue to be used as a way to vastly accelerate the overall development of more green energy sources.
"Permitting reforms are desperately needed to allow investment to be done in any kind of timely way. We may even need to evoke eminent domain," he stated. "We simply are not getting the adequate investments fast enough for grid, solar, wind and pipeline initiatives."
Dimon also stated that the Russian invasion of Ukraine causes complications for a number of nations in their efforts to move forward with renewable energy because of the currently elevated costs of fuel around the globe. "We need to do more, and we need to do so immediately," he exclaimed. "Governments, businesses and non-governmental organizations need to align across a series of practical policy changes that comprehensively address fundamental issues that are holding us back. Massive global investment in clean energy technologies must be done and must continue to grow year-over-year."
The CEO went on to state that various legislative actions from the Biden administration, such as the Bipartisan Infrastructure Law and the Inflation Reduction Act, will allow $1 trillion for green energy initiatives so long as the plans are "implemented effectively." The administration has, in fact, set up a "whole-of-government effort" to try and drop carbon emissions.
This worrying series of statements coming from Dimon all comes in the wake of a previous observation that the increasing costs of energy has pushed many nations to more heavily rely on coal, which only ends up making the issue emissions worse and necessitating the continued production of cleaner fossil fuels. "We should focus on climate. The problem with that is because of high oil and gas prices, the world is turning back on their coal plants," he commented last year. "It is dirtier. Why can’t we get it through our thick skulls, that if you want to solve climate, it is not against climate for America to boost more oil and gas?"