Leaders in the banking industry clashed with Rep. Rashida Tlaib, D-Mich., Wednesday after Tlaib demanded that they commit to immediately end all financing of all fossil fuel products.
J.P. Morgan CEO Jamie Dimon told the far-Left representative that her request would lead to despair and ruin. [bold, links added]
“You have all committed, as you all know, to transition the emissions from lending and investment activities to align with pathways to net-zero in 2050… So no new fossil fuel production, starting today, so that’s like zero. I would like to ask all of you and go down the list, cause again, you all have agreed to do this. Please answer with a simple yes or no, does your bank have a policy against funding new oil and gas products, Mr. Diamond?” Tlaib asked.
“Absolutely not, and that would be the road to hell for America,” Dimon responded.
“Yea. That’s fine. That’s fine,” Tlaib responded. “Sir, you know what, everybody that got relief from student loans [that] has a bank account with your bank should probably take out their account and close their account.”
She continued, “The fact that you’re not even there to help relieve many of the folks that are in debt, extreme debt because of student loan debt, and you’re out there criticizing it.”
Tlaib proceeded to ask the other bankers their position, to which they all responded that they would continue to invest in oil and gas in addition to alternative energy projects.
“We will continue to invest in and support clients who are investing in fossil fuels and in helping them transition to cleaner energies,” Jane Fraser, CEO of Citigroup said.
Brian Moynihan, CEO of Bank of America, echoed Fraser.
“We are helping our clients make a transition, and that means we’re lending to both oil and gas companies and to new energy companies and helping monitor their course towards the standards you’re talking about,” he said.
Critics of the environmental policies Tlaib advocates argue that those policies have already reduced funding to fossil fuel projects that have exacerbated the energy shortages seen in Europe since Russia invaded Ukraine earlier this year.
American financier Kyle Bass, for example, argued that the transition from fossil fuels to alternative energy must not be rushed.
“These transitions take forty years, Joe. The move from coal to natural gas took forty years. They take a very, very, very long time. We can’t just flip a switch,” he told CNBC in an interview last month.
Read more at Fox Business
Mr. Bass on the CNBC is absolutely correct. You cannot just “flip a switch.” The energy transition from fossil fuels will take at least 40 years. All you have to do, Ms. Talib, is take about 10 minutes & look at the EIA projections for energy use in their “2022 Energy Outlook.” The best scientists, engineers & economists in the U.S government clearly recognize that fossil fuels will continue to supply a LARGE portion of our domestic primary enerrgy out through 2050 (and beyond). Wind & solar WILL NOT be the “next big thing” in our energy system. Any energy transition, in the electricity sector, will most likely evolve by combined cycle natural gas to modular nuclear to (ultimetaely) fusion. There is NO EVIDENCE that an electric gid comprised of wind, solar & battery storage is even REMOTELY feasible. So, I’d argue Progressives like Ms. Talib are actually misallocating critical resources & “crippling” needed advancements in our domestic energy sector. These folks are DELAYING any reasonable energy transition in the future, The SOONER the American public figures this out the better…
Maybe this old bat needs to start walking to all their big time meetings instead trying to force their stupid ideas upon us all
The Dem’s are confused.
Biden said Big Oil was deliberately driving up fuel prices by stifling production. Tlaib says cut their money off. WTF? Only they could make the oil companies look like victims. I’ll bet that, like other corporations, oil companies donate to the Democrats. They should postdate their checks to 2050.
Here is hoping in November they all got voted out Washing Away the Democrat Jackasses
From the article, “immediately end all financing of all fossil fuel products.” Let’s take a look at the word “products.” What are they? Included is the plastic that goes into electric cars, medical equipment, and cell phones. A large percentage of the fabric in our clothing is synthetics that are made from oil. The massive amounts of steel and concrete needed for wind towers are made with fossil fuels. Rashida Tlaib is typical of many on the left that lack basic understanding.