bp has announced a plan to spend $5 billion (£3.8bn) on low carbon projects every year by 2030.
The funding will support technologies including renewables, bioenergy, hydrogen and carbon capture, utilisation and storage (CCUS).
The oil giant has also pledged to increase its renewable power generation to 50GW by 2030 and shrink oil and gas output by 40% compared to 2019 levels, equivalent to one million barrels of oil every day.
The firm also committed to increasing electric vehicle charging points from 7,500 to over 70,000 and establish energy partnerships with around 15 cities around the world.
Helge Lund, Chairman of bp, said: “Energy markets are fundamentally changing, shifting towards low carbon, driven by societal expectations, technology and changes in consumer preferences.
“We are confident that the decisions we have taken and the strategy we are setting out today are right for bp, for our shareholders, and for wider society.”
If you enjoyed this story you can sign up to our weekly email for Energy Live News – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the future Net Zero newsletter.