France plans to stop oil and gas production by 2040

France plans to stop oil and gas production by 2040 and to become the first country to abandon fossil fuels. With such decision, the European second largest economy aims to persuade other countries to follow it. President Emmanuel Macron presented a bill in that direction. The text was presented by the Minister of Ecological and Solidarity Transition, Nicolas Hulot. The government wants the law to be adopted by the end of the year to confirm one of the election promises of Emmanuel Macron.
The project provides for no license to develop fossil fuels, which will put an end to the demand for new oil and gas reserves.
In addition, existing concessions will not be renewed after 2040.
The provisions apply to both land and offshore projects, both in mainland France and overseas territories.
Although somewhat symbolic, considering French oil and gas production represents a tiny fraction of national consumption with most being imported, the law would represent another move by France to meet its commitments under the Paris climate accord.
The Minister of Ecological and Solidarity Transition, Nicolas Hulot, had already announced in July that France will stop producing power from coal — now 5% of total output — by 2022.
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