Despite the international community’s pledge to depend on renewable energy to achieve its net-zero emissions goal by 2050, the world will need oil and gas for the next 50 years, says JPMorgan Chase CEO Jamie Dimon.
While speaking in an interview with CNBC in Davos, Switzerland, on Thursday, Dimon warned that if the global economy abandoned fossil fuels altogether, there would be a “calamity” and “global depression.”
“We need oil and gas. We need cheaper oil for 50 years. It’s 100 million barrels a day that are used by the world to heat, fuel, feed people,” he said.
In response to host Joe Kernan, who noted that “true climate zealots want to end it now,” Dimon replied, “You then have a calamity, a global depression.”…