JPMorgan chairman of market investment and strategy Michael Cembalest has a dire message for his clients: Climate change is real and the world needs to act fast. In his latest report, writes Bloomberg, he called for the U.S. to significantly reduce its carbon footprint, among other sweeping measures.
In the report, the bank executive details the work that needs to be done, as well as what he believes are the best ways to address the crisis. For instance, in order to reduce carbon emissions, the country is going to have significantly reduce its fossil fuel consumption. Additionally, the government may need to use eminent domain to seize land in order to build infrastructure for renewable energy, as well as potentially increase taxes.
None of these conclusions will be met with open arms from conservative politicians who have spent years avoiding the issue of climate change. But, Cembalest writes, the U.S. needs to divert resources in order to deal with the crisis head on.
Interestingly enough, the JPMorgan executive had some harsh words for the Green New Deal. Though the political movement spearheaded by Representative Alexandria Ocasio-Cortez also aims to reduce consumption and the country’s climate footprint, Cembalest says that some of the goals enumerated in the proposed law are unobtainable, arguing that it’s better to create benchmarks the U.S. can actually achieve.
Even so, Cembalest’s message is clear: Climate change is real and it’s going to hurt the economy (and the world) unless decision-makers act fast. The question remains whether people will heed his words.
You can read the full Bloomberg report here.