BP announced today that it will cut spending on renewable energy investments by £3.95 billion a year, instead focusing on expanding its oil and gas operations.

The fossil fuel giant confirmed ahead of a major shareholder meeting in London that it will spend £1.6bn on energy transition projects, while increasing oil and gas investment by about 20 per cent, to £7.9bn annually.

It comes after BP announced it made a meagre £7.2bn in profit last year, down by a third compared to 2023.