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

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.

The British petroleum giant laid out plans Wednesday to boost spending on fossil fuels as it dials back renewable energy plans.

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.

The struggling British energy company has seen its rivals streak ahead after it bet big on clean energy.

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.

Petroleum giant BP said on Wednesday that it plans to boost its annual oil and gas spending to $10 billion through 2027 as part of the company's reset after recent lackluster economic performance.

BP said it would increase its investments in oil and gas by about 20% to $10bn (£7.9bn) a year, while decreasing previously planned funding for renewables by more than $5bn (£3.9bn). The move comes as rivals Shell and Norwegian company Equinor have also scaled back plans to invest in green energy and US President Donald Trump's "drill baby drill" comments have encouraged investment in fossil fuels.