New York State Common Retirement Fund threatens TotalEnergies divestment over US wind exit
Updated
Updated · Financial Times · May 7
New York State Common Retirement Fund threatens TotalEnergies divestment over US wind exit
11 articles · Updated · Financial Times · May 7
Comptroller Thomas DiNapoli warned the $298bn fund could sell its $1.6mn holding after Total accepted about $1bn to quit two offshore wind leases off New York and North Carolina.
His letter to chief executive Patrick Pouyanné questioned Total’s strategic consistency, financial discipline and legal-risk assessment, including whether the Trump administration payment could be reversed by a future government.
The warning adds to resistance against White House efforts to pay companies to abandon offshore wind, as Total redirects the lease money into fossil-fuel projects despite its stated low-carbon targets.
With billions paid to cancel wind farms, what legal challenges could unravel these deals and reshape U.S. energy policy?
Is TotalEnergies' pivot to fossil fuels a smart bet on energy reality or a risky defiance of global climate goals?
When a climate leader pivots to fossil fuels, are corporate net-zero promises fundamentally unreliable against shifting political winds?
TotalEnergies’ $1 Billion Wind Project Exit Highlights U.S. Energy Policy Shift Toward Fossil Fuels
Overview
In March 2026, TotalEnergies announced it would abandon two major U.S. offshore wind projects, influenced by regulatory hurdles, national security concerns, and economic challenges like high costs and supply chain issues. In return, the U.S. government reimbursed the company nearly $1 billion, with the condition that funds be redirected to expand fossil fuel operations such as LNG exports and Gulf of Mexico drilling. This move sparked strong criticism from environmental groups and state officials, who saw it as a setback for clean energy and climate goals. The decision also raised significant ESG risks, threatening investor confidence and highlighting the tension between short-term fossil fuel priorities and long-term renewable energy ambitions in U.S. policy.