BP Abandons Renewable Energy Goals, Refocuses on Fossil Fuels

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BP Shifts Strategy, Drops Renewable Energy Growth Target

BP is abandoning its ambitious plan to expand renewable energy generation twentyfold by 2030, marking a return to fossil fuel investments amid investor concerns over earnings. The shift comes as BP struggles to match the financial performance of its competitors, with activist investor Elliott Investment Management pushing for cost-cutting measures. The company is also expected to scale down its low-carbon spending, sell assets, and refocus on traditional oil and gas operations.

Feb 28, 2025

Tags: ESG and Climate Risk Industry News

BP Shifts Strategy, Drops Renewable Energy Growth Target

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BP is abandoning its ambitious renewable energy expansion target and shifting its focus back to fossil fuels to improve financial returns.
Investor pressure and stock underperformance have driven BP to scale back its green energy investments and prioritize shareholder value.
The company is expected to reduce low-carbon capital expenditures by up to $3 billion and introduce a new earnings growth metric instead of rigid financial targets.
BP’s strategic pivot reflects a broader industry trend, with oil majors retreating from renewables amid rising fossil fuel prices and shifting political dynamics