JP Morgan Chase CEO Jamie Dimon 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 during an interview on CNBC from Davos on Thursday.
“Climate is a serious issue that needs to be taken seriously. And by the way, we’re not doing a good job,” Dimon said.
“We need oil and gas,” Dimon continued. “A hundred million barrels a day are used by the world to heat fuel, to feed people.”
When asked how long, Dimon replied “for 50 years”.
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Dimon warned of a “calamity” if oil and gas production is stopped instantly.
Tech billionaire and Twitter CEO Elon Musk tweeted his support for Dimon’s comments on Thursday.
“It is true that there will be a long streak of use, but it will peak long before that,” he wrote.
“Peak in oil demand will likely occur within the next 5 years,” Musk continued.
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Last year, Dimon testified before the U.S. House Financial Services Committee that ending all funding for oil and gas projects “would be the way to hell for America.”
After his remarks, “Squad” member Rep. Rashida Tlaib, D-Mich., encouraged a bank run on Chase. In response, the editorial board of the Wall Street Journal published an article criticizing the congresswoman.
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During the interview, Dimon also warned that the coming fight over the debt ceiling is not something to be taken lightly.
“It’s just part of the financial structure of the world, and it’s not something we should be playing with at all,” he said.