Oil and gas giant bp has said it will invest up to $8bn more into transition growth engines by 2030, including hydrogen and renewables, upon announcing record profits of $27.7bn in 2022, doubling from the year previous.

Under its updated strategy, bp plans to invest around half of the cumulative total in its established TGE businesses, such as bioenergy, and convenience and EV charging; with the other half set for hydrogen and renewables.

It expects to achieve returns of greater than 15% from bioenergy and from convenience and EV charging combined, as well as double digit returns from hydrogen.