Vitality Secretary Jennifer Granholm urged Jamie Dimon, David Solomon and different prime Wall Avenue brass at a non-public New York dinner to spend money on clear energy, in response to individuals aware of the occasion.
Granholm invoked President Joe Biden’s signature local weather legislation in making her case to the chairmen of JPMorgan Chase & Co. and Goldman Sachs Group Inc. and greater than a dozen different executives, mentioned the individuals, who requested anonymity to debate personal conversations.
The dinner, which passed off on the Whitby Lodge in midtown Manhattan on Wednesday night time, was put along with the assistance of former Treasury Secretary Hank Paulson, the individuals mentioned, with the intention of gathering Wall Avenue heavyweights who can direct huge swimming pools of capital and appeal to private-sector {dollars}.
Granholm pointed to billions of {dollars} in spending for hydrogen and different initiatives being made obtainable as a part of 2022’s Inflation Discount Act. The legislation is about to unlock greater than $1 trillion in funding for clean-energy applied sciences starting from electrical automobiles to photo voltaic, wind and nuclear.
Goldman Sachs has estimated the local weather legislation will spur trillions extra in private-sector investments, making it a key a part of Biden’s targets of decarbonizing the electrical energy grid by 2035 and attaining net-zero carbon emission throughout the financial system by 2050.
Different executives in attendance, in response to the individuals aware of the occasion, included Philipp Hildebrand, vice chairman of BlackRock Inc.; Centerview Companions LLC co-founder Blair Effron; Dina Powell McCormick, world head of shopper companies at BDT & MSD Companions; and Joseph Bae, co-chief government officer of KKR & Co.
The Vitality Division mentioned Granholm repeatedly meets with determination makers within the local weather and vitality sectors.
“America’s clean energy transition will be private-sector led, government-enabled and the secretary will continue to urge all sectors to take advantage of the opportunities to drive forward the nation’s leading role,” the division mentioned in an announcement.
The attendees and their corporations both didn’t reply or declined to remark.