British oil giant BP (BP) is pivoting its focus back to its core business of oil and gas while lowering spending on renewables. On Wednesday, the British energy giant announced it will increase oil and gas investments to $10 billion per year and target divestments to support a stronger balance sheet.

BP slashed planned investment in renewable energy and said on Wednesday it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and shareholder returns.

BP has announced it will slash its renewable energy investments to focus on increasing oil and gas production. As part of what CEO Murray Auchincloss is calling a “fundamental reset”, BP has signed a deal worth $25bn (£19.