Jamie Dimon, CEO of JP Morgan Chase, 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.
“Climate is a serious issue that needs to be taken seriously. And by the way, we’re not doing it right,” Dimon said.
“We need oil and gas,” Dimon continued. “It’s a hundred million barrels a day used by the world to heat fuel, feed people.”
When asked for how long, Dimon replied “for 50 years”.
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Dimon warned of a “calamity” if oil and gas production is halted immediately.
Tech billionaire and Twitter CEO Elon Musk tweeted support for Dimon’s comments on Thursday.
“True, there will be a long tail of use, but it will peak long before that,” he wrote.
“Peak in oil demand is likely to occur within the next 5 years,” Musk continued.
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Last year, Dimon testified before the US House Financial Services Committee that cutting off all funding for oil and gas projects “would be the road to hell for America.”
Following his remarks, “Squad” member Rep. Rashida Tlaib, D-Mich., Bank run on Chase. In response, the Wall Street Journal editors published a piece criticizing the congresswoman.
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During the interview, Dimon also warned that the upcoming fight over the debt ceiling is not something to be taken lightly.
“That’s just part of the world’s financial structure, and this isn’t something we should play games with at all,” he said.