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.

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

Oil major BP says it has slashed planned investment in renewable energy and would increase annual oil and gas spending to $10bn. It is the latest multinational in the energy sector to change its position in response to the need to lower carbon emissions and curb climate change,

Those include activist hedge fund Elliott Management, which recently took a stake in BP with a view to pushing for significant changes.“It’s a radical shift,” Chief Executive Murray Auchincloss said in an interview.

BP said on Wednesday it would increase annual oil and gas investment to $10 billion, returning the focus to fossil fuels, as part of CEO Murray Auchincloss' efforts to boost returns and improve financial performance.

BP CEO Murray Auchincloss will tell investors the company is abandoning its target to grow renewable generation capacity 20-fold between 2019 and 2030 to 50 gigawatts.