BP has formally announced its intention to slash investments in green energy and instead focus on ramping up oil and gas production.
The shift had been expected since the energy giant said it planned to "fundamentally reset" its strategy earlier this month.
That came following pressure from activist investor Elliot Investment Management.
Now, BP has formally confirmed the change in strategy.
The energy firm, the BBC reports, said it plans to increase its oils and gas investments by 20% to $10billion (£7.9billion) per year, while simultaneously siphoning off funding for previously planned renewable projects, cutting more than $5billion (£3.9billion).
Chief executive Murray Auchincloss admitted BP's faith in green energy had been "misplaced" and his company had gone "too far, too fast".
Meanwhile, The Times reports, BP will look to sell Castrol, its lubricant business, and its stake in solar developer Lightsource BP.
BP is hoping to next around $20billion (£15.80billion) in total from the sales.