JPMorgan says the US needs renewable energy to power its tech industry. 

The US won’t be able to generate the energy it needs for its tech industry without using wind and solar power, according to Chuka Umunna, the head of sustainable solutions at JPMorgan.

“It’s hard to imagine a situation where they won’t need to use these sources of energy,” Umunna said on Bloomberg Television.

Instead, the White House wants to increase the production of fossil fuels and prefers nuclear and geothermal as low-carbon energy sources. US President Donald Trump has said the idea of climate change is “the greatest hoax ever perpetrated on the world.”

Umunna said nuclear power takes a long time to start working, so “renewables are a crucial part of the solution.”

In a talk with Bloomberg Television, Chuka Umunna, the head of sustainable solutions at JPMorgan, said it’s not just about the environment but about becoming independent.

This year, stocks related to renewable energy have gone up, driven by concerns about energy security. “The nature of the discussion has really changed,” Umunna said.

It’s not just about the climate and the environment, but “how to become self-sufficient,” Umunna said.

JPMorgan’s focus on this question is why the bank announced plans to invest $1.5 trillion in industries that will strengthen the US economy and make it more resilient over the next 10 years, Umunna said. 

“Sustainability is closely linked with issues of competitiveness and geopolitics,” Umunna said. So, the debate about what’s sustainable is changing, and it “is no longer a simple yes or no question.”

The plans, announced by CEO Jamie Dimon, involve using JPMorgan’s research, banking, and investment resources to find new opportunities in the US and around the world. These opportunities include rare earth minerals, energy technologies, battery storage, and making the power grid more resilient. 

“This is not charity. This is 100% business,” Dimon said. 

/Bloomberg/