France Approves Law to Halt Oil and Gas Exploration and Production by 2040

On Tuesday, December 19, the French Parliament passed a law mandating that all oil and gas exploration and production operations in the country must cease by 2040. This is the first time a country has enacted such legislation, although it appears somewhat symbolic, as the country's total annual oil production is about 6 million barrels, which accounts for only one percent of France's energy consumption. According to Reuters, the bill was presented to Parliament in September. Under this law, new permits for oil and gas exploration will also be banned from now on. However, France will continue to import and refine oil. The country also plans to stop the sale of gasoline and diesel vehicles by 2040. Reuters reports that Emmanuel Macron, who was elected President of France in May of this year, aims to take a global leadership role in combating climate change and air pollution. Two years ago, nearly 200 leaders from various countries agreed in France to take steps to reduce greenhouse gas emissions and control global warming to below 2 degrees Celsius by the end of the century. Recently, however, Donald Trump, the new President of the United States, announced that he would withdraw from this agreement. One of the key commitments of the U.S. under the Paris Agreement is to reduce its greenhouse gas emissions by 26 to 28 percent from 2005 levels by 2025. The U.S. is the second-largest producer of carbon dioxide in the world after China, accounting for 15 percent of global emissions. Global greenhouse gas emissions from fossil fuel consumption reached 31 billion tons last year. On December 12, Macron stated in a speech to dozens of world leaders and executives of major companies, 'We are failing in the fight against global warming.' He added, 'We are not acting quickly enough. We all need to take action.'