JPMorgan Chase CEO Jamie Dimon Encourages Gov’t to Seize Private Land

JPMorgan Chase CEO Jamie Dimon just asked lawmakers to take some pretty drastic action in support of a renewable energy transition in America. He called for the seizure of private property to make more land available for solar and wind farms. 

Dimon is known as one of the most powerful investment bankers on Wall Street. He wrote in his annual shareholder letter that “bolstering growth” in the global economy “must go hand in hand with both securing an energy future and meeting science-based climate targets.” 

Then he talked about eminent domain, the power of a government to seize private land for public use.

“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,” he said. “We simply are not getting the adequate investments fast enough for grid, solar, wind and pipeline initiatives.”

Dimon asked focused on the Russian invasion of Ukraine as something that complicated efforts in many nations to move ahead with renewable energy because of rising fuel costs. 

“We need to do more, and we need to do so immediately,” he continued. “Governments, businesses and non-governmental organizations need to align across a series of practical 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 said, “We should focus on climate. …Why can’t we get it through our thick skulls, that if you want to solve climate, it is not against climate for America to boost more oil and gas?”

Dimon did agree that “climate risk” is a contentious issue among many investors as shareholder meetings convene. 

I guess it is…especially when you advocate taking away citizen’s land for government use in the United States of America.