BP slashes renewables investment and boosts fossil fuel production
undefined 4, 2025
BP is scaling back its renewable energy investments by $5bn annually, reducing funding to just $1bn-$2bn, while increasing fossil fuel production by $10bn a year. The company is shifting focus back to oil and gas, aiming to grow production to 2.5 million barrels a day by 2030. This strategy reversal comes after pressure from activist investor Elliott Management and lower-than-expected profits. BP also plans job cuts and reduced capital for biogas and renewables projects amid global climate concerns.
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