Sky News
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BP slashes renewables investment and boosts fossil fuel production
Posted
February 26, 2025
Views
7,845
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February 26, 2025
7,845
87
46
1.70%
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2:14Now PlayingOil and gas giant BP has again slashed its renewable energy investment and announced more funding for greater fossil fuel production.
In a further row back of climate targets the company has said renewable energy investment will fall by $5bn (£3.95bn) a year to just $1bn to $2bn (£790m to £1.58bn). Less than half that investment will go to low-carbon energy.
This latest scale back comes as BP faces pressure from activist investor Elliott Management, which reportedly took a 5% share of the company.
#bp #climate #oil #gas #skynews #ukeconomy
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