Trump Energy and Climate Policy

The Trump administration has agreed to pay French energy company TotalEnergies about $1 billion (nearly $928 million tied to two leases) to reimburse lease fees and abandon offshore wind projects off New York and North Carolina, a deal the Interior Department called a “refund.” TotalEnergies, which had already paused the projects and pledged to forgo further U.S. offshore wind development, plans to redirect the funds into U.S. fossil‑fuel projects — including a Texas LNG facility, Gulf oil drilling and shale gas — a move Interior Secretary Doug Burgum said supports affordable, reliable baseload power, though officials have not immediately explained how the payment will be financed.