"The administration said it will pay the French energy company TotalEnergies nearly $1 billion not to build wind farms, the New York Times reports."
"TotalEnergies will forfeit its leases in federal waters for two wind farms off the coast off New York and North Carolina."
"TotalEnergies CEO Patrick Pouyanné insists that, actually, it wanted to back out of the wind farms anyway."
"The arrangement comes after the US about-faced and rejected a key scientific finding that climate change harms the environment and human health."
The US administration announced a deal with TotalEnergies, paying nearly $1 billion for the company to forfeit leases for two offshore wind farms. TotalEnergies will invest this money in oil and gas projects in the US, including increasing oil production in the Gulf of Mexico. The CEO stated that the company found offshore wind to be too expensive. The arrangement follows a rejection of a scientific finding on climate change, impacting environmental regulations.
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