BP drops 20-fold renewable target, shifts focus to fossil fuels

London-based BP is revising its strategy by abandoning its goal to increase renewable generation 20-fold by 2030. BP plans to divest its assets and reduce low-carbon investments to reduce debt and boost shareholder returns. This move reflects a broader industry trend of scaling back renewable investments as fossil fuel prices rebound. Initially, BP aimed to expand its renewable capacity from 926 MW in 2019 to 50 GW by 2030, but has only reached 8.2 GW capacity, prompting a reevaluation. BP is also facing pressure from Elliott Investment Management, which holds a 5% stake and is pushing for reduced green energy spending, asset sales, and increased share buybacks. Analysts expect BP to announce cuts in low-carbon capital expenditures by $2 to $3 billion.