BP has said it will write down the value of its struggling green energy and transition businesses by up to $5 billion, as the FTSE 100 oil and gas giant shifts its focus back to fossil fuels under new leadership. The planned impairment mainly affects its “transition” units, including solar and low-carbon ventures, and follows years of disappointing performance in renewable investments and failed attempts to find partners for assets such as its solar arm. (Financial Times)
BP noted that the writedowns, expected in its forthcoming full-year results, will not hurt underlying profits, but the announcement weighed on its share price as the company also reported softer oil trading. Brent crude prices fell sharply in 2025, contributing to weaker trading conditions and broader challenges for the sector. (The Guardian)
The move marks a strategic shift away from earlier ambitions to grow renewable businesses and reflects broader industry trends, with rivals also reducing low-carbon spending. BP’s new chief executive, Meg O’Neill, set to take the helm in April, inherits a business that is re-prioritising traditional oil and gas projects and cutting debt. (Financial Times)
The decision comes after years of slimming down green commitments under previous leadership and shelving a number of earlier clean-energy plans, including hydrogen projects in the UK, Oman and Australia, as the company seeks to rebalance its portfolio towards higher-return fossil fuel assets. (Financial Times)
