Jamie Dimon, CEO of JP Morgan, has warned of the danger Russia’s war in Ukraine poses to the global energy system going forward.
Dimon said that the U.S. needs a comprehensive policy regarding energy that includes pipelines and permits for all energy sources.
As well as oil and gas, Dimon said that even getting permits to build solar was difficult, and regulations need to be improved
The United States needs permitting for oil and gas drilling and pipelines, and a streamlined permitting process for renewables in a comprehensive new policy, JP Morgan’s chief executive Jamie Dimon told Fox Business in an exclusive interview.
Dimon doubled down on his previous comments that banks shouldn’t cut off investments in oil and gas supply despite the ongoing criticism toward financiers of fossil fuel projects.
“So if I can stop financing a good oil company, that isn’t going to help. What we need is pipelines, permits. We can’t even get the permits to build solar,” Dimon told the ‘Mornings with Maria’ program on Fox.
“We need very comprehensive policy, and I don’t think we have that right yet.”
According to Dimon, the permitting process, even for renewable projects such as offshore wind, take five or seven years, and this shouldn’t be the case with the regulatory system in the U.S.
“I think we’re spending too much time just yelling and screaming at each other as opposed to what we need to accomplish these very important goals of climate sustainability and resiliency, and efficient and effective oil price and delivery,” JP Morgan’s CEO said.
During a congressional hearing in September, Dimon said that cutting off investments in fossil fuels would be the road to hell for the United States.
The energy crisis gripping Europe could get much worse over the next years as the fallout from Russia’s war in Ukraine extends over time, Dimon warned in an interview for CBS last month.
“The danger of this war is extraordinary,” Dimon told CBS, adding that it could last for years.
“But this oil and gas thing, it looks like the Europeans will get through it this winter. But this oil and gas problem is going to go on for years. So if I was in the government or anywhere else, I’d say, I have to prepare for getting much worse. I hope it doesn’t. But I would definitely be preparing for it to get much worse,” the chief executive of JP Morgan also said.
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