BP has confirmed it will slash spending on net zero transition businesses by more than five billion US dollars (£3.95 billion) a year, and significantly ramp up its oil and gas operations. The fossil fuels giant said it is still targeting net zero operations but will only spend up to two billion dollars (£1.6 billion) a year on projects transitioning to renewable energy, a significant cut. It said it will increase oil and gas investment by about 20% to 10 billion US dollars (£7.9 billion) a year as part of a major strategy update.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
00:06BP has confirmed it will cut spending on net-zero transition businesses by more than US$5 billion a year
00:14and significantly increase its oil and gas operations.
00:19BP said it is still targeting net-zero operations,
00:23but will only spend up to US$2 billion a year on projects transitioning to renewable energy,
00:29which is a significant cut.
00:32It said it will increase oil and gas investment by about 20% to US$10 billion a year
00:38as part of a major change in its strategy.
00:41My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.