BP Plans Up to $5bn Write-Down on Green Energy as Strategy Shifts Back to Fossil Fuels

BP has said it expects to write down up to $5bn from its struggling green and low-carbon energy businesses as it refocuses on fossil fuels under new chair Albert Manifold. The writedowns will mainly affect BP’s gas and transition divisions but are not expected to impact underlying profits when full-year results are published in February. The move reflects a retreat from earlier green ambitions, including attempts to sell a stake in its solar arm Lightsource and the cancellation of hydrogen projects in several countries. BP shares dipped after the announcement, alongside weaker oil trading and falling crude prices, with Brent averaging $63.73 a barrel in the final quarter. The shift comes ahead of incoming chief executive Meg O’Neill taking over in April, following a period of leadership instability and a renewed focus on traditional oil and gas production.