Phys.org 12th April 2018
New Zealand is halting all new offshore oil and gas exploration to become a global leader in the fight against climate change, the centre-left government said Thursday, but opponents accused it of "economic vandalism".
"(We are) taking an important step to address climate change and create a clean, green and sustainable future for New Zealand," Prime Minister Jacinda Ardern said.
The oil and gas industry in New Zealand generates about NZ$2.5 billion a year ($1.8 billion), including NZ$1.5 billion in exports, and employs about 11,000 people.
Ardern said existing drilling and exploration permits would not be affected, meaning no existing jobs would be lost.
She said there would also be limited new on-shore permits around the North Island's Taranaki region, where most of New Zealand industry is concentrated.
"We're striking the right balance for New Zealand—we're protecting existing industry and protecting future generations from climate change," she said.
The move by New Zealand comes two weeks after the Netherlands announced plans to rapidly cut production at—and eventually close—Europe's biggest gas field as it too seeks to its slash fossil fuel use.
Read more at: https://phys.org/news/2018-04-zealand-halts-offshore-oil-gas.html#jCp