Jamie Dimon told clients this week that “some investors aren’t looking too closely” at “ESG,” the bright investment approach US companies have increasingly embraced under political pressure, sources told The Post.
Stressing the importance of conventional energy sources as the nation invests in green energy, JPMorgan’s die-hard CEO told attendees at a “company call” that “producing more oil and gas and capitalizing on energy security” is critical for the US, to maintain financial stability and independence, according to a source briefed on the comments.
Dimon also criticized companies for “ceding governance to do-gooder kids on a committee” whose members are chosen based on their good faith in so-called ESG, or environmental, social and governance.
JPMorgan itself is an ESG conscious bank. The company’s own website states that “ESG matters are an important aspect of our business operations.” The bank also publishes an annual report that assesses its own performance in relation to ESG.
Jamie Dimon has stressed the importance of energy independence. Bloomberg via Getty Images
But elsewhere, ESG has become a major talking point for some financial firms. BlackRock, which has $8.5 trillion in assets under management, has aggressively focused on ESG investing under its CEO Larry Fink.
In response, several GOP treasurers have announced that they plan to — or have already — withdrawn state funds from Fink’s company.
Dimon’s comments were first reported by the financial blog Zero Hedge.