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Failing To SPEND MONEY ON COAL AND OIL WILL BE THE Road To Hell For America

By Irina Slav – Sep 22, 2022, 2: 57 AM CDT

  • The CEO of JP Morgan, Jamie Dimon, said that banks refusing to invest in new coal and oil projects will be the road to hell for America.
  • An unnamed senior executive at a U.S. bank is considering removing the business from global green commitments because of legal risk.
  • Dimon highlighted the truth that the existing energy crisis has resulted in rising emissions because of increased coal use as coal and oil had not been available.

Cutting off investments in fossil fuels will be the road to hell for america. This is exactly what JP Morgans leader Jamie Dimon said throughout a congressional hearing on a variety of topics.

“Please answer with a straightforward yes or no, does your bank have an insurance plan against funding new coal and oil products, Mr. Dimon?” Rep. Rashida Tlaib asked JP Morgans leader, after installation of net-zero plans that want a shift from fossil fuels.

“Definitely not, and that might be the street to hell for America,” Dimon said in response. He went further, aswell, saying the united states had a need to invest more not less in coal and oil.

“We aren’t getting that one right. The planet needs 100 million barrels effectively of coal and oil each day. And we are in need of it for 10 years,”Dimon said, adding “To achieve that, we are in need of proper buying the coal and oil complex. Buying the coal and oil complex is wonderful for reducing CO2. We’ve all seen, due to the high price of coal and oil particularly for all of those other world you’ve seen everyone heading back to coal.”

Dimons statements come amid rising opposition among banks to increasingly stringent decarbonization rules, with some, including JP Morgan considering an exit from the Glasgow Financial Alliance for Net Zero, in accordance with a recently available report by the FT.

The reconsideration of these participation in the alliance came due to growing fears of litigation opportunities, rife in new climate-related requirements for the firms they fund.

I’m near taking us out of the global green commitments Im not likely to allow third parties to generate legal liabilities for all of us and our shareholders. It really is immoral and irresponsible, one unnamed senior executive at a U.S. bank told the FT. Imagine if we fail, create a mistake or someone lies? Then your bank could be sued, that’s an unacceptable risk.

By Irina Slav for Oilprice.com

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