BP to Cut Renewable Investments, CEO Says Green Energy Push Went 'Too Far, Too Fast'

Due to investor pressure, BP will cut investments in renewable energy and increase oil and gas production. BP will raise oil and gas spending by 20% to $10 billion annually while reducing renewable energy investments by over $5 billion. CEO Murray Auchincloss said BP had moved too far, too fast in transitioning away from fossil fuels, calling its green energy strategy misplaced. BP’s shift follows similar moves by Shell and Equinor as oil prices rise. Shares rose before Tuesday’s announcement but declined afterward.