The billionaire CEO of JPMorganChase foresees a need for governments to expropriate more private property to more effectively fight climate change.
Private property may need to be seized by federal government, corporations to advance climate initiatives, says JPMorgan CEO | The Blaze - Candace Hathaway:
"According to Dimon's Tuesday letter, in order to acquire 'adequate investments fast enough for grid, solar, wind and pipeline initiatives,' governments and businesses may need to implement 'eminent domain.'
"Eminent domain is the ability of the government to take private property and convert it for public use following just compensation to the property's owner.
"Dimon argue[d] that private properties may need to be seized to permit green energy projects and grow the nation's grid infrastructure. He expressed concern about having limited time to tackle the climate crisis and noted that not enough resources are being invested in green initiatives.
"Therefore, Dimon argued, it may be the right time to consider invoking eminent domain to avoid climate-related disasters....
"Dimon called on 'governments, businesses and non-governmental organizations' to align on their climate initiative efforts by making a 'massive global investment in clean energy technologies'.... 'The window for action to avert the costliest impacts of global climate change is closing,' he stated. 'The need to provide energy affordably and reliably for today, as well as make the necessary investments to decarbonize for tomorrow, underscores the inextricable links between economic growth, energy security and climate change. We need to do more, and we need to do so immediately'....
"'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,' he concluded."
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