BP Shuns Renewables in Return To Oil and Gas

BP has announced it will cut its renewable energy investments and instead focus on increasing oil and gas production. The energy giant revealed the shift in strategy on Wednesday following pressure from some investors unhappy its profits and share price have been lower than its rivals. From a report: BP said it would increase its investments in oil and gas by about 20% to $10bn a year, while decreasing previously planned funding for renewables by more than $5bn. The move comes as rivals Shell and Norwegian company Equinor have also scaled back plans to invest in green energy and US President Donald Trump's 'drill baby drill' comments have encouraged investment in fossil fuels.

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