Fossil fuel firm will cut more than $5bn from low-carbon investment plan in ‘fundamental reset’

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BP is dropping green goals, ramping up oil and gas production and slashing spending on low-carbon energy as part of a fundamental reset of the troubled company.

The FTSE 100 fossil fuel company has promised shareholders it will increase its target for oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – about 60% higher than the figure in its net zero plan set out five years ago.