20th December 2016 | Commercial Energy
According to Peter Strachan and Alex Russell, fracking will contribute little to the economy: They also say it will have a huge adverse impact on other sectors, will be a disaster to climate and the environment and won’t improve energy security. And they say that Fracking should be replaced in the dictionary with Fraxit!
They explain that it would only take one untoward incident to derail the entire UK fracking venture. An incident could be contamination of an aquifer, leakage of methane on a grand scale or a fracking-induced earthquake. There has to be a better way to keep the lights on and our homes warm and they coin the term Fraxit to describe the decision to abandon fracking.
The reasons for Strachan and Russell’s views are listed below:
Fracking has no social licence
The fracking industry’s Achilles’ heel is that it lacks any meaningful public support, even in the US. A recent Gallup poll undertaken there found that only 36% favour fracking and 51% oppose it.
Fracking benefits are small, costs large
In the US fracking is proving to be a boom and bust industry. At a recent Oil and Gas UK Business Breakfast, Martin Gilbert, the Chief Executive of Aberdeen Asset Management, said that fracking is a debt-laden industry.
Fracking is toxic to the wider economy
Fracking will prove toxic to other economically important sectors. Experience from elsewhere suggests it could damage tourism, the agricultural, food and drink sectors, and even the banking sector.
Fracking fails spectacularly on health and the environment
Based on the US experience fracking fails spectacularly when it comes to public health and impact on the natural environment. There is no evidence to suggest it would be any different in the UK,
Fracking threatens the climate
“Unconventional Oil and Gas: Compatibility with Scottish Greenhouse Gas Emission Targets”, is a report commissioned by the Scottish Government. It concludes that emissions from fracking would be “significant” and “inconsistent” with climate change emission targets.
Fracking is creating energy insecurity
Onshore fracking, rather than being a panacea to the multifaceted energy conundrum confronted by UK, is more likely to exacerbate its dire energy plight.
Clearly, Strachan and Russell believe there are sound reasons for Fraxit and are urging others to follow suit.
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