BP's chief executive will scrap a target to increase renewable generation 20-fold by 2030, returning the focus to fossil fuels, as part of a strategy shift announced…
BP's chief executive will scrap a target to increase renewable generation 20-fold by 2030, returning the focus to fossil fuels, as part of a strategy shift announced on Wednesday to tackle investor concerns over earnings, two sources told Reuters.
BP's shares have underperformed rivals in recent years and the oil major has already dropped its target to cut oil and gas output by 2030, Reuters reported in October.
On Wednesday, when BP holds a capital markets day, CEO Murray Auchincloss will tell investors the company is abandoning its target to grow renewable generation capacity 20-fold between 2019 and 2030 to 50 gigawatts, two sources close to the matter said. The plan to drop the target has not been previously reported.
BP declined to comment.
Its earnings reports show the company has 8.2 GW of renewable generation capacity, and that for 2019, BP's net wind generation capacity reached 926 megawatts. It did not give a figure on total renewable capacity for that year.
The sources said BP will also ditch a target to reach core earnings (EBITDA) of $49 billion this year and instead set an annual percentage growth target, the sources said. They declined to be named because they were not
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