Dimon defends want for fossil fuel financial commitment to US Co…

“We’re not performing this proper,” Dimon claimed when asked about his stance on the nation’s strength method in the course of a testimony in advance of Congress on Wednesday. “Investments in the oil and gas complex are good for CO2 reduction.”

Dimon also answered various issues about environmental, social and governance investing. He explained “more work” requirements to be done to clarify what ESG ratings are and what they indicate.

Questioned if Russia experienced been removed from JPMorgan’s ESG fund suite, Dimon explained the lender had “probably” completed so and smiled. He mentioned the bank would “like” to provide a much more distinct reply.

Later on in the listening to, Charlie Scharf, CEO of Dimon and Wells Fargo & Co, was questioned about her guidance for the Condition Economical Officers Basis, a Republican group that criticizes techniques that favor ESG above other types of investing. Rep. Sean Casten, an Illinois Democrat, asked if they would stop funding SFOF, which he mentioned was “spreading disinformation.”

“If that were being legitimate, we’d in all probability cancel it,” Dimon explained. Sharp explained he agreed.

In response to a further question, Dimon explained that JPMorgan is acquiring inquiries from every single authorities and central financial institution around the world on ESG and expects to devote “hundreds of millions” of bucks on these issues shortly. bm

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