Under pressure chief executive Murray Auchincloss said oil and gas investment will be increased to around $10 billion a year while investment in renewable business will be cut by more than $5 billion a year to $1.5 to £2 billion.
Five years ago, BP set some of the most ambitious targets among large oil companies to cut production of oil and gas by 40% by 2030, while significantly ramping up investment in renewables.
BP today unveiled a massive strategy U-turn with a new emphasis on oil and gas investment and a massive downgrade of its commitment to renewable energy.
Global Witness campaigner Alexander Kirk 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.".
“Now, while the world is reeling from fossil-fuel driven extreme weather, BP is widely expected to double down on the oil and gas creating climate breakdown.".
