JP Morgan Chase endorses global carbon pricing

From, 4/26/2024:

JPMorgan warns clean energy transition could take ‘decades or generations’

  • JPMorgan Chase said a “reality check” was needed on the timeline for a global energy transition, noting that the shift from fossil fuels to renewable energy takes time in a report the bank unveiled last week. The report . . . called the transition a “highly complex” process and said it “should be measured in decades or generations, not years.”
  • The global energy strategy report, spearheaded by JPMorgan’s Global Head of Energy Strategy Christyan Malek, identified inflation, high interest rates and geopolitical issues — such as the Russia-Ukraine war and Middle East tensions — as key obstacles hindering governments from facilitating the energy transition. . . .

The research also offered a long-term solution for the energy transition, following the coal-to-gas substitution, built on a market-based approach: the creation of a global carbon tax and emission trading system.

“Climate change is a global problem and addressing it regionally is not effective,” the report said, adding that “eventually, a global carbon price would allow the free market to do the work,” instead of placing the burden of the transition on government and public policies.

This approach, according to Malek’s research, would guarantee “the most efficient distribution of a limited carbon budget” and allow governments to streamline their attention on balancing the social aspects of the energy transition with environmental goals.

The strategy would also provide a solution for the steep price tag that comes with the energy transition, one the report said requires a significant level of investment and currently offers “subpar returns.” The bank estimated the wind and solar buildout between 2024-2030 alone will require approximately $3 trillion annually — which amounts to 0.5% of the global annual GDP — highlighting how cost-intensive the move to renewable energy could be.

3 Replies
Frans Kopp
30 Posts
Thank you for the referral to the utility drive with more detail on JP Morgan Chase report.  As typical, their outlook is realistic: no free lunch and lunch is late, but it is a few steps forward every time.  If you have a chance read Jamie Dimon’s annual letter, long but very informative.  The “not in my backyard” attitude for private lands and the political and timely response  issues with state owned lands , while understandable for private landowners, means we have to be realistic that despite best intentions, Chase assertion that it will take decades or generations seems on point.  No reason to give up of course.
Scott Endler
180 Posts

Most people, including Global Heating activists, have no idea of the scale of our energy consumption. Which averages almost 20 terawatts primary power now. Half of which would still be needed even if we could achieve the perfect electrification of everything. The total actual average production from wind and solar combined in 2022 was 0.33 terawatts. Nuclear was 0.30.


Late to the reply, but this bank is known to support fossil fuel interests. To me, this report reads as an excuse to keep subsidizing fossil fuels. Every year without an appropriate carbon tax is another year fossil fuels get subsidized while the citizens of the world take the cost burden. This is a report meant to appear climate-friendly while squeezing as much money out of fossil fuels as possible before the world gets wiser. 

Forum help

Select a question below

CCL Community's Sitewide Forums are an easy and exciting way to interact with other members on CCL Community.  The Sitewide Forums are focused on subjects and areas of general interest to members.  Each forum consists of topics that members have posted, along with replies from other members. Some forums are divided into categories to group similar topics together. 

Any members can post a topic or reply to a topic.

The Sitewide Forums are open to the entire CCL community to create, comment on, and view online discussions.  Posts and comments should address the subject or focus of the selected forum. 

Note: Categories can only be created by community administrators.

Guidelines for posting: (also see general Community Guidelines)

  • Don’t see your question or topic? Post it.
  • Be thoughtful, considerate (nonpartisan) and complete. The more information you supply, the better the better and more engaging the conversation will be. 
  • Feel like cursing? Please don’t.
  • Ask yourself, “Would my topic post reveal sensitive or confidential information?” If so, please don't post!

Flag/report any offending comments, and then move on. In the rare instance of a comment containing a potentially credible threat, escalate that immediately to CCL.

If the Sitewide Forum has no categories, select the "Add Topic" button at the top of topics window. 

If the forum has categories, when you click on "Add Topic," a dropdown list of the categories appears. Select the desired category and then "Add Topic."
In either case this brings up a box to enter both the topic subject and topic text.

If you have questions or wish to add comments on a posted forum topic, open the post and click the blue “Add Reply” button at top. You can also click on the “Reply” link at the bottom of the original topic posting.

This opens a text box. Add your reply. You can also add documents by dragging a file into the text box. Click “Post” at the bottom of the reply window This will add your reply to other replies (if there are any), sorted by oldest on top. 

If, however, you want to reply directly to someone else’s reply, click on the “Reply” link at the bottom of their reply. 

When replying to a topic post or a topic reply it may be helpful to quote the original text, or the part that your reply is referring to. To quote a topic or reply, click on the "Quote" link at bottom of post. 

When you do this the full text of either the post or reply will be pulled into a reply text box. If desired, you can remove parts of the quoted text in order to get the portion you are interested in quoting.

You can subscribe to notifications of new postings from any of the Sitewide Forums or forum categories. To subscribe, select the green “Subscribe” button at the top of the forum. Click on dropdown arrow to select frequency of notification.

If you are already subscribed, the button will display “Unsubscribe.”  Select it to unsubscribe or select the dropdown arrow to modify frequency of notification. 

Note: If you subscribe to a Sitewide Forum, such as "Media Relations" that has categories (such as "LTEs and Op-Eds"), you will also be subscribed to all the categories. If you wish to subscribe to only one or more of the categories, unsubscribe to the parent forum and subscribe individually to desired categories.


If you see a topic post or reply that interests you or that you like, you can click the “Like” icon at the bottom of the topic post or the reply. This lets the poster know that the topic was helpful. It also contributes to the topic’s popularity, which influences where it is listed in the "Popular" forum tab. There are also additional reactions available for members to use. Mouseover the "Like" icon to choose one of these options: Love, Clap, Celebrate, Insightful, or Interesting.

CCL Community Guidelines

  • Discuss, ask and share
  • Be respectful
  • Respect confidentiality
  • Protect privacy

More guidelines

CCL Blog Policy Area Categories