BP Writes Down $5 Billion on Green Energy, Shifts Focus to Fossil Fuels

British Petroleum (BP) takes a $5 billion hit on its struggling green energy business, shifting focus back to fossil fuels under new chair Albert Manifold. The write-down mainly affects its low carbon energy and transit divisions.

BP plans to sell its solar business stake and cancels a hydrogen project. Oil prices have been volatile due to factors like the pandemic and geopolitical tensions.

The company aims to reduce its debt and recently appointed Meg O'Neill as its third female CEO.