BP is expected to ditch a target to ramp up renewable energy generation by 2030 as part of a shift back towards fossil fuels when it presents its strategy to investors this week.
The chief executive, Murray Auchincloss, is poised to tell shareholders that the oil and gas company is scrapping its target to increase renewable generation 20-fold between 2019 and 2030 to 50 gigawatts, Reuters reported.
BP is also expected to ditch a target to reach underlying profits of $49bn (£38.8bn) this year and instead set an annual percentage growth target.
The company has already scaled back its target to reduce oil and gas output – set by Auchincloss’s predecessor Bernard Looney – by the end of the decade.
At an investor day in London on Wednesday, the company is likely to announce plans to divest assets and cut other low-carbon investments to reduce debt and increase returns, under mounting pressure from shareholders.
