The chief executive of JP Morgan has suggested that governments should seize private land to build wind and solar farms in order to meet net zero targets.
Jamie Dimon, the longstanding boss of the Wall Street titan who donates to the Democratic Party, said green energy projects must be fast-tracked as the window for averting the most costly impacts of global climate change is closing.
In his annual shareholder letter, Mr Dimon said: “Permitting reforms are desperately needed to allow investment to be done in any kind of timely way.
“We may even need to evoke eminent domain – we simply are not getting the adequate investments fast enough for grid, solar, wind and pipeline initiatives.”
Eminent domain is when a government or state agency carries out a compulsory purchase of private property for public use and compensates the asset holder.
Eminent domain doesn’t mean seize. It means buy. In the American sense it also means at full market price. It’s in the Constitution.