French Parliament has passed the bill that bans all exploration and production licenses of oil and natural gas by 2040 within the country’s physical borders and its overseas territories; hence becoming the first country to pass such law in the whole world.
Being the leader of the fight against climate change, and the host country of the landmark Paris Agreement, France has passed a law that will ban the production of oil and natural gases within the country, by 2040. The bill bans the renewal of any existing concessions beyond 2040 and no new exploration permits will be granted from now on. With this law being passed, France has now become the first country to pass a law that essentially completely bans production of petroleum-based fuel. The law was passed in order to support the fight against climate change and henceforth move towards utilising greener energy sources.
While this might seem huge, it is considered to be highly symbolic because France produces just about 6 million barrels of hydrocarbons a year – which is only about 1% of their annual consumption. So France is 99% dependent on hydrocarbon imports, which it will continue to import and refine oil. The ban is however, a part of the plan to wean the French economy from fossil fuels and fulfil the country’s commitment towards the Paris Climate Accord to fight global warming and climate change; and hence breath better air. Also, these new provisions symbolise that current generations can take care of future generations – as per French Environment Minister Nicholas Hunt.
Very proud that France has become the first country in the world today to ban any new oil exploration licences with immediate effect and all oil extraction by 2040. #KeepItInTheGround #MakeOurPlanetGreatAgain
— Emmanuel Macron (@EmmanuelMacron) December 19, 2017
Upon the approval of this bill, French President Emmanuel Macron responded gleefully, saying, “Very proud that France has become the first country in the world today to ban any new oil exploration licenses with immediate effect and all oil extraction by 2040.” When elected as President, Macron had highly displayed his support to fight against climate change and develop an eco-friendly society. Macron’s bid to breathe new life into a landmark accord on climate change reached by nearly 200 nations in Paris two years ago, except the US. Apart from the new law, French utilities company Engie agreed to ditch natural gas as a power source by 2050, opting instead for biogas and renewable hydrogen to fulfil its green goals. All in all, France is all about green now.