BP to cut fossil fuels output by 40% by 2030

Energy group BP will increase its low-carbon spending to $5 billion a year by 2030 and boost its renewable power generation to 50 gigawatts (GW) while shrinking oil and gas output by 40% compared with 2019, it said on Tuesday. The portfolio it plans to build would include renewables, bioenergy and early positions in hydrogen and carbon capture and storage technology, with the bulk of the budget to be spent by 2025. BP's oil and gas production is expected to shrink by at least one million barrels of oil equivalent a day from 2019 levels, the company said, adding that it would cease exploring for oil and gas in new countries.