This news isn’t going make the Greens very happy:
But perhaps the greens should put down their megaphones and protest signs for a minute to take another look at the data. A new report discussed in the¬†FT¬†claims¬†that American shale gas production has actually reduced carbon emissions by 450 million tons over the past five years, during which fracking came into widespread use. As the report mentions, gas‚ÄĒmostly obtained via fracking‚ÄĒhas grown in usage by 38 percent over the past year alone, while much dirtier coal has fallen by nearly 20 percent over the same time period. The correlation between the rise of fracking and a fall in carbon output is not a coincidence. While greens have spent years chasing a global green unicorn, America has been moving towards reducing its carbon footprint on its own, and fracking has been the centerpiece of this change.
In fact, America‚Äôs drop in carbon emissions is greater than that of any other country in the survey. Greens have often praised Europe and Australia for their foresight in adopting forward-thinking carbon-trading schemes, while chastising America for its reluctance to do the same. Yet the numbers are out, and America has actually performed¬†better¬†than its carbon-trading peers. From¬†an empirical standpoint, fracking has a much better track record at reducing emissions than the current green dream.