JPMorgan CEO Jamie Dimon, in a recent client call, insisted that boosting natural gas production in the United States was not at odds with the goal of reducing greenhouse gas emissions.
"We should focus on climate. The problem with that is because of high oil and gas prices, the world is turning back on their coal plants. It is dirtier," Yahoo Finance reported of Dimon’s call last week.
"Why can‘t we get it through our thick skulls, that if you want to solve climate [change], it is not against climate [change] for America to boost more oil and gas?" Dimon reportedly said.
JPMorgan has pledged to achieve net-zero emissions by 2050 in accordance with the Paris Agreement. The bank said its commitment ensures that it is measuring the emissions of its clients in key sectors of its financing portfolio.
In a letter to shareholders last year, Dimon said "national security demands energy security for ourselves and our allies overseas," adding that "using gas to diminish coal consumption is an actionable way to reduce CO2 emissions expeditiously."
The matter of domestic energy production has taken on greater urgency this year amid skyrocketing gas prices and Russia’s ongoing invasion of Ukraine that has walloped Europe’s energy needs.
Dimon has called for a "Marshall Plan" to ensure energy security for the United States and its European allies. He said that European nations who are highly dependent on Russian energy require help from the U.S.
"For such a plan to succeed, we need to secure proper energy supplies immediately for the next few years, which can be done while reducing CO2 emissions," Dimon said.