JP Morgan Chase CEO Jamie Dimon warned politicians not to rush the transition to green energy and argued 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 problem that should be taken seriously. And by the way, we’re not doing a good job of it,” Dimon said.
“We need oil and gas,” Dimon continued. “That’s a hundred million barrels a day used by the world to heat fuel, feed people.”
When asked how long, Dimon replied “for 50 years”.
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Dimon warned of a “catastrophe” if oil and gas production is halted immediately.
Tech billionaire and Twitter CEO Elon Musk tweeted support for Dimon’s comments on Thursday.
“Admittedly, there will be a long tail of usage, but it will peak long before then,” he wrote.
“Peak demand for oil 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 ending all funding for oil and gas projects “would be the road to hell for America”.
After his remarks, “Squad” members encouraged Rep. Rashida Tlaib, D-Mich., to bankroll Chase. In response, the Wall Street Journal editorial board published a piece slamming the congresswoman.
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During the interview, Dimon also warned that the upcoming fight over the debt ceiling is not something that should be taken lightly.
“It’s just part of the financial structure of the world and this is not something we should play games with at all,” he said.