On Wednesday, J.P. Morgan Chase CEO Jamie Dimon said “That would be the road to hell for America” to Rep. Rashida Tlaib (D-MI) after the congresswoman asked if banks would halt investments in oil and gas projects.
Dimon’s comments came during a House Financial Services Committee hearing where the far-left Michigan Democrat asked the group of bank executives there if they would commit to no longer investing funds into oil and gas companies to slow down climate change.
“You have all committed, as you all know, to transition the emissions from lending and investment activities in line with pathways to net zero in 2050,” Tlaib stated, asking, “Do you know what the international energy agency has said is required to meet our global 2050 net targets of limiting global temperature rise to 2.7 degrees Fahrenheit or 1.5 degrees Celsius?”
“So, no new fossil fuels production starting today, that’s zero. So I’d like to ask all of you and go down the list because again you all have agreed to do this,” she continued.
“Please answer with a simple yes or no. Does your bank have a policy against funding new oil and gas products?”
“That would be the road to hell for America” Dimon responded.
Seemingly surprised by the answer provided, Tlaib shifted toward the bank’s handling of student loans saying, “Yeah, that’s fine. Sir, everyone who got relief from student loan who has a bank account with your bank should probably take out their account and close their account,” she exclaimed.
“The fact that you’re not even there to help relieve folks who are in extreme debt because of student loan debt and you’re out there criticizing it.”
“We aren’t getting this one right. The world needs 100 million barrels effectively of oil and gas every day. And we need it for 10 years,” Dimon later said.
“To do that, we need proper investing in the oil and gas complex. Investing in the oil and gas complex is good for reducing CO2,” he continued. “We’ve all seen, because of the high price of oil and gas — particularly for the rest of the world — you’ve seen everyone going back to coal.”
In his company’s report in 2021 regarding carbon emissions, the bank explained the questioned ‘significant’ investments in oil and gas production by arguing that it would be funding innovations to help reduce CO2 emissions by a total of 50 percent by 2030.
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