In response to today's announcements by BP, Alexander Kirk, a Global Witness Campaigner, said: 'A few years ago BP undertook a massive public relations campaign to tell the world it was going green, highlighting its renewable energy investments.".
He added that as well as the increase in oil and gas spending, BP would be 'very selective in our investment in the (energy) transition, including through innovative capital-light platforms'.
BP has confirmed it will slash spending on net-zero transition businesses by nearly £4billion year and significantly ramp up its oil and gas operations.
BP made about £7.2billion last year, down a third on the year before, after oil and gas prices fell from the highs seen in the wake of Russia’s invasion of Ukraine.
The FTSE 100-listed business said it would increase oil and gas investment by about 20 per cent to £7.9billion a year as part of a major strategy update.
