India, March 18 -- British Petroleum's (BP) decision to cut $5 billion from its low-carbon investment plan while increasing fossil fuel spending to $10 billion annually marks a stark reversal from its 2020 commitment to becoming a Net Zero company by 2050. Under Chief Executive Officer Murray Auchincloss, BP will now produce 2.4 million barrels of oil and gas daily by 2030 - 60 per cent higher than the target set five years ago.

This shift comes as BP faces pressure from activist investors such as Elliott Management, who demand immediate returns as the company's market value lags behind competitors like Shell and ExxonMobil. Auchincloss justified the move by claiming BP's previous optimism about a rapid green transition was "misplaced."...