France passes law banning all gas and oil production by 2040

Part of plan to fulfil commitment to Paris climate agreement to curb global warming

Move is largely symbolic as oil and gas produced in France accounts for just 1 per cent of domestic consumption

France's parliament has approved a law banning all exploration and production of oil and natural gas by 2040

Under the law, existing drilling permits will not be renewed and no new exploration licenses will be granted in France or its overseas territories.

The French government claims the ban is a world first.

However, it is largely symbolic, since oil and gas produced in France accounts for just 1 per cent of domestic consumption - the rest is imported.

"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," Emmanuel Macron, the French President, said on Twitter.

Environment Minister Nicolas Hulot said the law shows "current generations can take care of future generations."

The ban is part of a larger plan to wean the French economy from fossil fuels and to fulfil France's commitments under the Paris climate agreement to curb global warming.

Associated Press