‘Hypocrisy’ storm as Corbyn pledges he will ban fracking
JEREMY Corbyn was accused of “hypocrisy” over his environmental policy last night after he called for a ban on fracking despite Labour councils investing huge sums in companies involved in the activity.
The Labour leader warned fracking would harm the environment as he met protesters outside the Preston New Road fracking site in Lancashire – the UK’s only active shale gas extraction site.
His party claims the UK risks missing net-zero carbon targets by 2050 if it continues to exploit gas reserves.
Mr Corbyn said Labour would ban fracking and instead focus on creating a “green industrial revolution”, which would include investment in tidal power.
“We need urgent action to tackle the climate emergency and that means the Prime Minister immediately banning fracking once and for all,” he said.
But Francis Egan, boss of fracking firm Cuadrilla, said: “I am very disappointed that Labour appear to favour continued and increasing levels of gas imports by ship from the Middle East,Africa or the United States, or by pipeline from Russia, rather than developing a well-regulated, job-creating UK shale gas industry.”
Mr Corbyn’s remarks come as it was revealed that many Labour councils are investing in oil and gas companies directly involved in fracking.
Islington in London, where Mr Corbyn is MP, has more than £10million of its pension fund invested in Shell, while the Greater Manchester Fund – which covers members including shadow business secretary Rebecca Long-Bailey and shadow education secretary Angela Rayner – invests £338million in the oil giant.
Through their pension funds, Labour councils in the shadow cabinet’s constituencies are investing more than £742million in the Royal Dutch Shell company and more than £558million in BP.
On top of this £1.3billion investment, Labour councils are investing more than £275million in mining giant Rio Tinto and more than £148million in Glencore.
A Tory Party spokesman said: “This shows the hypocrisy of Labour, publicly lambasting fossil fuel companies while their councils quietly invest billions in them.”