In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon suggested that the U.S. government and climate conscious corporations may have to seize citizen’s private property to enact climate initiatives while there still time to stave off climate disasters.
Dimon declared Tuesday that “governments, businesses and non-governmental organizations” may need to invoke “eminent domain” in order to get the “adequate investments fast enough for grid, solar, wind and pipeline initiatives.”
“Eminent domain” is a legal term that describes the government using its power to expropriate private property for public use, provided the government provides private owners proper compensation.
JPMorgan Chase CEO Jamie Dimon testifies at a Senate Banking Committee annual Wall Street oversight hearing on Sept. 22, 2022. (AP Photo/Jacquelyn Martin)
In his letter, which touted the successes of the financial services company in 2022 as well as providing shareholders a vision for its future, Dimon made the case that it might be time to justify eminent domain in America to ease the climate crisis. According to the CEO, such drastic measures may be employed because time is short.
“The window for action to avert the costliest impacts of global climate change is closing,” he said, along with mentioning his concern that the “ongoing war in Ukraine is roiling trade relations across Europe and Asia and redefining the way countries and companies plan for energy security.”
“The need to provide energy affordably and reliably for today, as well as make the necessary investments to decarbonize for tomorrow, underscores the inextricable links between economic growth, energy security and climate change. We need to do more, and we need to do so immediately,” Dimon added.
Climate change activists vandalize a painting to bring awareness to climate change. (Letzte Generation)
He then mentioned that “governments, businesses and non-governmental organizations need to align” on policies to expedite climate solutions. Dimon added, “Massive global investment in clean energy technologies must be done and must continue to grow year-over-year.”
He floated eminent domain as one of these policies that could speed up building green infrastructure.
“At the same time, permitting reforms are desperately needed to allow investment to be done in any kind of timely way. We may even need to evoke [sic] eminent domain,” Dimon stated.
The CEO justified this potential government and corporate seizure of public property, saying that “we simply are not getting the adequate investments fast enough for grid, solar, wind and pipeline initiatives.”
Dimon concluded his letter’s statement on climate change, saying, "Polarization, paralysis and basic lack of analysis cannot keep us from addressing one of the most complex challenges of our time. Diverse stakeholders need to come together, seeking the best answers through engagement around our common interest