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BP blames ‘misplaced’ faith in green transition for its renewed focus on fossil fuels

CEO Murray Auchincloss says ‘fundamental reset’ will mean cut of more than £4bn to low-carbon investment plan

The radical overhaul means BP will be “very selective” about investing in low-carbon options while producing 2.4m barrels of oil and gas a day by 2030 – about 60% higher than the figure in its net zero plan set out five years ago. The move back towards fossil fuels represents a stark shift from the investment plan put forward five years ago by the former chief executive, Bernard Looney. The New York hedge fund is widely expected to use its grip on the 120-year-old company to demand sweeping changes, including a potential breakup, to rescue its flagging market value.

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