Jamie Dimon says stopping oil and gas funding would be ‘the road to hell for America’

Stop new oil and gas financing? “That would be the road to hell for America.”


– Jamie Dimon

JPMorgan Chase CEO Jamie Dimon firmly assured lawmakers that his bank had no intention of stopping funding for oilfield growth.

Dimon, who appeared on Capitol Hill with other top bank executives Wednesday, was asked by Rep. Rashida Tlaib, the Michigan Democrat, to answer “yes” or “no” to a handful of questions. This included whether JPMorgan JPM,
+0.04%
has a policy against financing new oil and gas products.

“Absolutely not, and that would be hell for America,” said Dimon, whose bank is the largest US provider of credit and other capital to the energy sector.

Sixty banks, featured in a report released earlier this year, channeled $185.5 billion last year alone into the 100 companies doing the most for CL00 oil expansion.
+3.29%
and gas area. The report comes from a group of non-profit environmental organizations in their 13th year Banking on climate chaos Publication.

The Biden administration used its slim Congressional majority to pass legislation, in addition to executive regulations, for a shift to alternative energy that would cut US carbon emissions by 50% by 2030 and reach net-zero by 2050. The energy sector contributes about 40% of the global heat-storing CO2. Three-quarters of those emissions come from the top six economies, led by the US and China, the World Bank says.

Republicans and some businessmen claim that solar, wind and nuclear ICLN,
-0.63%
more of the nation’s energy needs, traditional oil and gas needs play a role due to high energy costs and help promote US energy independence.

The press release, which checks banks, said that in the six years since the passage of the Paris Agreement, which set a target for global warming of no more than 2 degrees Celsius and ideally 1.5 degrees, the world’s 60 largest banks have burned fossil fuels at 4 $.6 trillion funded in loans and other capital.

The report showed that all fossil fuel financing is still dominated by four US banks including Dimons JPMorgan Chase, Citigroup C,
+0.02%
Wells Fargo WFC,
-0.19%
and Bank of America BAC,
-0.14%
together account for a quarter of all fossil fuel finance identified over the past six years.

On Wednesday, lawmakers continued to question bank CEOs on inflation and home ownership on the same day that the Federal Reserve announced another expected rate hike. Republican members felt the appearances on Capitol Hill were unnecessary for the bank executives. CEOs largely pushed back capital requirements, praising their role in keeping capital flowing as the economy navigates difficult terrain as the world works its way back from the worst of the COVID-19 pandemic.

The CEOs will testify before the US Senate Banking Committee on Thursday.

The Associated Press contributed to this.

https://www.marketwatch.com/story/jamie-dimon-says-stopping-oil-and-gas-funding-would-be-road-to-hell-for-america-11663851347?rss=1&siteid=rss Jamie Dimon says stopping oil and gas funding would be ‘the road to hell for America’

Brian Lowry

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