Local Communities near to fracking sites are set to receive financial benefits.
New proposals announced by the Government reveal that a £1 billion fund will be set up to provide up to £10 million to each community affected.
It is believed that the communities are free to choose how the money is distributed but it is believed that the money could be put toward local transport and heritage along with local libraries and sports groups and facilities.
The fund will be subsidised with up to 10% of tax revenues from the exploration of shale gas.
The scheme is set to begin in the North and Midlands of England where the majority of current fracking sites are currently located.
Scotland recently banned fracking in the country and will not be a part of the scheme.
Despite a large amount of public backlash, the controversial technique is expected to help the UK’s shale gas industry to bring in around £33 billion of investment and create 65,000 jobs.
The government believes that increasing the UK’s reliance on fracking will ensure energy security and reduce reliance on imported natural gas, making the UK more ‘self-sufficient’.
Exchequer Secretary to the Treasury, Andrew Jones MP stated: “Shale production could play an important part in the UK’s future energy security, creating jobs and boosting our economy.”
“The economic benefits must be shared with those living alongside these sites and this funding will ensure local people reap the rewards too.”