New Zealand’s oil and gas industry is a significant part of the nation’s economics, but it is going to be stopping new overseas exploration to address climate change. The decision will only apply to new licenses which are put up for tender yearly, with existing permits not to be affected. Many of those permits have more than a decade left to go. “There will be no further offshore oil and gas exploration permits granted,” Prime Minister Jacinda Ardern said in an announcement on Thursday.

There are 31 gas and oil exploration licenses within the country, with 22 located offshore. New Zealand’s oil and gas industry contributes NZ$2.5 billion to its Gross domestic product, according to PEPANZ, an organization which represents the nation’s petroleum industry.
“By ending new oil and gas exploration in our waters, the fourth largest Exclusive Economic Zone on the planet is out of bounds for new fossil fuel exploitation. New Zealand has stood up to one of the most powerful industries in the world,” Norman said. WWF-New Zealand CEO Livia Esterhazy hopes the announcement will spur renewable energy investment from oil and gas industries. “That’s the way of the future,” she said.

For environmental groups, the movement is a huge step in tackling climate change. Greenpeace New Zealand executive director, Russel Norman, said the decision was a big triumph for climate. New Zealand’s not the only nation to halt oil and gas like this. Last year, France announced it’d ban all oil and gas production in the country and in its overseas territories by 2040.