Seize property to build wind and solar farms says JP Morgan chief
Jamie Dimon, the longstanding boss of the Wall Street titan who donates to the Democratic Party, said green energy projects must be fast-tracked as the window for averting the most costly impacts of global ‘climate change’ is closing.
In his annual shareholder letter, Mr Dimon said:
“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.”
Eminent domain is when a government or state agency carries out a compulsory purchase of private property for public use and compensates the asset holder.
The proposal is unusual, especially coming from the longest-serving chief executive of a Wall Street bank, and could stir controversy as states in the US seek to crackdown on seizure orders.
In Iowa, state legislators on Monday passed a bill that aims to protect private property owners from eminent domain use by ‘carbon’ pipeline companies.
Mr Dimon said the war in Ukraine was redefining the way countries and companies plan for energy security.
He added:
“The need to provide energy affordably and reliably for today, as well as make the necessary investments to decarbonise 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.
To expedite progress, governments, businesses and non-governmental organisations 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.”
In the UK, reforms to Solvency 2 rules are expected to unleash a wave of investment in renewable energy projects after insurers and pension funds complained that EU-era regulations obstructed their ability to invest in infrastructure.
Mr Dimon’s comments also come as tensions between investors grow about how to tackle ‘climate change’.
In December, Vanguard, the world’s second largest asset manager, pulled out of Mark Carney’s global climate change alliance, saying the group’s full-blooded commitment to tackling ‘climate change’ resulted “in confusion about the views of individual investment firms”.
Mr Dimon said:
“Polarisation, 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.
Bolstering growth must go hand in hand with both securing an energy future and meeting science-based climate targets for future generations.”
The banking chief also hit out against regulators in the wake of the banking crisis last month triggered by the collapse of Silicon Valley Bank (SVB).
He said the collapse of SVB and the government-engineered takeover of Credit Suisse by its biggest rival risked undermining confidence in the sector.
He added:
“Ironically, banks were incented to own very safe government securities because they were considered highly liquid by regulators and carried very low capital requirements.”
Mr Dimon also warned regulators against tightening rules for lenders following the recent market turmoil.
He said:
“It is extremely important that we avoid knee-jerk, whack-a-mole or politically motivated responses that often result in achieving the opposite of what people intended.
Now is the time to deeply think through and coordinate complex regulations to accomplish the goals we want, eliminating costly inefficiencies and contradictory policies.
Very often, rules are put in place in one part of the framework without appreciating their consequences in combination with other regulations.”
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VOWG
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Those who wish to destroy our freedom and our countries have to assume room temperature as soon as possible.
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Tom Anderson
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Yes VOWG, and there is consistent irony in how people who wish to destroy freedom always excuse it as for our own good. Gives the game away, doesn’t it?
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Barry from Victoria
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I’ve got an idea. How about a pilot project. We can start with seizing Jamie Dimon’s property first. Then how about the 250,000 acres of farmland now owned by Bill Gates. Just imagine how many small farms that could be divided into. It would be perfect for settling reparations to the poor, downtrodden black folks so they could grow their own yams, just like their ancestors did back in Africa. Think how happy they would be. But I digress. The main idea is to start with the billionaires. I mean, have you ever been to Beverly Hills? All those fancy houses could be converted to homeless shelters. We know how much meathead loves the homeless. And they could feed the chickens with all the hemp seeds.
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Dale Horst
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Eminent domain so the rich can line their pockets with revenue from the endless supply needs for a part time energy source. The pitchfork crowd is coming for this one.
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Antonio
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Che siamo in mano a pazzi, deficienti e corrotti non è nuova…..
(That we are in the hands of crazy morons and corrupt is not new…) SUNMOD
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