The energy giant said it would cut planned investment in clean energy and redirect spending toward fossil fuels.

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 investor confidence.

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.