17 January 2011 17:13 [Source: ICIS news]
By Nigel Davis
Europe has significant shale gas potential with reserves greater than those in
Caps on carbon emissions and, particularly, environmental concerns, look as though they could collectively crimp the development of this new source of natural gas and of natural gas liquids (NGLs).
A report from the
“Evidence from the
The Tyndall Centre report expresses concern about the climate change impact of shale gas drilling and fracking and about the way that a focus on shale gas might remove some of the emphasis on the drive towards low-carbon energy production alternatives.
“Without a meaningful cap on emissions of global GHGs [greenhouse gases], the exploitation of shale gas is likely to increase net carbon emissions,” it concludes. “There is little to suggest that shale gas will play a key role as a transition fuel in the move to a low-carbon economy.”
The research centre was sponsored by the financial arm of the
Although at an early stage - there are no active drilling sites or horizontal shale wells in the
Cuadrilla Resources completed drilling for gas at Preese Hall Farm in the northwest of the
“On the face of it new natural gas finds appear to be good news, but this important report highlights the significant gaps in our knowledge when it comes to understanding the impacts of shale gas extraction,” the CEO of The Co-operative Financial Services, Neville Richardson, said on Monday.
“That is why we are calling for a moratorium on any further exploitation of shale gas, which will allow the wider environmental concerns to be fully exposed and addressed.”
The Co-op has run a “Toxic Fuels” campaign which has highlighted the environmental and climate change issues associated with tar (oil) sands.
“As a responsible institutional investor we will continue to engage with energy companies in order to ensure they act responsibly and work to support the development of sustainable energy sources,”
Publication of the Co-op sponsored report coincides with the premiere in the
“The depth of shale gas extraction gives rise to major challenges in identifying categorically pathways of contamination of groundwater by chemicals used in the extraction process. An analysis of these substances suggests that many have toxic, carcinogenic or other hazardous properties. There is considerable anecdotal evidence from the
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