bp slashes green investment to focus on ‘high-margin’ fossil fuels

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BRITISH energy giant bp is slashing its investment in renewables in favour of prioritising its oil and gas business, aligning with the current trend of energy companies scaling back on green commitments.

As part of its “reset strategy”, the firm plans to increase oil and gas investment by around 20% to US$10bn, while shrinking planned funding for renewables by more than US$5bn.
bp is the latest in a long line of energy companies pivoting back to oil and gas production despite promising to invest in large-scale carbon reduction. bp’s net income fell from US$13.8bn in 2023 to US$8.8bn last year.

Murray Auchincloss, CEO of bp, said: “We are reducing and reallocating capital expenditure to our highest-returning businesses to drive growth.”