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

British energy company BP has confirmed it is to slash spending on green ventures and up its oil and gas production.

BP said it would increase its oil and gas investments to about $10 billion a year as it pivots away from its low-carbon strategy.

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.