The US’s increase in oil and gas is ‘not against’ climate change

  • JPMorgan CEO Jamie Dimon spoke to wealthy clients on a call Tuesday, Yahoo Finance reported.
  • The call touched on various topics, including climate change and the odds of a recession.
  • He said that US natural gas production is not in conflict with the reduction of greenhouse gas emissions.

JPMorgan CEO Jamie Dimon said this week that U.S. natural gas production is not in conflict with long-term emissions reduction goals, Yahoo Finance first reported.

“We should focus on climate. The problem with that is because of high oil and gas prices, the world is going back to their coal plants. It’s dirtier,” Dimon said on a call with clients Tuesday, according to the Saturday report.

“Why can’t we get it through our thick skulls, that if you want to solve climate [change]it is not against the climate [change] for America to increase more oil and gas?” he continued.

JPMorgan Chase was ranked as the world’s top “fossil fuel financier” in a report published by environmental groups last year, which said the bank contributed a total of $317 billion to the industry between 2016 and 2020.

The bank has pledged to achieve net-zero emissions across key sectors of its financing portfolio by 2050 in line with the Paris Agreement. A JPMorgan spokesperson did not immediately respond to Insider’s request for comment.

Natural gas produces half the carbon dioxide compared to burning coal and has played an important role in reducing overall US CO2 emissions since 2007. However, climate scientists told Reuters that the oil and gas industry is growing at a rate inconsistent with the goal of limiting global the warming to 1.5 degrees Celsius.

In his 2021 letter to shareholders, Dimon said “national security requires energy security for ourselves and for our allies abroad,” noting that “using gas to reduce coal consumption is a practical way to reduce CO2 emissions quickly.”

He added that the United States needs “immediate approval for additional oil leases and gas pipelines, as well as permits for green energy projects” to achieve energy security while meeting long-term climate goals.

In March, Dimon urged the Biden administration to develop a modern “Marshall Plan” to increase US energy production to reduce dependence on foreign oil imports in the wake of Russia’s invasion of Ukraine. He also pushed for investments in green technology such as hydrogen power and carbon capture, according to Axios.

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