[Source: BBC NEWS]
BP is expected to announce it will slash its renewable energy investments and instead focus on increasing oil and gas production.
The energy giant will outline its strategy later following pressure from some investors unhappy its profits and share price have been much lower than its rivals.
Shell and Norwegian company Equinor have already scaled back their plans to invest in green energy. Meanwhile US President Donald Trump’s “drill baby drill” comments have encouraged investment in fossil fuels and a move away from low carbon projects.
Some shareholders and environmental groups have voiced concerns over any potential ramping up on production of fossil fuels.
Five years ago, BP set some of the most ambitious targets among large oil companies to cut production of oil and gas by 40% by 2030, while significantly ramping up investment in renewables.
In 2023, the company lowered this oil and gas reduction target to 25%.
It is now expected to abandon it altogether while confirming it is cutting investments in renewable energy by more than half in what chief executive Murray Auchincloss called a “fundamental reset“.
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