Jamie Dimon, the CEO of JPMorgan Chase, expressed this past week that quite a few investors do not care at all about environmental, social, and governance investing, or as its known in the circle ESG, despite the significate efforts from his own banking group to push such a movement.
As part of an investor seminar held in Washington that blocked access to members of the press, Demon issued quite a few provocative statements about the current geopolitical realities and the current leadership of the United States, which has since been confirmed by a report from The New York Post. Throughout his statements, he insisted that “investors don’t give a s***” about ESG and warned that corporate governance should not be ‘ceded’ to ‘do-gooder kids on a committee.'”
Despite this, JPMorgan Chase has allotted well over $2.5 trillion to be utilized over the course of the next ten years to “advance long-term solutions that address climate change and contribute to sustainable development” in order to go along with new worldwide emissions goals slated for 2050, as reported by its website, where Demin is quoted as having said, “climate change and inequality are two of the critical issues of our time.”
Thought to be one of the most influential executives throughout Wall Street, Dumon seems to have changed his mindset over the past few months. He stated while attending the seminar that the “President of the United States needs to stand up and say we may not meet our 2050 climate objectives because this is a f***ing war,” going on to add that many officials need to recognize it is “time to stop going hat in hand to Venezuela and Saudi and start pumping more oil and gas in the USA.”
When Old Uncle Joe took a trip three months ago to speak in Saudi Arabia, quite a few people thought that pushing for increased energy output as a response to climbing gas prices throughout the country was a prime factor. That particular suspicion was quickly validated after a statement was released from within the Saudi government which unveiled the request from the United States President to push back a production cut until after the midterm elections. Earlier this past month, Biden reportedly set the ball rolling to lead to the easing of sanctions against Venezuela so that one main American oil company, Chevron, could once again kick off production in the socialist country.
To go along with this, officials within the Biden administration have managed to draw in copious levels of criticism for their choice to cancel the expansions slated for the Keystone XL pipeline and the slowing down of the federal oil leases to a crawl. As part of a recent interview held with CNBC, Dimon claimed that despite the wishes of the climate hawks to drop output as a way to reduce emissions, developing nations such as India, China, and the Philippines swing back over to coal power when oil and natural gas prices begin to rise, ending up with the net result of even more emissions.
“I think we’re getting energy completely wrong, which is, you know, ever since this war started, you know that Europe is going to have a problem,” he expressed. “And that it was pretty predictable that Putin was going to cut off some gas and some oil, and oil prices would go up.”
The national average price of gasoline is currently sporting an almost 63% increase since Biden took office at the start of last year, as reported by data from AAA.