Following record losses in the second quarter of 2020 and the first dividend cut in a decade, BP revealed parts of its new strategy that would reshape the company from an international oil company to an integrated energy company.

BP said on Tuesday that it aims to increase its annual low carbon investment ten-fold to around $5 billion a year by 2030. It will be “ building out an integrated portfolio of low carbon technologies, including renewables, bioenergy, and early positions in hydrogen and CCUS ”.