France to end all oil and gas production by 2040

France is aiming to end all oil and gas production by 2040 under a landmark law to ban exploration, after the draft bill was presented at a cabinet meeting.

The move will allow the French government to turn down over 40 exploration requests already made across its mainland and overseas territories.

However, the law will predominantly be symbolic as France produces just 1% of its national consumption of oil and gas, importing the rest of its carbon-based energy supply.

Environment Minister Nicolas Hulot, who proposed the bill, said: “[The law] will allow investors to go much further in their renewable investments. Currently oil and gas leave us dependent on geopolitics.”

President Emmanuel Macron also welcomed the law, which will form part of his plan to take the lead against climate change, calling it an important step in fulfilling the nation’s international commitments.

However Jean-Pascal Simard, director of public relations for the country’s biggest oil producer Vermilion Energy France, said the 2040 deadline is too soon for the company to properly manage the transition towards cleaner energy.

@RGNonline