Climate Warrior Jamie Dimon Has A "Marshall Plan" - More Gas, Fewer Regulations, "Carbon Capture"
Amid a great deal of uncertainty about the world economy, energy, food, and other issues associated with the collateral damage from the Russian invasion of Ukraine, there was a closed-door meeting among White House officials and top executives of oil companies and financial institutions Monday. President Joe Biden dropped in briefly and JPMorgan Chase CEO Jamie Dimon told him what the United States needs is a “Marshall Plan” to develop more domestic energy.
Dimon’s multinational investment bank is the largest lender to fossil fuel companies in the nation although it has in the past few years pulled back from lending to coal companies. The original Marshall Plan was a huge government program intended to help Western Europe rebuild after the devastation of World War II. Adjusted to 2022 dollars, that program cost $153 billion.
As first reported by Axios, Dimon laid out four points: increase natural gas production and export it to Europe to replace Russian gas; encourage Europeans to increase their liquefied natural gas (LNG) facilities, especially regasification operations; invest more in hydrogen and carbon capture technology; and speed up installations of solar and wind by streamlining permitting. For readers short on time who want to get to the point, let me just say I’m deeply suspicious of Dimon’s idea, which sounds like a joke version of the Green New Deal.
EDIT
It might make sense if Dimon focused on very short-term increases of natural gas (and oil) production amid a hugely accelerated effort on energy renewables to get Europe, the U.S. and others past the crunch caused by the Russian invasion of Ukraine. But Dimon’s proposal isn’t short term. It’s no different than oil and gas company lobbyists agitating for fast-tracking new production and building fossil fuel infrastructure such as pipelines and port facilities with 50-year or longer lifespans. That plus “relaxing” a bunch of those pesky environmental rules the industry has been bellyaching about since forever.
EDIT
https://www.dailykos.com/stories/2022/3/24/2087734/-Jamie-Dimon-pushes-meh-energy-Marshall-Plan-when-the-climate-crisis-demands-emergency-treatment
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