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France to quit oil, gas production by 2040,parliament passes law

 

The French lower house of parliament has approved a law that provides for the gradual abandonment of the exploration and production of oil, gas and coal by 2040, Vanguard reports.

French Ecology Minister, Nicolas Hulot, said in a communique that “this law links the legislation with the obligations taken within the Paris climate accord.” The main goal of the Paris accord is to tackle climate change by keeping the rise in global temperature below two degrees Celsius, above pre-industrial levels.

By 2040, French authorities are expected to not only refuse issuing new licenses for the exploration and production of hydrocarbon fields, but also to limit the extension of old licenses. Therefore, France is going to gradually abandon the production of hydrocarbon fuels by 2040.

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