| The British government said on Saturday that it would establish a sovereign wealth fund with the proceeds from extracting natural gas from shale. The announcement, which may be seen as premature because no shale gas production is likely to occur in the near future, is another step by the government of Prime Minister David Cameron to encourage development of a shale gas industry and overcome public opposition to hydraulic fracturing, or fracking.
Edward Davey, the energy minister, said in a statement that the sovereign wealth fund “was part of this government’s broader strategy to strengthen our security of supply in a cost-effective way for generations.” Oil-producing countries like Norway and Kuwait, as well as the emirate of Abu Dhabi, have built up large sovereign wealth funds intended to save and invest the proceeds from the extraction of fossil fuels for future generations...............................................Full Article: Source
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