Business community welcome results of Fracking Enquiry
A report giving the green light to the use of hydraulic fracturing to extract shale gas has been welcomed by the business community.
The process - also known as ‘fracking’ - involves pumping water and chemicals into shale rock at high pressures to extract gas. It caused controversy last year after triggering two earthquakes near Blackpool, which led to the enquiry into whether the process should continue.
The findings of a Government appointed panel indicate that there probably will be more tremors, but they are too small to do any structural damage above ground. The Department of Energy and Climate Change will now consult the report before issuing a firm set of regulations.
Commenting on the publication, Rhian Kelly, CBI Director for Business Environment policy, said: “The Government has signalled that gas should play a big part in moving to a low-carbon economy, so it makes sense to explore new gas sources here, rather than increasingly depend on sources from elsewhere in the world.
“Provided safety standards are observed, shale gas could unlock significant new infrastructure investments, help meet our carbon reduction goals and create many new jobs around the UK.”
The Institute of Directors believes that support for fracking will be good news for businesses who need affordable, reliable and secure energy.
Simon Walker, director general of the Institute of Directors added: “Shale gas is a plentiful, low cost fuel that offers a great opportunity to fill the energy gap left by the closure of coal fired power stations and the unreliability of renewables.
“Fracking has helped drive down American natural gas prices to a quarter of UK levels, and this decision means British business could gain those same benefits.
“The UK has stringent safety standards, and now fracking has been approved by independent experts we should push ahead to make the most of this huge natural resource.”
This was posted in Bdaily's Members' News section by Ruth Mitchell .