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,

A new report claims BP (BP) has lost interest in renewable energy as it refocuses on its fossil fuel business. Insider sources told Reuters the

BP will scrap its target to increase renewable generation 20-fold by 2030 and return its focus to fossil fuels, as part of a strategy shift to be announced this week.

British oil giant BP reportedly will announce plans to abandon its renewable generation goals this week in an effort to boost earnings. BP CEO Murray Auchincloss will tell investors at the company’s capital market day on Wednesday that it will ditch its target to grow renewable generation capacity 20-fold by 2030 and instead refocus on

BP’s Chief Executive Officer has reportedly made a significant strategic shift, opting to refocus on fossil fuels and move away from the previous target of a 20-fold increase in renewable energy generation by 2030.

BP is expected to announce a strategic shift back to oil and gas, abandoning its previous target to significantly expand renewable energy capacity.

BP CEO Murray Auchincloss will tell investors the company is abandoning its target to grow renewable generation capacity 20-fold between 2019 and 2030 to 50 gigawatts.