Jamie Dimon, CEO of investment bank JP Morgan Chase, warned that the push by the World Economic Forum crowd to rid the world of oil usage would lead to “a calamity, a global depression.”
“We need oil and gas. We need cheaper oil for 50 years. It’s 100 million barrels a day that are used by the world to heat, fuel, feed people,” he told CNBC, on Thursday, while in Davos, Switzerland.
JOE MANCHIN TRAVELING TO WORLD ECONOMIC FORUM IN DAVOS AS PART OF US DELEGATION
? J.P. Morgan CEO Jamie Dimon makes clear that oil and gas will be needed for *at least* the next 50+ years, saying attempts by ESG activists to turn off the spigot now would lead to calamity and a global depression: pic.twitter.com/c0jJDwBgCu
— Will Hild (@WillHild) January 19, 2023
CNBC host Joe Kernan interjected, “But true climate zealots want to end it now, Jamie.”
“You then have a calamity, a global depression,” Dimon responded.
Dimon has previously warned of global disaster if banks don’t fund oil and gas products. In an appearance before Congress in September 2022, Dimon warned of the energy supply globally not being secure and “still precarious.”
His comments in Davos contradict most of the commentary on the main stage at Davos this week that largely advocates for policies to end oil production and consumption to combat climate change.
Former Vice President Al Gore warned the World Economic Forum crowd of “rain bombs” and “boiling oceans” if drastic changes aren’t made to address climate change.
While at the forum, Siemens AG Chairman Jim Hagemann called on 1 billion people to “stop eating meat.”
“If a billion people stop eating meat, I tell you, it has a big impact. Not only does it have a big impact on the current food system, but it will also inspire innovation of food systems,” Hagemann told the crowd in Davos on Wednesday.
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Many other speakers in Davos advocated for “ending our addiction to fossil fuels.”
Even Saudi Arabian diplomat Ahmed Al Jubeir pushed for the idea that in the future there will “be no cars.”
