France has become the first country in the world to impose a ban on the production of oil and gas. France’s parliament on Tuesday approved a law banning all exploration and production of oil and natural gas by 2040 within the country and its overseas territories.

As per the new law, existing drilling permits will not be renewed and no new exploration licenses will be granted in the country’s effort to curb global warming and protect the environment. However, oil and gas produced in France account for just 1 percent of domestic consumption. The rest of oil and gas that the country requires is imported.

Approval of the law led to French President Emmanuel Macron responding 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 said that the law proves that current generations can take care of future generations.

France is committed to weaning its economy from fossil fuels and has imposed the ban to fulfill its responsibility under the Paris Climate Agreement to curb global warming.