BP has unveiled a bold new strategy to transform the 110-year-old oil and gas giant into an "integrated energy company", including a pledge to boost annual spending on low-carbon energy 10-fold to $5 billion by 2030.

The London-based supermajor intends to build significant scale in renewables and bio-energy, as well as seek early positions in hydrogen and carbon capture, chief executive Bernard Looney told journalists on Tuesday following its second-quarter results announcement.

It is aiming to develop 50 gigawatts of renewable energy generating capacity by 2030, a 20-fold increase on current capabilities.