A Dutch bank with U.S. operations won't lend money to companies involved in hydraulic fracturing or fracking because of environmental and sustainability concerns, according to multiple sources.
From Blue and Green Tomorrow:
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.
The institution, which specialises in financing agriculture and food businesses and has a focus on sustainability, has declared shale gas, which is sourced from a process called fracking, and oil from tar sands as off limits.
On fracking, it said the risks of water and soil contamination by the chemicals injected into the shale rocks to extract the gas were too high. So too is the threat to biodiversity, ecosystems and local residents.
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.*
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.