Last Tuesday, in his annual letter to shareholders, Jamie Dimon, the CEO of JPMorgan Chase, suggested that to head off climate disasters while there is still time, it might be necessary for the government and climate-conscious corporations to seize private property for climate initiatives, Fox News reported.
In his letter, Dimon said corporations, governments, and NGOs may have to use eminent domain to get the investments needed to develop wind, solar, and “pipeline initiatives.”
Eminent domain is when the government uses its power to take private property for public use, so long as the government compensates the owner for seizing the property.
Dimon argued that time is running short to alleviate the climate crisis and that lack of time justifies using eminent domain.
Additionally, Dimon believes that the war in Ukraine has hampered trade relations throughout Europe and Asia, “redefining the way countries and companies plan for energy security.” He said the need for affordable and reliable energy, coupled with the need to invest “to decarbonize for tomorrow,” highlights the link between “economic growth, energy security, and climate change.”
He called on corporations and NGOs to align with governments on policies that would expedite climate solutions, suggesting “massive global investment” in green energy must continue to grow “year-over-year.”
And one of the ways Dimon believes this could happen is through eminent domain. He argued that currently, the investments in green energy infrastructure are not adequate enough to quickly develop “grid, solar, wind, and pipeline initiatives” before it’s too late.
Calling climate change “the most complex challenges of our time,” Dimon concluded his annual letter by urging more action on the climate despite the “polarization, paralysis, and basic lack of analysis.”
He called on “diverse stakeholders” to come together to find “the best answers” to “our common interest.”