The energy giant said it would cut planned investment in clean energy and redirect spending toward fossil fuels.

BP slashed planned investment in renewable energy and said on Wednesday it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and investor confidence.

LONDON (AP) — British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners.

British oil major BP on Wednesday announced plans to increase annual oil and gas investment to $10 billion as part of a fundamental strategic reset.

BP said it would increase its investments in oil and gas by about 20% to $10bn (£7.9bn) a year, while decreasing previously planned renewables funding by more than $5bn (£3.9bn).

BP has announced a major strategic reset, increasing its investment in upstream oil and gas to $10 billion annually while significantly reducing spending on clean energy to $1.5-2 billion a year.

BP said it still hopes to become a net-zero firm but will only spend up to £1.6bn a year on projects aimed at the energy transition, representing a significant cut.

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.