New Zealand to ban all new offshore oil exploration
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.
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.