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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

THE TRUTH ABOUT: Bp expected to scrap renewables target in shift back to fossil fuels | History Defined

British Petroleum Murray Auchincloss Renewable Energy
A BP sign at a filling station in London, Britain
BP’s shares have fared worse than rivals in recent years and investors have become concerned about the company’s direction. Photograph: Neil Hall/EPA

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.

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