BP to slash spending on net zero ventures as it focuses on oil and gas again [Video]

British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners.

In a statement titled “Reset BP,” the company said it will be cutting spending on its net zero transition business plans by about $5 billion per year.

Future spending will be significantly lower, totaling between $1.5 billion and $2 billion per year.

By contrast, BP said it would increase its investments in oil and gas production by about 20% to $10 billion.

CEO Murray Auchincloss said that the company is focusing its spending on BP’s “highest-returning businesses to drive growth” and that it will be “very selective” in its investments in renewables.

“This is a reset BP, with an unwavering focus on growing long-term shareholder value,” …