It looks like JPMorgan’s CEO’s plans for the world are not exactly what you would expect or want. Check out more about what he had to say in some official notes below.
JPMorgan on seizing private property to save the planet
World governments must begin forcibly seizing private property from citizens to build wind and solar farms to “fight climate change,” according to JPMorgan CEO Jamie Dimon.
According to Dimon, world governments should invoke “eminent domain” in order to seize private property from ordinary people and begin investing in solar projects and other green initiatives.
“At the same time, permitting reforms are desperately needed to allow investment to be done in any kind of timely way. We may even need to evoke [sic] eminent domain – we simply are not getting the adequate investments fast enough for grid, solar, wind and pipeline initiatives,” Dimon wrote.
Eminent domain allows the government to forcibly seize private property as long as the owner is compensated.
“Massive global investment in clean energy in technologies must be done and must continue to grow year-over-year,” Dimon continued.
“To expedite progress, 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.”
The CEO of JP Morgan Chase, suggested in April that the US should invest in a national carbon capture and storage infrastructure to help reduce carbon emissions.
This proposal came just weeks after the Iowa state House passed a bill in March that would restrict the ability of carbon pipeline companies to use eminent domain.
According to the Des Moines Register, the bill stipulates that these companies would have to reach voluntary agreements to purchase 90% of the land needed before they could exercise eminent domain.
We suggest that you check out the complete notes on the matter in the original letter that the SEC sent to stakeholders.
