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.

BP said it would increase its investments in oil and gas by about 20% to $10bn (£7.9bn) a year, while decreasing previously planned funding for renewables by more than $5bn (£3.9bn).

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.