JPMorgan Chase CEO Jamie Dimon recently suggested in his annual letter to shareholders that the federal government and large corporations may have to seize private property from U.S. citizens to advance climate initiatives, which he claimed are not being implemented fast enough to avoid potential climate-related crises.
According to Dimon's Tuesday letter, in order to acquire "adequate investments fast enough for grid, solar, wind and pipeline initiatives," governments and businesses may need to implement "eminent domain."
Eminent domain is the ability of the government to take private property and convert it for public use following just compensation to the property's owner.
Dimon argues that private properties may need to be seized to permit green energy projects and grow the nation's grid infrastructure. He expressed concern about having limited time to tackle the climate crisis and noted that not enough resources are being invested in green initiatives. Therefore, Dimon argued, it may be the right time to consider invoking eminent domain to avoid climate-related disasters.
"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 claimed.
He noted 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."
Dimon called on "governments, businesses and non-governmental organizations" to align on their climate initiative efforts by making a "massive global investment in clean energy technologies," which he added "must be done and must continue to grow year-over-year."
"The window for action to avert the costliest impacts of global climate change is closing," he stated. "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 claimed that the climate crisis is "one of the most complex challenges of our time."
"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," he concluded.
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