According to Yahoo Finance, Jamie Dimon said that US natural gas production does not conflict with long term emission reduction targets.
Climate should be the focus of our attention. Coal plants are being turned back on because of high oil and gas prices. On a client call Tuesday, Dimon said it was dirtier.
He wondered if it was not against climate change for America to boost more oil and gas.
According to a report published by environmental groups last year, the bank contributed $317 billion to the industry between 2016 and 2020.
In accordance with the Paris Agreement, the bank has pledged to achieve net-zero emissions in key sectors by the year 2050. A person from the company did not respond to the request for comment.
Since 2007, natural gas has been an important factor in reducing the US' overall CO2 emissions. The goal of limiting global warming to 1.5 degrees Celsius is incompatible with the oil and gas industry's rapid growth.
"National security demands energy security for ourselves and for our allies overseas, and using gas to diminish coal consumption is an actionable way to reduce CO2 emissions expeditiously," he wrote.
In order to achieve energy security and long-term climate goals, the US needs immediate approval for additional oil leases and gas pipelines, as well as permits for green energy projects.
In March, Dimon urged the Biden administration to create aMarshall Plan to increase energy production in the US in order to decrease dependence on foreign oil. He wanted to invest in hydrogen power and carbon capture.
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