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 renewable energy investment will fall by $5bn (£3.95bn) a year to just $1bn to $2bn (£790m to £1.58bn).
Funding for further oil and gas extraction will grow to $10bn (£7.9bn) annually as the business shifts focus back to its original mission of extracting fossil fuels.
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New “major” oil and gas projects are to start by the end of 2027 with eight to 10 more to begin by the end of 2030.
The company also said it will have “selective” investment in biogas, biofuels and electric vehicle (EV) charging and “capital-light partnerships” in renewables like wind and solar.
Under the tenure of old chief executive…
