France to ban all exploration and production of oil and natural gas by 2040

The parliament of France has recently approved a law banning all exploration and production of oil and natural gas by 2040 within the country and its overseas territories. Under that law, 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% of domestic consumption. The rest is imported. 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.