France plans to end oil output by 2040 with exploration ban

Oil and gas production will end in France from 2040. A plan presented by Ecology Minister Nicolas Hulot in July will also progressively increase taxes on fossil fuels, close coal-fired power plants by 2022, and invest more in renewable energies.

Ecology Minister of France, Nicolas Hulot | Photo: /ritzau/AP/Francois Mori

BY FRANCOIS DE BEAUPUY, BLOOMBERG

France will stop granting new exploration permits next year as it seeks to end all oil and gas production by 2040, according to a draft bill presented at a cabinet meeting Wednesday.

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