Restoring the fracking ban will not help the planet
26 October 2022
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In the Media
Emily Carver writes in Conservative Home
26 October 2022
Energy and Environment
Andy Mayer quoted in The Times
27 October 2022
Economic Theory
11 November 2024
Commenting on the Prime Minister’s decision to reinstate the fracking ban in England, Andy Mayer, Chief Operating Officer and Energy Analyst at free market think tank the Institute of Economic Affairs:
“Restoring the fracking moratorium would be an error.
“To rely on imported gas when we have 50-100 years supply under our feet is not a stance rooted in science or economics, but political weakness in the face of militant protest groups and anti-development campaigns.
“This decision will not help the planet; the UK will become more dependent on gas imports, with higher emissions than local production.
“It will not help the growth plan; we will be borrowing to pay Qatari and US taxes rather than building an industry.
“It will not help the low carbon transition; there will be fewer fossil fuel taxes to fund it and the cost of all energy sources will rise.
“It will not help our allies in the EU or Ukraine; surrendering further dominance of regional gas markets to Russian tyranny.
“It seems the Government and Opposition are determined to risk blackouts and freezeouts before taking hard decisions rooted in reality.”
ENDS
Notes to editors
Contact: media@iea.org.uk / 07763 365520
IEA spokespeople are available for interview and further comment.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.
“Restoring the fracking moratorium would be an error.
“To rely on imported gas when we have 50-100 years supply under our feet is not a stance rooted in science or economics, but political weakness in the face of militant protest groups and anti-development campaigns.
“This decision will not help the planet; the UK will become more dependent on gas imports, with higher emissions than local production.
“It will not help the growth plan; we will be borrowing to pay Qatari and US taxes rather than building an industry.
“It will not help the low carbon transition; there will be fewer fossil fuel taxes to fund it and the cost of all energy sources will rise.
“It will not help our allies in the EU or Ukraine; surrendering further dominance of regional gas markets to Russian tyranny.
“It seems the Government and Opposition are determined to risk blackouts and freezeouts before taking hard decisions rooted in reality.”
ENDS
Notes to editors
Contact: media@iea.org.uk / 07763 365520
IEA spokespeople are available for interview and further comment.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.
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