BP abandons renewable energy targets and returns strongly to fossil fuels

Anyone who thought that the path of renewable energy was already beyond return was mistaken. British company BP is going to cancel the environmental targets it had set, which involved increasing renewable energy generation 20-fold by 2030 - instead, the focus will return to fossil fuels.

This is what two sources, unidentified as they are not authorized to speak publicly about the change in strategy, told Reuters, justifying the change in policy with the desire to respond to investors' concerns about the company's results.

The announcement is expected to come on Wednesday, when BP CEO Murray Auchincloss will address investors. According to Reuters, the plan, which began in 2019, was to generate 50 gigawatts by 2030.

The company's latest results indicate that BP has a production capacity of 8.2 gigawatts.

The company is also expected to announce cuts in other green investments, with the aim of reducing debt and boosting revenues.