Monday, July 15, 2013

Dutch Banks Won't Lend Money to Fracking Business

Dutch bank Rabobank has announced it will not lend money to businesses that deal with unconventional energy extraction, including shale gas, because of the environmental and social implications of doing so.  Its restriction on loans applies also to farmers who decide to lease their land to energy companies for extraction operations. 

The bank applied the measures in order to slow down the so-called ‘dash for gas’ which is happening rapidly, particularly in the US. A recent study that looked at 141 drinking water wells in Pennsylvania – where natural gas production increased by 69% in 2012 – found methane in 82% of the samples. This suggests that the drilling taking place nearby has somehow affected the water quality. Read more...