BP: Oil giant to invest more in oil and gas as it cuts 'green' plans

Yorkshire Post

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 (£1.6 billion) a year on projects transitioning to renewable energy, a significant cut. It said it will increase oil and gas investment by about 20% to 10 billion US dollars (£7.9 billion) a year as part of a major strategy update. #BP

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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.

00:06BP has confirmed it will cut spending on net-zero transition businesses by more than US$5 billion a year

00:14and significantly increase its oil and gas operations.

00:19BP said it is still targeting net-zero operations,

00:23but will only spend up to US$2 billion a year on projects transitioning to renewable energy,

00:29which is a significant cut.

00:32It said it will increase oil and gas investment by about 20% to US$10 billion a year

00:38as part of a major change in its strategy.

00:41My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.

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