BP boosts oil and gas investment to $10 bln annually Cuts annual transition spending by over $5 billion Reviewing Castrol, targets $20 billion in divestment Energy transition is slower than BP ...

BP will abandon its pledge to increase renewable energy generation by 2030 when it presents its strategy to investors on Wednesday. CEO Murray Auchincloss will rescind the firm’s aim to boost ...

Oil major BP says it has slashed planned investment in renewable energy and would increase annual oil and gas spending to $10bn. It is the latest multinational in the energy sector to change its ...

Oil and gas giant BP has again slashed its renewable energy investment and announced more funding for greater fossil fuel production. In a further row back of climate targets the company has said ...

BP‘s chief executive will scrap a target to increase renewable generation 20-fold by 2030, returning the focus to fossil fuels, as part of a strategy shift announced on Wednesday to tackle ...

Under Auchincloss’ predecessor, Bernard Looney, BP pledged in 2020 to cut oil and gas output by 40% while rapidly growing renewables by 2030. BP lowered the reduction target to 25% in 2023.

Copyright 2025 The Associated Press. All Rights Reserved. A sign at a BP petrol station in London, Feb. 7, 2023. British energy giant BP has confirmed it is to slash ...

BP will boost investment in oil and gas while walking back a push for more renewable output, the British oil and gas multinational announced on Wednesday. The firm said it would increase oil and ...

BP is expected to announce this week that it is shifting its focus back to oil and gas, ditching a target to boost renewable energy capacity generation 20-fold by 2030, sources familiar with the ...