Shocked, Shocked!! BP Abandoning 2030 Renewable Goals - Back To Oil & Gas, Investors Will Hear This Week

[hatrack]

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.

At an investor day in London on Wednesday, the company is likely to announce plans to divest assets and cut other low-carbon investments to reduce debt and increase returns, under mounting pressure from shareholders.

EDIT

The company has already scaled back its target to reduce oil and gas output – set by Auchincloss’s predecessor Bernard Looney – by the end of the decade. In 2020, the last time it presented a comprehensive strategy update, it aimed for a 40% reduction, but changed this to a 25% reduction in 2023, and is expected to reduce it further on Wednesday. BP declined to comment on what it described as speculation in the run-up to the investor day. The event, originally planned to take place in New York on 11 February, was delayed and will be held in London because Auchincloss is recovering from a medical procedure.

EDIT

https://www.theguardian.com/business/2025/feb/24/bp-expected-to-scrap-renewables-target-in-shift-back-to-fossil-fuels

[rubbersole]

1. Why don't they just start drilling on the beaches of the Gulf of America?