"Billion-Dollar Bailout for Fossil Fuels: Federal Government Offers TotalEnergies a Sweet Deal. In a move that has left environmentalists reeling, the federal government is offering French energy giant TotalEnergies a $1 billion refund on its leases for offshore wind projects off the coasts of New York and North Carolina. But here's the catch: the company must use the money to invest in fossil fuel projects, essentially turning a potential windfall into a handout for the oil and gas industry. Critics are decrying the move as a betrayal of the Biden administration's climate goals, and a missed opportunity to accelerate the transition to renewable energy."
The federal goverment is giving French company TotalEnergies $1 billion — essentially a refund of its leases for offshore wind projects off New York and North Carolina — if it invests the money in fossil fuel projects instead.
