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France Moves To Ban All Oil And Gas Production By 2040

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France is looking to become the first country in the world to ban oil and gas production by 2040. After having talks about it during the summer, President Emmanuel Macron and the government has presented legislation and hope to get it passed by the end of the year. The goal is to remove fossil fuels entirely by 2050, and this bill will significantly help that process.

If the bill passes by next year, it would become impossible to issue exploration permits for oil. Back in January 2016, they used the Energy Transition Act to reject requests for conventional hydrocarbons. All current permits would shrink over the next 22 years and would completely be removed by 2040.