BP to Shift Focus Back to Fossil Fuels, Dropping Key Renewable Energy Targets

The energy giant plans to abandon its 2030 renewable generation goals, citing shareholder pressure and underperforming earnings.

BP is expected to announce the discontinuation of its goal to increase renewable energy capacity 20-fold by 2030, originally set at 50 gigawatts.
CEO Murray Auchincloss is leading a strategic pivot to prioritize fossil fuel investments to improve profitability and address shareholder concerns.
The company will also abandon its $49 billion core earnings target for 2025 and instead adopt an annual percentage growth metric.
BP plans to divest assets, scale back low-carbon investments, and reduce staff by 5% as part of broader cost-cutting measures.
The shift comes as activist investor Elliott Management pressures BP to refocus on traditional energy and improve its lagging market performance.