Oil firm abandons plan to become net zero energy company as its CEO claims strategy went ‘too far, too fast’

BP has angered climate groups by abandoning its green ambitions to instead invest about $10bn a year in a string of new oil and gas projects to help reverse its flagging fortunes.

The strategy, put forward by its chief executive, Murray Auchincloss, pulls the plug on BP’s 2020 plan to become a net zero energy company, which he claims was “misplaced” and went “too far, too fast”.