When Bernard Looney took over as chief executive officer of BP Plc in 2020, he promised to quickly decarbonize the British oil major, cutting oil and gas production by 40% by 2030 and channeling billions of dollars into wind and solar projects. It was a stronger version of the “Beyond Petroleum” slogan BP once used.

On Tuesday, Looney altered course. The company put out some fine words about its commitment to green energy and several billion dollars in investment to back it. But in tandem, it promised shareholders it would invest heavily into oil and gas projects. Instead of a 40% output cut, oil and gas production would fall by 25% by the end of the decade.

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