In a major setback for the oil and gas industry, the French Senate last week voted 176 to 151 to ban hydraulic fracturing (a.k.a. fracking), the controversial gas industry drilling method facing scrutiny the world over due to water contamination and other concerns. Once the legislation receives presidential approval, France will be the first country to permanently outlaw fracking.
The ban on fracking is a major victory for the French public, wary of the health, safety and water contamination impacts that unconventional gas drilling would have on communities. Still, with up to five billion cubic metres of unconventional gas spread across southern France, the drilling drama is likely far from settled.
The UK’s largest pension company will call on the government to discuss legislative backing for clean energy investment later this year.