Dimon defends need for fossil fuel investment to US Co…

“We’re not doing this right,” Dimon said when asked about his stance on the nation’s energy strategy during a testimony before Congress on Wednesday. “Investments in the oil and gas complex are good for CO2 reduction.”

Dimon also answered several questions about environmental, social and governance investing. He said “more work” needs to be done to clarify what ESG ratings are and what they mean.

Asked if Russia had been removed from JPMorgan’s ESG fund suite, Dimon said the bank had “probably” done so and smiled. He said the bank would “like” to provide a more specific answer.

Later in the hearing, Charlie Scharf, CEO of Dimon and Wells Fargo & Co, was asked about her support for the State Financial Officers Foundation, a Republican group that criticizes strategies that favor ESG over other forms of investing. Rep. Sean Casten, an Illinois Democrat, asked if they would stop funding SFOF, which he said was “spreading disinformation.”

“If that were true, we’d probably cancel it,” Dimon said. Sharp said he agreed.

In response to another question, Dimon said that JPMorgan is receiving inquiries from every government and central bank around the world on ESG and expects to spend “hundreds of millions” of dollars on these matters soon. bm