Infrastructure Bill [Lords]

Debate between Baroness McIntosh of Pickering and Tim Yeo

Monday 26th January 2015 Commons Chamber

[Mr Yeo]

No, I will not support that. A moratorium would not serve Britain’s national interests.

Far from attacking the Government for rushing on this issue, our concern is that they have been going rather slowly. We could speed up the process of encouraging fracking, so that we can establish whether it is indeed a valuable natural resource whose exploitation would be generally for the benefit of consumers and the environment.

[Miss McIntosh]

Does my hon. Friend accept that it is arguably safer to take a cautious approach before proceeding with any fracking licences?

[Mr Yeo]

We should proceed as fast as possible, consistent with environmental safeguards, which the Government recognise to be essential.

Let me deal with this rather curious idea that allowing fracking somehow increases greenhouse gas emissions. It does nothing of the sort. It is common ground between supporters and opponents of fracking that the UK will use a lot of gas in the next 15 to 20 years. Since 2000, we have become extremely dependent on imported gas. By the mid-2020s, perhaps three quarters of our gas will come from abroad, and we will be competing in the Qatar LNG market, for example, with the likes of China and other Asian giants. So, allowing fracking will enable us to replace imports with domestic supplies, which will improve energy security—a very important aim of energy policy. Further, it will actually reduce greenhouse gas emissions because, as David MacKay reported in September 2013, the net greenhouse gas emissions from LNG are higher than those from shale gas.