We came across posts on X claiming that the CEO of JPMorgan Chase & Co. (JPMorgan) – a global financial services firm – has demanded that world governments forcibly seize private properties to fight climate change.
In support of their claims, the posts rely on an article by The People’s Voice (TPV), which has repeatedly published false information and uses subversive tactics such as placing a “fact-checked” label at the start of each article, to build a perception of credibility.
The article by TPV claims that Jamie Dimon, the CEO of JPMorgan, stated that world governments should exercise eminent domain to forcibly procure private properties from ordinary people in order to build wind and solar farms and other green initiatives on these lands to combat climate change.
What is eminent domain?
Eminent domain in the US refers to the authority of the government to take back private land for public use, in exchange for just compensation.
The equivalent of eminent domain in Singapore is the compulsory acquisition of private land for public purposes by the government – through the Singapore Land Authority – in exchange for compensation.
The article by TPV quotes portions of Dimon’s letter to JPMorgan’s shareholders, which was part of JPMorgan’s annual report for 2022.
In sharing about the challenges they may face ahead, Dimon drew attention to issues such as AI and data management as well as the impacts of global climate change.
Dimon highlighted the urgency for governments, businesses, and non-government actors to come to a consensus to address the concerns of climate change collectively and leave no stone unturned.
To highlight the radical steps needed to turn the tide, Dimon emphasises the urgent need to permit reforms and cites that in the future, difficult decisions, such as invoking eminent domain, may be necessary to facilitate much-needed investments in “grid, solar, wind, and pipeline initiatives”.
When read in its entirety, his message serves as a rallying call for all actors, in particular governments, to take a more forward and affirmative posture to address a pressing societal concern, rather than specific demands placed on world governments to combat climate change.
Within his letter to investors, Dimon concludes on the inefficiencies of the US government in policy-making, and the need to “move faster, adopt new technologies, and retrain human capital more quickly” in an effort to adapt to the evolving geopolitical and social landscape.
Hence, it is false that Dimon demanded that world governments forcibly seize private properties in order to combat climate change. Instead, he merely suggested that governments may need to use aggressive policies, like eminent domain, if necessary, to combat the impacts of global climate change.