In a significant reversal of its previous commitments to sustainable energy, BP has announced a strategic pivot back to fossil fuels. The oil major plans to slash its spending on renewable energy projects and increase investments in oil and gas to $10 billion a year. This move comes amid mounting pressure from shareholders and market dynamics, as BP faces challenges related to its previous green initiatives. The company aims to fundamentally reset its strategy by discontinuing its renewable energy goals and focusing on boosting fossil fuel production. Analysts and industry observers note that this shift may reflect an existential crisis for BP as it grapples with balancing shareholder value against climate commitments.