According to the newspaper, BP is going to allocate $7.5 billion in 2023-2025 to investment in gas and oil projects, while earmarking around $3-5 billion for renewable energy.
"It is astounding that in the middle of a climate emergency BP is planning to invest billions more dollars on planet-warming fossil fuels than on clean, green renewables," Mike Childs, head of policy at Friends of the Earth, an international environmental network, said.
Co-leader of the UK Green party Adrian Ramsay noted that BP's move was another example showing corporations were not willing to "change their actions in line with what the science demands."
"It is vital that governments step up and do what is necessary to give us the best possible chance of protecting the environment for ourselves and future generations," Ramsay added.
BP is a UK company established in 1909. It is one of the largest oil and gas companies in the world.