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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose Energy correspondent

BP blames ‘misplaced’ faith in green transition for its renewed focus on fossil fuels

British Petroleum Oil
A BP petrol station in London
BP has come under pressure from shareholders to retreat from its green pledges. Photograph: Neil Hall/EPA

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”.

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.

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