Wed Feb 26 17:53:58 UTC 2025: ## BP Shifts Focus Back to Oil and Gas, Slashing Renewable Energy Investment
**London** – British oil giant BP has dramatically scaled back its investment in renewable energy, opting instead to significantly boost spending on oil and gas production. The company announced Wednesday that it will increase annual oil and gas spending to $10 billion, while slashing planned annual investment in energy transition businesses by more than $5 billion, to between $1.5 billion and $2 billion.
This represents a sharp reversal from BP’s ambitious 2020 pledge under former CEO Bernard Looney to cut oil and gas output by 40% and rapidly expand renewables by 2030. The company now aims to increase oil and gas production to between 2.3 million and 2.5 million barrels of oil equivalent per day by 2030, up from 2.36 million in 2024.
Current CEO Murray Auchincloss attributed the shift to slower-than-expected progress in the renewable energy transition, citing factors such as the war in Ukraine, the pandemic, volatile energy markets, and changing government policies. He stated that hydrocarbon demand remains strong and that the company had previously moved “too far, too fast” in its renewable energy push. Auchincloss insists that BP remains committed to its net-zero carbon emissions target by 2050, but acknowledges that oil and gas will remain vital for “decades to come.”
The decision has drawn immediate criticism from environmental groups. Matilda Borgstrom of 350.org called the move a betrayal of climate commitments and a reckless prioritization of short-term profits over the long-term health of the planet. She argued that increased oil and gas production exacerbates climate risks and undermines efforts to meet legally binding climate targets. BP’s shift mirrors similar moves by other major oil companies, including Shell, which have also scaled back their clean energy ambitions.
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