One of America’s most prominent business executives issued a stark warning about the disastrous effects the economy faces as a result of progressive Environmental, Social and Governance (ESG) policies.
JPMorgan Chase CEO Jamie Dimon appeared on the Thursday broadcast of CNBC’s “Squawk Box” and warned of the existential danger posed by the modern rush to discard domestic energy production.
Dimon spoke about the recent media rush to condemn gas stoves in American homes and restaurants, declaring flatly, “We need oil and gas.”
In response to host Joe Kernen’s question about whether private and public stakeholders will pressure American firms to adopt ESG policies, Dimon said it would take at least 50 years to transition away from oil and gas energy sources. He said, “It’s a hundred million barrels a day that are used to heat, fuel and feed people.”
He said that only an orderly and thoughtful transition will avoid “calamity” and “global depression.” He also pointed out the ineffectiveness of unilateral changes. “CO2 is down dramatically in the United States but China’s is three times ours, so if you don’t have global deals, it’s not going to work,” he added.
Dimon’s comments caught the attention of another major American economic influencer. Tesla and Twitter CEO Elon Musk tweeted in favor of Dimon’s position: “True, there will be a long tail of usage, but it will peak long before then.” Musk added that he believes the global peak in oil demand will “probably happen within the next 5 years.”
Even though Musk is the founder and top executive at electric vehicle industry leader Tesla, he believes the United States would be foolish to move away from fossil fuel production too rapidly. He said during an energy conference in Norway last summer: “I think, realistically, we need to use oil and gas in the short term, because otherwise civilization would crumble. In order for civilization to continue to function, we do need oil and gas.”
Musk has also long been unimpressed by the social mission of leftists who promote commercial ESG standards.
He tweeted in April 2022: “I am increasingly convinced that corporate ESG is the Devil Incarnate.”