5 months ago
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British Petroleum, BP, says it will slash its renewable energy investments and instead focus on increasing oil and gas production.
The energy giant revealed its shift in strategy on Wednesday following pressure from some investors unhappy its profits and share price have been much lower than its rivals.
BP said it would increase its oil and gas investment by about 20 per cent to US$10 billion a year, while decreasing previously planned renewables funding by more than US$5 billion.
The BBC says the move comes as rivals Shell and Norwegian company Equinor have also scaled back plans to invest in green energy and US President Donald Trump’s “drill baby drill” comments have encouraged investment in fossil fuels.
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