Friday, March 02, 2012
This is all over the media, with the Financial Times reporting that there is 200 years-worth of shale gas in China.
The announcement really is a game changer. The Agenda 21 pushers are now going to find it increasingly hard to run with "sustainability" and, with climate change running out of steam, we can see them struggling to create another scare which will have anything like the impact.
This also has important knock-on effects for Europe, as it will in due course relieve competitive pressure for supplies from Russia and its partners. Prices are undoubtedly going to ease, and it is going to be harder still to argue that renewables are ever going to be cost-effective.
And although it is early days yet, as the gas supplies become more plentiful, we will see wind become less and less attractive. Politically, it is no longer sustainable. The reality has to catch up soon, although one can see the vested interests attempting a rearguard action.
Within the decade though, my guess is that we will be looking back to this time as the point when the current suite of scares started to fall apart. I suppose we could say they are dead scares walking.