BP CEO Murray Auchincloss is announcing plans to ditch the company's goal of growing renewable generation capacity 20-fold by 2030 and instead return focus to fossil fuels, Reuters reports. The goal measured growth from 2019 figures.

BP CEO Murray Auchincloss will tell investors the company is abandoning its target to grow renewable generation capacity 20-fold between 2019 and 2030 to 50 gigawatts.

A new report claims BP (BP) has lost interest in renewable energy as it refocuses on its fossil fuel business. Insider sources told Reuters the

BP will scrap its target to increase renewable generation 20-fold by 2030 and return its focus to fossil fuels, as part of a strategy shift to be announced this week.

BP's chief executive will scrap a target to increase renewable generation 20-fold by 2030, returning the focus to fossil fuels, as part of a strategy shift announced on Wednesday to tackle investor concerns over earnings,