British energy company BP has confirmed it is to slash spending on green ventures and up its oil and gas production.

BP has announced a major strategic reset, increasing its investment in upstream oil and gas to $10 billion annually while significantly reducing spending on clean energy to $1.5-2 billion a year.

BP has returned to its oil and gas roots, pledging to slash spending on renewable energy as it tries to catch up with rivals, end years of lacklustre shareholder returns and fend off pressure from activist investor Elliott Management.

LONDON: British energy giant BP launched a major pivot back to its more profitable oil and gas business on Wednesday (Feb 26), shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy investment.

The company also revealed plans to increase investment in oil and gas by approximately 20% to $10bn (£7.9bn) annually as part of a significant strategy overhaul

BP has confirmed it will slash spending on net zero transition businesses by more than five billion US dollars (£3.95 billion) a year, and significantly ramp up its oil and gas operations. The fossil fuels giant said it is still targeting net zero operations but will only spend up to two billion dollars (£1.