BP slashes net-zero spending by nearly £4bn in renewed oil and gas focus

The fossil fuels giant is rolling back much of its green energy spending (Nicholas T Ansell/PA) - (PA Wire)

BP has confirmed it will slash spending on net-zero transition businesses by more than five billion US dollars (£3.95 billion) a year, and significantly ramp up its oil and gas operations.

The fossil fuels giant said it still hopes to become a net-zero company but will only spend up to two billion dollars (£1.6 billion) a year on projects aimed at the energy transition, a significant cut.