BP to cut oil and gas production by 40% as it sets out road to net zero

BP is to cut the amount of oil and gas it produces by 40% by the end of the decade, the energy giant announced on Tuesday as it fleshed out plans to become a “net zero” company by 2050. Boss Bernard Looney said the business will increase the amount it invests in low-carbon projects tenfold by 2030 to around five billion US dollars a year (£3.8 billion). The move gained him unusual praise from environmental group Greenpeace, which called it a “necessary and encouraging start”. Slashing oil and gas production and investing in renewable energy is what Shell and the rest of the oil...