BP will announce a shift away from its renewable energy target of 50 gigawatts by 2030, refocusing on fossil fuels as pressures mount from shareholders. CEO Murray Auchincloss will present this strategy change after disappointing profits and growing investor concerns regarding stock performance. To address these issues, BP plans to divest assets and reduce low-carbon investments, prioritizing debt reduction and higher returns. This move comes as Elliott Management increases its stake in the company, suggesting potential demands for structural changes like boardroom reshuffles.
"BP is poised to scrap its ambitious renewable energy generation target of 50 gigawatts by 2030, shifting focus back to fossil fuels amidst investor pressure."
"The company is expected to announce plans to divest assets and cut low-carbon investments in an effort to reduce debt and boost returns after disappointing financial performances."
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