New Zealand’s government has announced all oil and gas exploration offshore the country will be banned in a bid to protect New Zealand from the effects of climate change. The ban, however, will not extend to existing exploration projects. There are more than 30 active licenses in New Zealand at the moment, of which 22 are for offshore blocks. The country is far from a major oil producer, which will probably facilitate its transition to a carbon-neutral economy by 2050, before that achieving 100 percent renewable power generation by 2035. However, as Radio NZ notes, the holders of existing exploration permits will keep the right to turn these into production licenses, so theoretically, fossil fuel extraction in eco-friendly New Zealand could continue for another few decades despite transition efforts. Also, the ban does not cover onshore oil and gas exploration, so permit issuance for onshore blocks will continue. The […]