Wed, 26 Feb 2025

Wed, 26 Feb 2025 BP to slash green investment and ramp up gas and oil

The energy giant will announce its strategy later after rivals also rowed back on green energy plans.

* Energy giant to announce significant shift in strategy due to pressure from investors
* BP will cut investment in renewables by more than half, abandoning its goal to reduce oil and gas production
* Move follows similar decisions by Shell and Equinor to scale back green energy plans
* US President Donald Trump's "drill baby drill" comments have encouraged investment in fossil fuels
* Some shareholders and environmental groups concerned about BP's potential ramping up of fossil fuel production
* Company's net income fell 35% last year, leading to speculation it may be a takeover target or move its main stock market listing to the US
* Group of investors calls for vote on any plans to move away from previous commitments to renewables
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