The UK government is intent on removing planning permission requirements surrounding fracking. Yet with Energy Minister Claire Perry demanding a “line of sight to commerciality”, evidence from the US shows fracking almost never makes any money. The Economist put it bluntly: “America’s shale gas firms don’t give a frack about financial returns” Now, the economic rationale of the UK’s shale firms has been further shaken by a series of economic and political tremors: gas demand is falling; foreign companies are increasing exports; renewables keep getting cheaper; even Jeremy Corbyn now says he’ll ban the process. UK Fracking has never made any money. In fact, fracking has never made any money- anywhere (see below). And it’s unlikely that it ever will. Here’s why:
Brighton Energy Co-op 4th Dec 2018 read more »
A group of 200 current and former MPs has called for millions of pounds in fossil fuel investments to be cut from their pension fund, amid concerns about climate change. The cross-party effort comes as world leaders gather in Poland for a major climate summit at which fossil fuel investment and the transition to greener energy sources are high on the agenda. Among the investments in the House of Commons’ Parliamentary Contributory Pension Fund (PCPF) are £7.3m in BP – the joint highest individual holding – £2.9m in Shell and £3.7m in controversial mini ng company Rio Tinto.
Independent 4th Dec 2018 read more »