Important Takeaways:
- JPMorgan CEO suggests government seize private property to quicken climate initiatives
- In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon suggested that the U.S. government and climate conscious corporations may have to seize citizen’s private property to enact climate initiatives while there still time to stave off climate disasters.
- Dimon declared Tuesday that “governments, businesses and non-governmental organizations” may need to invoke “eminent domain” in order to get the “adequate investments fast enough for grid, solar, wind and pipeline initiatives.”
- According to the CEO, such drastic measures may be employed because time is short.
- “Eminent domain” is a legal term that describes the government using its power to expropriate private property for public use, provided the government provides private owners proper compensation.
- Dimon concluded his letter’s statement on climate change, saying, “Polarization, paralysis and basic lack of analysis cannot keep us from addressing one of the most complex challenges of our time. Diverse stakeholders need to come together, seeking the best answers through engagement around our common interest.”
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