Musk agrees with JP Morgan Chase CEO Jamie Dimon that it will take 50 years to transition to green energy

J.P. Morgan Chase CEO Jamie Dimon cautioned policymakers shouldn’t rush the transition to green energy and argued that the world will be reliant on oil and fuel for an additional 50 years throughout an interview on CNBC from Davos Thursday.

“Climate is a severe concern that needs to be taken critically. And by the way in which we’re not doing a superb job at it,” Dimon mentioned.

“We want oil and fuel,” Dimon continued. “It’s 100 million barrels a day that are utilized by the world to warmth gasoline, feed folks.” 

When requested for what size of time, Dimon responded “for 50 years”.

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Jamie Dimon, chief government officer of JPMorgan Chase & Co., speaks through the Institute of International Finance (IIF) annual membership assembly in Washington, D.C., U.S., on Friday, Oct. 18, 2019. Photographer: Al Drago/Bloomberg through Getty Images

Dimon warned of a “calamity” if oil and fuel manufacturing is halted immediately.

Tech billionaire and CEO of Twitter Elon Musk tweeted help for Dimon’s feedback Thursday.

“True, there will be an extended tail of utilization, however it will peak lengthy earlier than then,” he wrote.

“Peak oil demand most likely occurs inside the subsequent 5 years,” Musk continued.

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FILE – Tesla and SpaceX Chief Executive Officer Elon Musk speaks on the SATELLITE Conference and Exhibition in Washington, Monday, March 9, 2020.
(AP Photo/Susan Walsh, File)

Last 12 months, Dimon testified earlier than the U.S. House Financial Services Committee that terminating all funding to oil and fuel tasks “would be the road to hell for America”.

After his remarks, “Squad” member Rep. Rashida Tlaib, D-Mich., inspired a financial institution run on Chase. In response, the Wall Street Journal editorial board published a piece slamming the congresswoman.

Cheniere Energy Inc. Liquefaction facility on Corpus Christi Bay in Portland, Texas, Feb. 19, 2021.
(Eddie Seal/Bloomberg)

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During the interview, Dimon also warned that the upcoming combat over the debt ceiling is not one thing that needs to be taken calmly. 

“That is simply part of the monetary construction of the world, and this isn’t one thing we needs to be enjoying video games with in any respect,” he mentioned.