JPMorgan Chase & Co. President and CEO Jamie Dimon has issued a statement calling on the federal government to begin seizing privately-owned property from citizens and repurposing the land to fight “climate change.”
Multibillionaire Dimon, the former head of the Federal Reserve Bank of New York, insists that governments will need to seize private land for the creation of more green energy production sites.
Dimon made the call in an extensive letter to shareholders of America’s largest bank published this week.
The letter accompanied the bank’s annual report for 2022.
Dimon claims there is a need for affordable energy immediately and a need for decarbonization for tomorrow.
While discussing the war in Ukraine and climate change, Dimon declared that the world must move away from fossil fuels, such as oil and gas.
“We may even need to evoke eminent domain—we simply are not getting the adequate investments fast enough for grid, solar, wind, and pipeline initiatives,” Dimon wrote.
Eminent domain refers to a government seizing private land or property, against the landowner’s will, and converting it for public use while “compensating” the owner.
He continued mentioning the Inflation Reduction Act and other U.S. laws that “hold the potential to unlock over $1 trillion in clean technology development” and that they “need to be implemented effectively.”
Dimon called for the cooperation of governments, businesses, and non-governmental organizations to create policy changes that “comprehensively address fundamental issues that are holding us back.
“Massive global investment in clean energy technologies must be done and must continue to grow year-over-year.”
Dimon says that as a result of green energy investment the private sector will see growth in investment and job openings over the next decade.
Meanwhile, Dimon is due to soon be interviewed under oath over his bank’s relationship with its former client – deceased sex offender Jeffrey Epstein.
According to Brad Edwards, a lawyer representing women who claim they were sexually abused by Epstein, the deposition is expected in early May.
The women are suing JPMorgan for allegedly enabling the financier’s sex trafficking.
Epstein had been a JPMorgan client from 2000 to 2013,
He remained a client of the bank for five years after he pleaded guilty to a child sex charge in Florida.
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