File photo shows the Elizabeth Tower, commonly known as 'Big Ben', at the Houses of Parliament in central London on January 6, 2025

#UPDATE The UK government halved its 2025 growth forecast on Wednesday to 1% as it made billions of pounds of spendings cuts to shore up the public purse in the face of economic headwinds ➡️ u.afp.com/Swtf

A BP oil platform in the North Sea

British energy giant BP has launched a major pivot back to its more profitable oil and gas business, shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy investment.
https://u.afp.com/SJbo

Crude awakening as BP slashes renewables investment, doubling down on oil and gas BP will "significantly reduce" its plan to invest $10 billion in offshore wind, instead budgeting just $3.25 billion.

British oil giant BP announced Monday it will “significantly reduce” investment in renewable energy through to 2030, as it moves its offshore wind division out of its core business.