The energy giant BP has said they will cut their spending on net-zero by £3.95 million per annum and they will increase their oil and gas operations.
BP said they will only spend £2.6 billion on energy transition projects and hopes to still become a net-zero firm.
As part of a strategy update BP will increase their oil and gas investment by £7.9 billion.
Chief executive Murray Auchincloss said BP is focused on spending their “highest-returning businesses to drive growth, and relentlessly pursuing performance improvements and cost efficiency”.
He added, BP will be “very selective in our investment in the (energy) transition, including through innovative capital-light platforms.”
Auchincloss said, “This is a reset BP, with an unwavering focus on growing long-term shareholder value.”
