Alliance of institutions meet to tackle methane gas emissions when Fracking
Over 200 institutions worth more than £13 trillion gathered yesterday to tackle the controversial Fracking process which is releases dangerous methane gas into the atmosphere.
Methane gas is a key contributor to Global Warming and is 20 times more potent than carbon dioxide when emitted through burning fossil fuels such a oil or gas.
The process of Fracking involves injecting high pressured water, chemicals and sand into drilled shale beds to release gas which can be stored and used instead of importing fossil fuels. Fracking was claimed to be a greener way of producing energy over coal, until the amount of methane gas that gets leaked into the atmosphere was calculated.
Fracking has not had good reports by the press after two small earthquakes were felt in Blackpool which was caused by Fracking off the coast.
The alliance of institutions which included the BBC Pension Trust, Scottish Widows and the US pension giant Calpers, met to try and tackle the problem of methane gas leakage when Fracking.
It was agreed that measures with policy makers had to be put in place to provide a framework for the industry to enable the monitoring of methane gas leakage.
Currently, there are no specific penalties incurred if methane gas is leaked but a spokesman from the alliance warned that failure to comply with the institutions request will effect their investment judgement.
The campaign was organised by three main investor alliances; European Institution Investors Group on Climate Change, Australia / New Zealand Investor Group on Climate Change and the North America Investor Network on Climate Risk.
If you would like to know more about the process of Fracking and the stories that have developed from the subject, please see our previous blogs listed below;
Blackpool earthquakes were caused by Fracking, yet the procedure continues
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