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BP to ditch renewables goals in new strategy
Mint New Delhi
|February 25, 2025
Strategy shift will see the company returning its focus to fossil fuels
P'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, chief executive officer (CEO) Murray Auchincloss will tell investors the company is abandoning its target to grow renewable generation capacity 20-fold between 2019 and 2030 to 50GW, two sources close to the matter said. The plan to drop the target has not been previously reported.
BP declined to comment.
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