London, 4 May - The Global Warming Policy Foundation today publishes a detailed report about the shale gas revolution and its likely implications for UK and international climate policy.
The report The Shale Gas Shock, written by Matt Ridley and with a foreword by Professor Freeman Dyson, finds that shale gas:
- is not only abundant but relatively cheap and therefore promises to take market share from nuclear, coal and renewable energy and to replace oil in some transport and industrial uses, over coming decades.
- will help to keep the price of nitrogen fertiliser low and hence keep food prices down, other things being equal.
- is unlikely to be a major source of pollution or methane emissions, but in contrast promises to reduce pollution and accelerate the decarbonisation of the world economy.
Matt Ridley, the author of the GWPF report, said:
"Abundant and relatively cheap shale gas promises to lower the cost of gas relative to oil, coal and renewables. It indefinitely postpones the exhaustion of fossil fuels and makes reducing emissions of carbon dioxide possible without raising energy prices."