"Goal of increasing renewable energy generation 20-fold to be ditched, shareholders to be told this week"

"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 previously hinted on a call with analysts that it could drop the targets. It missed its 2024 target of $40.9bn in underlying profits."

Julia Kollewe reports for the Guardian February 24, 2025. [2]