JP Morgan Chase CEO says ’eminent domain’ powers may be needed to accelerate energy transition projects as ‘window is closing’ for climate change action.
One of the world’s highest-profile bankers – JP Morgan Chase CEO Jamie Dimon – said the US government should consider seizing private property to boost the number of green energy projects coming through the pipeline.
Dimon told the bank’s shareholders that availability of wind and solar projects needs to be accelerated urgently as “the window for action to avert the costliest impacts of global climate change is closing”.
The Wall Street titan told JP Morgan’s investors in the bank’s annual report: “Massive global investment in clean energy technologies must be done and must continue to grow year-over-year.
“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 eminent domain – we simply are not getting the adequate investments fast enough for grid, solar, wind and pipeline initiatives.”