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Evening Standard

Business

Jonathan Prynn

BP takes the axe to investment in green energy in "shocking" strategy U-turn

British Petroleum Oil Murray Auchincloss United States

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 green energy.

Under pressure chief executive Murray Auchincloss said oil and gas investment will be increased to around $10 billion a year while investment in renewable and low carbon businesses will be cut by more than $5 billion a year to just $1.5 to £2 billion.

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