Pressure: BP boss Murray Auchincloss (pictured) will announce that the FTSE 100 energy giant is switching its focus back to fossil fuels.
Murray Auchincloss will announce that the FTSE 100 energy giant is switching its focus back to fossil fuels amid mounting pressure from investors over its earnings and share price performance.
Under Looney, BP had aimed to slash oil and gas production by 40 per cent by 2030 as the focus moved instead to renewable energy sources such as windfarms.
The latest change will see BP abandon its target of growing renewable energy generation 20-fold between 2019 and 2030, sources told the Reuters news agency.
BP’s boss will tomorrow ditch the target to ramp up the group’s renewable energy capacity as he presents a make-or-break strategy update.
