This winter Jim Ratcliffe, the British billionaire founder of Ineos, the chemicals group, is trying to spark a local shale gas revolution. He has offered to share 6 per cent of future revenues with communities or landowners if they work with Ineos to develop the energy source – far more than anything offered in the UK before.
“This will be a game changer,” he argues, explaining that he copied the idea of a 6 per cent pledge from America, where similar handouts have helped start a dramatic expansion of shale gas extraction since 2010.
In truth, the chances of this offer being widely accepted are not high: extracting shale gas remains so contentious in the UK that it has hitherto largely been blocked. But Mr Ratcliffe deserves a cheer for trying. To understand why, take a look at the latest World Economic Outlook report from the International Monetary Fund, released this week.