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.

Matilda Borgström, UK campaigner at 350.org, said: “This move by oil giant BP clearly demonstrates why super-rich corporations and individuals, chasing short-term profit for themselves and shareholders, cannot be trusted with fixing the climate crisis or leading the transition to renewable energy we so badly need.

“Pumping money into more oil and gas increases the risk of climate impacts for us all, flies in the face of legal climate targets, and with the renewables sector growing exponentially is a big risk to the shareholders that BP is so keen to please.”