BP slashes renewables investment and boosts fossil fuel production

Oil 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 scaleback comes as BP faces pressure from activist investor Elliott Management, which reportedly took a 5% share of the company.

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