BP, the British Oil major, said Wednesday it is refocusing the company on its core oil and gas business and reducing investments in clean energy. In a Wednesday news release, BP officials said the company would "fundamentally reset strategy” to improve value for shareholders.

LONDON (AP) — British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners.

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

BP said it would increase its investments in oil and gas by about 20% to $10bn (£7.9bn) a year, while decreasing previously planned renewables funding by more than $5bn (£3.9bn).

BP has announced a major strategic reset, increasing its investment in upstream oil and gas to $10 billion annually while significantly reducing spending on clean energy to $1.5-2 billion a year.

BP said it still hopes to become a net-zero firm but will only spend up to £1.6bn a year on projects aimed at the energy transition, representing a significant cut.

BP has confirmed it will slash spending on net zero transition businesses by more than five billion US dollars (£3.95 billion) a year, and significantly ramp up its oil and gas operations. The fossil fuels giant said it is still targeting net zero operations but will only spend up to two billion dollars (£1.