US signs nearly $1 billion deal with France's TotalEnergies to end offshore wind projects

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illuminem summarises for you the essential news of the day. Read the full piece on France 24 or enjoy below:

🗞️ Driving the news: The US and TotalEnergies have signed a nearly $1 billion agreement to halt the French energy giant's offshore wind farm projects in the US, redirecting the funds toward fossil fuel production

🔭 The context: At the CERAWeek conference in Houston, US Interior Secretary Doug Burgum and TotalEnergies CEO Patrick Pouyanne announced that the deal involves reallocating a $928 million investment
• The said deal originally aimed at offshore wind farms in North Carolina and New York into US natural gas projects, including the Rio Grande LNG plant

🌍 Why it matters for the planet: This shift in focus from renewable energy to fossil fuels points out the ongoing policy back-and-forth in the US, as Trump administration pushes to reduce investments in wind power, while also increasing support for natural gas infrastructure

⏭️ What’s next: With TotalEnergies pulling back from offshore wind, there will likely be continued debate over the balance between renewable energy and fossil fuel projects in the US

💬 One quote: “We're partnering with TotalEnergies to unleash nearly $1 billion that was tied up in a lease deposit... pushing expensive weather-dependent offshore wind,” - US Interior Secretary Doug Burgum

📈 One stat: TotalEnergies had four gigawatts of offshore wind projects under development, including 3 GW for the New York Bight project and 1 GW in North Carolina, before being put on hold

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