Following pressure from some investors who were dissatisfied that its profits and share price were behind those of its competitors, the energy giant announced the change in policy on Wednesday.
BP announced that it would reduce its previously planned funding for renewables by more than $5 billion (£3.9 billion) while increasing its oil and gas investments by almost 20% to $10 billion (£7.9 billion) annually.
The move comes as rivals Shell and Norwegian giant Equinor have similarly cut back plans to invest in green energy, and US President Donald Trump’s “drill baby drill” comments have spurred investment in fossil fuels.
Murray Auchincloss, BP’s chief executive, claimed the energy giant had gone “too far, too fast” in the shift away from fossil fuels and that its faith in green energy was “misplaced.”.
