BP has abandoned a radical attempt to reinvent itself as a green energy company, bowing to pressure from investors after its aggressive shift away from fossil fuels over the past five years backfired.

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.

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

In addition to divesting $20 billion of assets, BP plans to slash investments in renewables and boost growth elsewhere.

BP has announced it will slash its renewable energy investments to focus on increasing oil and gas production. As part of what CEO Murray Auchincloss is calling a “fundamental reset”, BP has signed a deal worth $25bn (£19.

KEY TAKEAWAYS BP said it would invest more in oil and gas as it pivots away from its low-carbon strategy.BP said it would increase its annual oil and gas investment to about $10 billion and cut annual capital expenditure to between $13 billion and $15 billion through 2027.

BP has reversed its green energy strategy, increasing oil and gas investments while cutting renewables spending, following pressure from investors like Elliott Management.

BP announced yesterday (26 February) that it will roll back its investments into renewable energy and will instead focus on gas and oil investments.

But BP has struggled to reduce its debt load and the moves have failed to ignite its share price, leading to speculation among bankers that a rival could swoop in for parts—or t