BP GET BACK TO FOSSIL FUELS

This is a seismic U-turn, one that should take the oil giant firmly away from its fancy Beyond Petroleum slogans and even more fanciful attempts to become a renewables group.

Five years ago, BP set some of the most absurd targets among its peers to cut production of oil and gas by 40 per cent by 2030, while ramping up investment in renewables. 

Now Auchincloss is doing the reverse: looking to increase investments in fossil fuels by 20 per cent to £8billion by 2027 while cutting spending on renewables to around £1.2billion a year, more than £4billion less than planned.

Back to petroleum at last: BP's switch back to fossil fuels is a seismic U-turn, says MAGGIE PAGANO | This is Money