The Guardian news paper has just revealed that in the event that fracking companies go bankrupt, the costs incurred for pollution to the environment will be burdened onto the UK taxpayer.
Normally, fracking companies would take out a bond as an insurance policy in the event of environmental pollution. However the need for bonds has been rejected by Minister of the Environment Dan Rogerson, who stated:
“We believe that the existing regulatory framework is fit for purpose for the exploration and exploitation of onshore oil and gas activities. There are a great number of checks and controls available to us to ensure that operators comply with the requirements of their permits and deal with the wider pollution risks without adding to existing regulation.”
To read the guardian article in full, click here.