By Paul Homewood
From the Telegraph:
BP (BP.L) will this week abandon plans to radically increase green energy generation and instead ramp up oil production, according to reports.
The British energy giant will ditch its plan to increase renewable generation 20-fold by 2030, Reuters reported.
The move is expected to be announced at an investor meeting on Wednesday and comes after Murray Auchincloss, the BP chief executive, promised a “fundamental reset” of the company’s strategy.
BP is expected to refocus on its lucrative fossil fuels business as it turns away from green energy.
Scrapping the generation target will represent a further gutting of former chief Bernard Looney’s plans. In 2020, Mr Looney pledged to grow BP’s renewable energy capacity to 50 gigawatts (GW) by the end of the decade, implying massive investment in wind and solar farms. Generation capacity currently stands at 8.2 GW.
https://uk.yahoo.com/finance/news/bp-abandon-green-energy-target-134402895.html