BP blames ‘misplaced’ faith in green transition for its renewed focus on fossil fuels

CEO Murray Auchincloss says fundamental reset' will mean cut of more than 4bn to low-carbon investment plan

BP has abandoned its green ambitions in favour of ramping up fossil fuel production as its boss claimed that optimism over the pace of the green transition had been misplaced".

In a major strategy shift, the energy company will increase its investment in oil and gas to $10bn (7.9bn) a year while slashing more than $5bn from its previous green investment plan.