France passes law to ban all oil and gas production by 2040

EnergyAssociated Press

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France's parliament has approved a law banning all exploration and production of oil and natural gas by 2040 within the country and its overseas territories.

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Under that law that passed a final vote on Tuesday, existing drilling permits will not be renewed and no new exploration licenses will be granted.

The French government claims the ban is a world first. However, it is largely symbolic since oil and gas produced in France accounts for just 1 percent of domestic consumption. The rest is imported.

Environment Minister Nicolas Hulot says the law shows "current generations can take care of future generations."

The ban is part of a larger plan to wean the French economy from fossil fuels and to fulfill France's commitments under the Paris climate agreement to curb global warming.