BP scales back climate goals as profits more than double to £23bn

The Labour party last week asked for Britain’s energy profits levy to be revamped to capture more of the exceptional earnings made by oil and gas firms. Photograph: Kacper Pempel/Reuters

BP has scaled back its climate ambitions as it announced that annual profits more than doubled to $28bn (£23bn) in 2022 after a sharp increase in gas prices linked to the Ukraine war boosted its earnings.

In a move that will anger campaigners, the oil and gas giant cut its emissions pledge and plans a greater production of oil and gas over the next seven years compared with previous targets.