JP Morgan Chase CEO Jamie Dimon warned policymakers not to rush the transition to green energy and argued that the world will depend on oil and gas for another 50 years during an interview on CNBC from Davos on Thursday.
“Climate is a serious issue that needs to be taken seriously. And by the way, we’re not doing a good job,” Dimon said.
“We need oil and gas,” Dimon continued. “A hundred million barrels a day are used by the world to heat fuel, to feed people.”
When asked how long, Dimon replied “for 50 years”.
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Jamie Dimon, chief executive of JPMorgan Chase & Co., speaks at the Institute of International Finance (IIF) annual members meeting in Washington, DC, U.S., Friday, October 18, 2019. Photographer: Al Draco/Bloomberg via Getty Images
Dimon warned of a “calamity” if oil and gas production is stopped instantly.
Tech billionaire and Twitter CEO Elon Musk tweeted his support for Dimon’s comments on Thursday.
“It is true that there will be a long streak of use, but it will peak long before that,” he wrote.
“Peak in oil demand will likely occur within the next 5 years,” Musk continued.
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FILE – Tesla and SpaceX CEO Elon Musk speaks at the SATELLITE Conference and Expo in Washington, Monday, March 9, 2020.
(AP Photo/Susan Walsh, File)
Last year, Dimon testified before the U.S. House Financial Services Committee that ending all funding for oil and gas projects “would be the way to hell for America.”
After his remarks, “Squad” member rep Rashida Tlaib, D-Mich., encouraged a rush at Chase. In response, the editorial board of the Wall Street Journal published an article criticizing the congresswoman.
Cheniere Energy Inc.’s liquefaction facility on Corpus Christi Bay in Portland, Texas on February 19, 2021.
(Eddie Seal/Bloomberg)
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During the interview, Dimon also warned that the coming fight over the debt ceiling is not something to be taken lightly.
“It’s just part of the financial structure of the world, and it’s not something we should be playing with at all,” he said.