"Transitions have to start somewhere and unless we make decisions today that will essentially take effect in 30 or more years time, we run the risk of acting too late and causing abrupt shocks to communities and our country," Ardern said during a press conference here.
The transition "must start somewhere", said Ardern who vowed to push for environmental measures when she won the elections last September, adding that the government was "taking an important step to address climate change and create a clean, green and sustainable future for New Zealand".
Arden also assured that her policy will not lead to job losses in the country's oil industry, which currently employs at least 11,000 workers and generates about $1.8 billion per year.
"We're striking the right balance for New Zealand... We're protecting existing industry and protecting future generations from climate change," she said.
Greenpeace, a non-governmental environmental organisation, hailed Ardern's move in a statement, saying this was a "historic moment" for the country and "a huge win for our climate and people power".
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)