Dimon defends the need for investments in fossil fuels before Congress

JP Morgan Chase & Co. CEO Jamie Dimon said the US needs to invest in the fossil fuel industry to reduce long-term greenhouse gas emissions and protect the environment. economic growth.

“We’re not doing it right,” Dimon said when asked about his position on the nation’s energy strategy during his testimony before Congress on Wednesday. “Investing in the oil and gas complex is good for reducing CO2.”

Dimon also answered multiple questions about environmental, social and security investments. governance. He said there needs to be “more work” to clarify what ESG ratings are and what they mean.

Asked if Russia had been removed from JP Morgan’s ESG fund suite, Dimon said the bank “probably” had and smiled. He said the bank would be “happy” to provide a more precise answer.

Later in the hearing, Dimon and Wells Fargo & Co. CEO Charlie Scharf were questioned about their support for the State Financial Officers Foundation, a Republican group that has been criticizing strategies that favor ESG over other types of finance. investment. Rep. Sean Casten, an Illinois Democrat, asked if they will stop funding Sfof, which he said is “spreading disinformation.”

“If that were true, we would probably cancel it,” Dimon said. Scharf said that he agreed.

In response to another question, Dimon said that JP Morgan is receiving requests from every government and central bank around the world on ESG, and expects to soon spend “hundreds of millions” of dollars on these matters.

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