Liz Truss’s net zero adviser has risked a clash with Liz Truss after he warned fracking will be a “non-starter”.
Conservative MP Chris Skidmore said he thought the practice was “not an opportunity for Britain” compared to emerging renewable technologies.
We actually do have a method of working these things out. Maybe something will work technically, maybe it won’t. Maybe it will produce an economic return, perhaps it will just piss the money away. So, obviously, we need a system that allows us to work out which things fall on which sides of which fences.
Fortunately, we have one. It’s called the capitalist free market. The free part is that there’s entry into the market. People get to try whatever comes into their pretty little heads. The capitalist part is that some part of other peoples’ savings are mobilised – on an entirely voluntary basis – to fund this. And the really cool part of the system is not that the experiments take place, but that the failures get closed down real pronto.
Which means we have the system to apply to fracking. Both Cuadrilla and Ineos are chomping at the bit to be allowed to spend the money they’ve raised on testing the idea of fracking in the UK. So, a free market and capitalist system leaves them to get on with it and then we all find out. Actually find out, rather than depend upon the political opinion of a modern historian – you know, someone who knows nothing at all about either technology or the economics of energy markets?
It’s a very cool system – why not use it?