JPMorgan CEO Jamie Dimon says the US government may need to forfeit private property to fuel one of its most high-profile initiatives.
In a new annual letter to shareholders Dimon He says Government agencies can conjure eminent domain and take private ownership of the power to drive the clean energy push.
“Massive global investment in clean energy technologies must be made and it must continue to grow year on year.
At the same time, there is an urgent need to allow reforms to allow investment in any kind of method in a timely manner. We may even need to conjure up the salient field – we simply aren’t getting enough investment fast enough for grid, solar, wind and pipeline initiatives.”
Dimon says recently passed legislation including the Stalling Inflation Act has the potential to create more than $1 trillion in clean technology development.
But he believes that immediate action and a serious sense of urgency are needed for timely and effective implementation of clean energy policies.
“Polarization, paralysis and a fundamental lack of analysis cannot stop us from facing one of the most complex challenges of our time. Diverse stakeholders must come together and seek the best answers by engaging around our common interest. Fostering growth must go hand in hand with securing an energy future and meeting science-based climate goals for future generations.”
Local, state, and federal agencies have the authority to use eminent domain to allocate private property.
The Trump administration orchestrated the latest federal effort to activate a landmark in its push to build a wall along the US-Mexico border.
a Stady of the Government Accountability Office (GAO) said the administration has expropriated 135 private lots in Texas either by signing agreements with the owners or by going to court to have their property forfeited.
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