Malek noted that it was not guaranteed that demand for oil and...

Malek noted that it was not guaranteed that demand for oil and gas would peak in 2030, as predicted by the International Energy Agency, as the populations of developing countries begin to buy more cars and take more flights.

JPMorgan forecasts that the world will need 108mn barrels of oil a day in 2030, and that building more wind, solar and electric vehicle capacity could add a further 2mn daily barrels to this total.

“We are at a tipping point in terms of demand,” Malek said. “More and more of the world is getting access to energy and a greater proportion want to use that energy to upgrade their living standards. If that growth continues it puts huge pressure on energy systems and on governments.”

JPMorgan is a leading financier of fossil fuel projects and low-carbon energy projects. The bank underwrote $101bn of fossil fuel deals in 2021 and 2022, and $71bn of low-carbon deals, according to data from BloombergNEF.

Chief executive Jamie Dimon told a congressional
hearing In 2022 that the bank would continue to invest in big oil and gas projects, saying that pulling out of such deals “would be the road to hell for America”, and that the world was not getting the energy transition right.

https://www.ft.com/content/352b38a7-f298-4b54-adc2-f4cc1b17444b