16th Sep 2015 10:47
LONDON (Alliance News) - The industry-backed Task Force on Shale Gas on Wednesday said there is a role for the fracking industry in the UK which would help the country meet its national energy demands and assist in meeting climate change commitments.
The Task Force on Shale Gas was launched in 2014 to provide an "impartial and transparent assessment" of the potential benefits and risks of fracking in the UK, and is working towards releasing a final report on the matter in December.
It is funded by six companies, all of which have an interest in the potential of fracking in the UK, including FTSE 100-listed Weir Group PLC and British Gas owner Centrica PLC. The other companies are French multi-nationals Total and GDF Suez E&P UK Ltd, the Dow Chemical Co and Cuadrilla Resources.
The Task Force is chaired by Chris Smith, who was chair of the UK environment agency from 2008 to 2014 and has previously held the roles of secretary of state for culture, media and sport, and shadow secretary of state for environmental protection.
On Wednesday, the Task Force released its third preliminary report which produced an "overarching finding" that fracking has a role to play as an interim baseload energy source in the UK energy mix over the medium term to bridge the move from dirtier sources such as oil and coal to renewable and low-carbon energy generation.
"Our conclusion from all the evidence we?ve seen is clear. The UK will only meet its binding climate commitments by moving in the long term to renewable and low carbon energy sources," said Smith.
"Nonetheless, from the evidence it is apparent that renewables cannot meet the UK?s short term energy needs. Gas must play a role over the medium term. The relative climate impact of shale gas is similar to that of conventional gas and less than that of liquefied natural gas. It is also much better than coal," he added.
The UK has binding commitments in place under the Carbon Plan, which aims to see the country's carbon emissions fall by 80% by 2050 compared to 1990 levels. As of July 2015, UK carbon emissions were 36% lower than 1990 levels as renewable energy usage increased and due to the improvement in energy efficiency. The move from coal to gas also has assisted in the UK meeting that target.
Smith said gas therefore will be "needed for several decades to come", but said this will only be successful if there is "immediate progress" in developing carbon capture and storage for gas-fired power stations and if the government puts revenue generated from fracking into researching cleaner alternatives.
"The recommendations follow months of academic review, input from industry, experts, campaigners and relevant associations. The Task Force concludes that, if properly regulated, implemented and monitored, shale gas should be explored as a potential gas source to meet UK energy needs," the report said.
The previous two preliminary reports released by the Task Force focused on the planning and regulatory system of the fracking industry and the environmental impact that industry would have. Combined with this third report, the Task Force will publish its final report in December 2015 covering economics, together with its final conclusions and recommendations.
By Joshua Warner; [email protected]; @JoshAlliance
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