BP has been accused of prioritising fossil fuels over green energy as it plans to spend as much as double the amount on oil and gas projects than on renewable investments next year.
The FTSE 100 company has earmarked up to $7.5bn (£6.2bn) for oil and gas projects, compared with a range of $3bn to $5bn for green energy.
BP expects to increase spending on “resilient hydrocarbons” – oil and gas, refining and bioenergy projects – by up to $1bn in 2023.
In 2021 the company’s capital expenditure was $12.8bn and it expected to spend $14bn-15bn this year, and then $14bn-16bn a year between 2023 and 2025.
Within this, investment into “resilient hydrocarbons” will increase from $9bn in 2022 to “$9bn to $10bn a year” from 2023 to 2025, including $7.5bn a year on oil and gas projects.