BP's CEO announced a strategic shift away from ambitious renewable energy targets, including abandoning plans to increase renewable generation capacity twenty-fold by 2030. This decision highlights growing investor concerns about earnings as BP's shares have lagged behind competitors. The company plans to set a more flexible growth target for EBITDA instead of fixed earnings goals. Additionally, BP is expected to divest assets and scale back low-carbon investments to reduce debt and enhance returns, aligning with a broad industry trend of reverting focus to fossil fuels amid a challenging financial landscape.
On Wednesday, CEO Murray Auchincloss will announce the decision to abandon the ambitious goal of increasing renewable capacity by 20-fold by 2030.
BP's chief executive will revert focus back to fossil fuels, announcing a strategic shift prompted by investor pressure regarding ongoing earnings.
The company may divest assets and cut low-carbon investments to reduce debt, reflecting a broader industry trend of shifting priorities back toward fossil fuels.
BP has underperformed rivals in recent years, indicating the need for a strategic turn to focus on more profitable segments within the energy sector.
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