Capital Market News Energy giant British Petroleum or BP is planning to slash oil and gas production and pour billions of dollars into clean energy as part of a major strategic overhaul unveiled on Tuesday alongside a huge second quarter loss and dividend cut, media reports noted. The London-based company said that it plans a 10-fold increase in annual low carbon investments to $5 billion by 2030 as it tries to deliver on its promise of net zero emissions by 2050. This coming decade is critical for the world in the fight against climate change, and to drive the necessary change in global energy systems will require action from everyone, BP said in a statement. BP's oil and gas production is expected to fall by at least one million barrels a day by 2030, a 40% reduction on 2019 levels. The bulk of its annual capital expenditure over the next five years will, however, still be in oil and gas.