US pays TotalEnergies $1 billion for wind leases

The U.S. Department of the Interior has agreed to pay TotalEnergies approximately $1 billion to relinquish its offshore wind leases. This payment is intended to halt the company's development of wind farms in U.S. waters, with TotalEnergies committing to invest the reimbursed funds into U.S.-based oil and natural gas projects instead. This controversial move comes as the administration seeks to block offshore wind development, despite the potential benefits of renewable energy and the significant capacity, like the 3 GW Attentive Energy project, that will now be lost. Critics argue this decision contradicts climate goals and could increase reliance on fossil fuels.