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 (£1.6 billion) a year on projects transitioning to renewable energy, a significant cut. It said it will increase oil and gas investment by about 20 to 10 billion US dollars (£7.9 billion) a year as part of a major strategy update.