US oil and gas boom ‘doesn’t fight climate change’

• JPMorgan CEO Jamie Dimon addressed wealthy clients on a call Tuesday, Yahoo Finance reported.
• The call explored a variety of topics, including climate change and the economic downturn.
• U.S. natural gas production does not conflict with reducing greenhouse gas emissions, he said.

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

“We need to focus on the climate. The problem with that is because of high oil and gas prices, the world is turning to coal plants. It turned around.

“Why can’t we get through our thick skulls, if you want to solve the weather [change]It is not against the climate [change] America to add more oil and gas?”

JPMorgan Chase was named the world’s leading “fossil fuel financier” in a report by environmental groups last year, and the bank in 2016 It is said to have contributed a total of $317 billion to the industry between 2016 and 2020.

The bank has committed to achieve net-zero emissions by 2050 in all key sectors of its financing portfolio under the Paris Agreement. A JPMorgan spokeswoman did not immediately respond to Insider’s request for comment.

Natural gas emits half as much carbon dioxide as coal, and since 2007 has played a major role in reducing total US carbon dioxide emissions. However, climate scientists told Reuters that the oil and gas industry is growing too fast to meet its targets. Limiting global warming to 1.5 degrees Celsius.

Dimon in 2010. “National security requires energy security for ourselves and our foreign partners,” he said in a 2021 letter to shareholders.

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

This March, Dimon urged the Biden administration to develop a modern “Marshall Plan” to increase energy production in the United States to reduce dependence on foreign oil imports in the wake of Russia’s invasion of Ukraine. It also spurred investments in green technologies such as hydrogen power and carbon capture, Axios said.