BP's chief executive will scrap a target to increase renewable generation 20-fold by 2030, returning the focus to fossil fuels, as part of a strategy shift announced on Wednesday to tackle investor concerns over earnings, two sources told Reuters.
BP's shares have underperformed rivals in recent years and the oil major has already dropped its target to cut oil and gas output by 2030.
The company will also make public plans to divest assets and cut other low-carbon investments to reduce debt and boost returns, the sources said.
Full story Exclusive: BP to ditch renewables goals and return focus to fossil fuels | Reuters
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