France Plans to End Fossil Fuel Production by 2040

France Plans to End Fossil Fuel Production by 2040

France plans to pass legislation by the end of 2017 to phase out all oil and gas exploration and production on its mainland and overseas territories by 2040, becoming the first country to do so, according to a draft bill presented on Wednesday.

French President Emmanuel Macron wants to make the country carbon neutral by 2050 and plans to curb greenhouse gas emissions by leaving fossil fuels, blamed for contributing to global warming, in the ground, Reuters reported.

Under the draft bill presented to the Cabinet on Wednesday, France will no longer issue exploration permits and the extension of current concessions will be gradually limited until they are phased out by 2040—the same year when France plans to end the sale of gasoline and diesel vehicles. The decision is, however, largely symbolic because France only produces about 6 million barrels of hydrocarbons a year, representing about 1% of its consumption. France will continue to import and refine oil for its needs.

“The law will halt the exploitation of hydrocarbons in our territory; existing concessions cannot be renewed beyond 2040,” the draft bill states.  No shale gas permit has ever been issued in France and it will be impossible to do so after the law is passed.

The law could impact companies such as French oil major Total that, although it has discontinued oil exploration in mainland France, still has permits to explore in overseas territories such as offshore Guyane Maritime in French Guiana.

Short URL : https://goo.gl/58EVHf
  1. https://goo.gl/A5pYFA
  • https://goo.gl/7vXVV9
  • https://goo.gl/gkxJvx
  • https://goo.gl/wgT1t5
  • https://goo.gl/3Ujea9

You can also read ...

Russia Oil Minister, Zanganeh Discuss Cooperation in Moscow
Russian energy minister Alexander Novak discussed bilateral...
OPEC: India Oil Demand Rising Rapidly
India’s oil demand is expected to rise by 5.8 million barrels...
Oil Trading Listed on Iran Energy Exchange
Iran officially started spot oil trading on its energy...
Concern Over Loss of Qom Salt Lake
Namak (Salt) Lake in Qom Province is drying up and if it is...
Iran Petrochem Export Revenue in 6 Months Reaches $6.3b
Petrochemical output reached 27.3 million tons in the first...
Zanganeh: Sanctions Undermine International Oil Market
Inadequate supplies are posing serious challenges to the...

Add new comment

Read our comment policy before posting your viewpoints