France bans oil and gas production from 2040

France president Macron wants to take a lead on environmental issues. Photo/File.

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

In what is a world first, under the new law, all existing drilling permits will not be renewed and no new exploration licences will be granted.

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

The move is largely symbolic as France imports most of its oil and gas, only extracting the equivalent of about 815,000 tonnes of oil per year, an amount produced in a few hours by Saudi Arabia.

President Emmanuel Macron has said he wants France to take the lead as a major world economy switching away from fossil fuels - and the nuclear industry - into renewable sources.

His government plans to stop the sale of diesel and petrol engine cars by 2040 as well.

In a tweet, he said: '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.'

Socialist lawmaker Delphine Batho said Tuesday she hoped the ban would be 'contagious', inspiring bigger producers to follow suit.

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

Above all the ban will affect companies prospecting for oil in the French territory of Guyana in South America, while also banning the extraction of shale gas by any means - its extraction by fracking was banned in 2011.

- Daily Mail