The energy giant said it would cut planned investment in clean energy and redirect spending toward fossil fuels.

LONDON (AP) — British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners.

BP, the British oil major, said Wednesday it is refocusing the company on its core oil and gas business and reducing investments in clean energy. In a Wednesday news release, BP officials said the company would "fundamentally reset strategy” to improve value for shareholders.