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'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,

STORY: Sources say BP's chief executive is to scrap a target to increase renewable generation 20-fold by 2030.And will instead return its focus to fossil fuels.BP's shares have underperformed rivals in recent years.

BP is set to announce at the capital markets day that it is scaling back its 2030 renewables goal to 50GW instead of a 20-fold increase.