BP boss abandons green ambitions as firm puts $10bn boost into oil and gas

BP has abandoned its green ambitions in favour of ramping up fossil fuel production as its boss claimed that optimism over the pace of the green transition had been "misplaced".

- Jillian Ambrose

In a major strategy shift, the energy company will increase its investment in oil and gas to $10bn (£7.9bn) a year while slashing more than $5bn from its previous green investment plan.

The radical overhaul means BP will be "very selective" about investing in low-carbon options while producing 2.4m barrels of oil and gas a day by 2030 - about 60% higher than the figure in its net zero plan set out five years ago.

"Today we have fundamentally reset BP's strategy," said BP's CEO, Murray Auchincloss. "This is a reset BP, with unwavering focus on growing long-term shareholder value."