PRESS RELEASE : Restoring the fracking ban will not help the planet [October 2022]

The press release issued by the IEA on 26 October 2022.

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.”