BP ditches climate targets in pivot back to oil and gas

AFP | London

Email : editor@newsofbahrain.com

British energy giant BP launched a major pivot back to its more profitable oil and gas business Wednesday, shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy investment.

The strategy overhaul comes after a difficult trading year for BP, which is under pressure from investors to boost its share price as countries look to slash emissions.

"Our optimism for a fast transition was misplaced, and we went too far, too fast," chief executive Murray Auchincloss told investors at a presentation in London on Wednesday.

To the dismay of environmentalists, the group will cut cleaner energy investment by more than $5 billion annually, while retiring key targets on cutting carbon emissions.