Companies extracting shale gas should pay for the carbon dioxide and methane emissions that derive from the fracking process, according to a parliamentary adviser and lecturer.
In an article for the Conversation, Dr Chris Hope of the University of Cambridge’s Judge Business School wrote that shale gas extraction not only relates to increased risk of water contamination and earth tremors, but it would also “contribute to climate change in two ways, from carbon dioxide (CO2) emissions when the gas is burnt, and from the fugitive emissions of underground methane (CH4) that leak into the atmosphere as the gas is extracted”.
Hope, who is a reader in policy modelling at Cambridge and contributed to the Intergovernmental Panel on Climate Change’s (IPCC) third and fourth assessment reports, argued that fracking firms should pay a tax on every tonne of greenhouse gas they emit.
The social cost of fracking is around $100 a tonne for carbon dioxide and less than $1,500 a tonne for methane, although estimates can vary. Hope believes these would generate £6 billion from taxes by the mid-2020s.
He said that in this way, companies will know from the beginning how much they have to pay for emissions and would understand whether projects are economical.
“Many prospects that initially look promising will turn out not to be worth pursuing once these taxes are factored into the calculation. The better, cheaper prospects where fugitive emissions can be minimised will be favoured”, Hope wrote.
He added that taxes would determine whether shale gas could be a transition fuel, saying, “If we carry on along our present path, the social cost of carbon increases in real terms by a little more than 2% per year, doubling in about 30 years. For methane, the cost rises a little faster, doubling in about 20 years.”
If the world manages to bring emissions down, the cost of carbon dioxide and methane would not increase and shale gas could end up more convenient in the long-term, he concluded.
Like our Facebook Page
How to Find an Eco-Friendly Termite Control Service Provider in Malaysia
Eco-Friendly Vegans Win Most Battles Not the War
3 Iconic Chicago Billboards Eco-Friendly Advertisers Can Learn from
EnviroSolar’s Abe Issa Discusses Success in Green Entrepreneurship
How Sports Could Be Impacted by Climate Change
What Eco-Friendly Patients Should Know about Online Therapy
6 Reasons Why Meal Delivery Services are Eco-Friendly
The Path for Retail’s Sustainable Future
4 Eco-Friendly Ways to Treat a Sinus Infection
4 Strategies for Eco-Friendly Real Estate Investors to Find Properties
How Managed Print Services Helps to Reduce Paper Waste
Why Scientists Are Concerned About ‘Forever Chemicals’ In Drinking Water
Meat Farming Is Only Getting Smarter, Easier & Eco-Friendlier
What is Eco-Friendly Homesteading and How Does it Affect Your Insurance?
Importance of Using a Water Purifier in an Area with High Pollution
Alternative Financing Ideas for Green Businesses that Shun Banks
Tencel Material Demand Shows Britain Is More Eco-Friendlier Than Ireland
How To Invest in Clean Energy Stocks in Only Five Easy Steps!
How To Secure Funding As An Eco-Entrepreneur?
4 Amazing Eco-Friendly Businesses Worth Starting in 2021
- Features8 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy9 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features8 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest10 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years