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,

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.

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’s Chief Executive Officer has reportedly made a significant strategic shift, opting to refocus on fossil fuels and move away from the previous target of a 20-fold increase in renewable energy generation by 2030.