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France to ban all oil, gas production by 2040

PARIS -- France's parliament has approved a law banning all exploration and production of oil and natural gas by 2040 within the country and its overseas territories. Under that law that passed a final vote on Tuesday, existing drilling permits will not be renewed and no new exploration licenses will be granted.

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 percent of domestic consumption. The rest is imported. 

French President Emmanuel Macron responded to the approval of the law on Twitter, saying in part: "Very proud that France has become the first country in the world today to ban any new oil exploration licenses with immediate effect and all oil extraction by 2040." 

Environment Minister Nicolas Hulot says 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 fulfill France's commitments under the Paris climate agreement to curb global warming.