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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.
It is now expected to abandon it altogether while confirming it is cutting investments in renewable energy by more than half in what chief executive Murray Auchincloss called a "fundamental reset". BP's under performance has prompted speculation that it may be a takeover target or may consider moving its main stock market listing to the US where oil and gas companies command higher valuations. A spokesperson for one of the signatories, Royal London Asset Management, said: "As long-term shareholders, we recognise BP's past efforts toward energy transition but remain concerned about the company's continued investment in fossil fuel expansion."
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