BP to scrap renewable energy goals put focus on fossil fuel again

BP (NYSE:BP) is making a hard pivot back to fossil fuels, ditching its ambitious renewable energy targets in a bid to regain investor confidence. At its investor day in London, CEO Murray Auchincloss is expected to scrap BP’s plan to boost renewable capacity 20-fold by 2030, shifting focus toward oil and gas. The company is also set to abandon its $49 billion EBITDA target for 2024, opting instead for an annual growth approach. Investors have been losing patience, with BP’s stock lagging behind rivals. Activist investor Elliott Management, now holding a 5% stake, is pushing for aggressive cost cuts, asset sales, and a sharper focus on profitability.